Three days ago, one of the world’s largest crypto exchanges lost around $6.3 billion in a hack, and today it finally started reopening withdrawals
Here’s what happened in simple terms: on October 29, the exchange froze withdrawals because attackers had stolen a huge amount of assets, and for almost three days people simply couldn’t withdraw their coins. Today, withdrawals are reopening in stages: first Bitcoin, then stablecoins and Ethereum
The exchange says it has already recovered around 95 percent of the affected assets, and a full reserve report is promised in the coming days. That report will be the real test of trust
And here’s the main takeaway for beginners: even a very large exchange can be hacked, so don’t keep more on an exchange than you’re willing to go without for a few days. Anything you don’t trade every day is better kept in your own wallet
I think the real measure of trust isn’t how quickly withdrawals reopen, but how transparent the reserve report is. Disagree? Tell me in the comments
$BNB $BTC
#Binance #CryptoSecurity #ProofOfReserves
Here’s what happened in simple terms: on October 29, the exchange froze withdrawals because attackers had stolen a huge amount of assets, and for almost three days people simply couldn’t withdraw their coins. Today, withdrawals are reopening in stages: first Bitcoin, then stablecoins and Ethereum
The exchange says it has already recovered around 95 percent of the affected assets, and a full reserve report is promised in the coming days. That report will be the real test of trust
And here’s the main takeaway for beginners: even a very large exchange can be hacked, so don’t keep more on an exchange than you’re willing to go without for a few days. Anything you don’t trade every day is better kept in your own wallet
I think the real measure of trust isn’t how quickly withdrawals reopen, but how transparent the reserve report is. Disagree? Tell me in the comments
$BNB $BTC
#Binance #CryptoSecurity #ProofOfReserves
