Today's study topic is the security of an exchange that's been in the news.
On 10/29, Binance announced a security incident. Withdrawals were temporarily suspended, and estimates of the losses still seem to vary widely. Binance says, “User funds are safe” and “We will cover the losses.”
While we wait for further announcements about the cause and other details, here are some things I learned about the parts related to TRON.
① Stablecoins can be frozen
Tether and Circle are reported to have frozen the funds involved. I learned that there are mechanisms that allow issuers to freeze them.
② Transfers between blockchains can be stopped
USDT0 temporarily suspended transfers between Ethereum and TRON as a precaution, then resumed them on 10/30. It announced that USDT0's own infrastructure was unaffected.
③ Keeping assets on an exchange or managing them yourself
Both options involve different types of risks.
Things I want to check next
・Binance's official announcements (the cause, compensation, and resumption of withdrawals)
・How each service is responding
I'll avoid speculation and follow only what I've been able to confirm. As a beginner, I felt it's important to first understand how things work.📝
#TRON #TRONGlobalFreinds #TGF
@Justin Sun孙宇晨 @TRON DAO
On 10/29, Binance announced a security incident. Withdrawals were temporarily suspended, and estimates of the losses still seem to vary widely. Binance says, “User funds are safe” and “We will cover the losses.”
While we wait for further announcements about the cause and other details, here are some things I learned about the parts related to TRON.
① Stablecoins can be frozen
Tether and Circle are reported to have frozen the funds involved. I learned that there are mechanisms that allow issuers to freeze them.
② Transfers between blockchains can be stopped
USDT0 temporarily suspended transfers between Ethereum and TRON as a precaution, then resumed them on 10/30. It announced that USDT0's own infrastructure was unaffected.
③ Keeping assets on an exchange or managing them yourself
Both options involve different types of risks.
Things I want to check next
・Binance's official announcements (the cause, compensation, and resumption of withdrawals)
・How each service is responding
I'll avoid speculation and follow only what I've been able to confirm. As a beginner, I felt it's important to first understand how things work.📝
#TRON #TRONGlobalFreinds #TGF
@Justin Sun孙宇晨 @TRON DAO
