What I Learned From The Binance $6.3B Hack - 5 Lessons For Every Crypto User
$BTC $BNB $ETH $SOL $XRP
The Binance incident on Oct 29 changed how I think about safety. Over $6.3B was stolen in what the FBI attributed to North Korea's TraderTraitor group. It was the largest crypto theft on record.
Here are 5 lessons:
1. Never Keep 100% On One Exchange
If your portfolio is on one CEX, you have a single point of risk. Always diversify.
2. Check Proof-of-Reserves, Not Rumors
Binance released a ZK Proof for its Oct 31 snapshot. 10 tokens - BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, ZEC - are backed at least 1:1.
3. Do NOT Panic Withdraw
Phase 1 started Nov 1, Phase 2 on Nov 3 reopened 100+ pairs across 9 networks - BSC, ETH, SOL, XRP, TRON, Arbitrum, Optimism, SUI, Base. Gas fees were very high during panic.
4. Enable ALL Security
Passkey + 2FA + Anti-Phishing Code + Whitelist Address. It takes 5 minutes and can save your portfolio.
5. How Binance Covered The Loss
Binance set aside $6.34B from its own funds. By Oct 31, 90% replenished, by Nov 1 around 95%. Users will not bear the loss.
My Takeaway: Security is about having a system, not a perfect exchange.
What did you do? Panic withdraw or hold? Comment 👇
Is your fund 100% SAFU now?
#BinanceHack #BinanceSecurity #CryptoSafety #Bangladesh #SAFU🙏 #Write2Earn #CryptoNews #BTC
$BTC $BNB $ETH $SOL $XRP
The Binance incident on Oct 29 changed how I think about safety. Over $6.3B was stolen in what the FBI attributed to North Korea's TraderTraitor group. It was the largest crypto theft on record.
Here are 5 lessons:
1. Never Keep 100% On One Exchange
If your portfolio is on one CEX, you have a single point of risk. Always diversify.
2. Check Proof-of-Reserves, Not Rumors
Binance released a ZK Proof for its Oct 31 snapshot. 10 tokens - BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, ZEC - are backed at least 1:1.
3. Do NOT Panic Withdraw
Phase 1 started Nov 1, Phase 2 on Nov 3 reopened 100+ pairs across 9 networks - BSC, ETH, SOL, XRP, TRON, Arbitrum, Optimism, SUI, Base. Gas fees were very high during panic.
4. Enable ALL Security
Passkey + 2FA + Anti-Phishing Code + Whitelist Address. It takes 5 minutes and can save your portfolio.
5. How Binance Covered The Loss
Binance set aside $6.34B from its own funds. By Oct 31, 90% replenished, by Nov 1 around 95%. Users will not bear the loss.
My Takeaway: Security is about having a system, not a perfect exchange.
What did you do? Panic withdraw or hold? Comment 👇
Is your fund 100% SAFU now?
#BinanceHack #BinanceSecurity #CryptoSafety #Bangladesh #SAFU🙏 #Write2Earn #CryptoNews #BTC
