Security Thoughts 💭For Traders
Note: (Not An AI Generated Post)
What happened in last 2,3 days is lesson for all of us
Instead of shouting or hypocrisy think with mind
What Binance did no other exchange can but there is another thing we have to note, It is what they can afford to cover. What if attack is more destructive? Will binance cover it?
The answers is can not more then what is left over
In simple words if Binance loss users funds more then it's reserve funds and investments Binance collectively or any other exchange, they can not pay back 100% to users even if they want
It's now AI era many things are possible now that we sometimes did not imagined, anything is hackable and nothing is 100% secure, 100% security is just a myth
Maybe you think I am fuding and convincing you to transfer your funds to another exchange then answer is no, Even after this hack no exchange is more secure then Binance
I am forcing you to think and take decision what you should hold on any exchange? The answer is the amount you have to trade on daily basis or weekly
Anything you have to hold for long term or few weeks or months shift them to cold or hot wallet
One more thing if you are thinking Binance hacked and other exchanges do not get hacked then for your kinda information many exchanges get hacked on weekly basis but difference is that Binance got hacked by some bad actors but others by some good actors who report vulnerability and get rewarded few pennies from what that exchange will loss if same vulnerability get exploited by some bad actor
For reference I have attached Coinbase stats got from @Hacker0x01 web only coinbase have resolved 1216 vulnerabilities so for and paid $3.1M++ in bounty through H1 Platform if they get exploited by some bad hackers maybe they face billion of $ loss
So understand this matter carefully either become hypocrate and lose your money either think with mind and secure your funds
Note: (Not An AI Generated Post)
What happened in last 2,3 days is lesson for all of us
Instead of shouting or hypocrisy think with mind
What Binance did no other exchange can but there is another thing we have to note, It is what they can afford to cover. What if attack is more destructive? Will binance cover it?
The answers is can not more then what is left over
In simple words if Binance loss users funds more then it's reserve funds and investments Binance collectively or any other exchange, they can not pay back 100% to users even if they want
It's now AI era many things are possible now that we sometimes did not imagined, anything is hackable and nothing is 100% secure, 100% security is just a myth
Maybe you think I am fuding and convincing you to transfer your funds to another exchange then answer is no, Even after this hack no exchange is more secure then Binance
I am forcing you to think and take decision what you should hold on any exchange? The answer is the amount you have to trade on daily basis or weekly
Anything you have to hold for long term or few weeks or months shift them to cold or hot wallet
One more thing if you are thinking Binance hacked and other exchanges do not get hacked then for your kinda information many exchanges get hacked on weekly basis but difference is that Binance got hacked by some bad actors but others by some good actors who report vulnerability and get rewarded few pennies from what that exchange will loss if same vulnerability get exploited by some bad actor
For reference I have attached Coinbase stats got from @Hacker0x01 web only coinbase have resolved 1216 vulnerabilities so for and paid $3.1M++ in bounty through H1 Platform if they get exploited by some bad hackers maybe they face billion of $ loss
So understand this matter carefully either become hypocrate and lose your money either think with mind and secure your funds
