šØ Binance hack: $6.3 billion at risk!
On October 29, the worldās largest cryptocurrency exchange faced a massive hacking attack. The attackers siphoned around $6.3 billion from Binanceās hot wallets. Most of the funds were stolen in about 20 minutes.
What we know:
š¹ Around $3 billion worth of stolen assets were frozen.
š¹ Binance said it would cover the losses using its own funds and SAFU reserves.
š¹ By November 2, the exchange reported that it had compensated for around 95% of the affected assets.
š¹ Withdrawals were temporarily suspended, but later resumed.
šMy takeaway: even the largest exchange canāt guarantee absolute security. I donāt think you should keep all your funds on a single platform. For long-term storage, itās better to use a personal cold wallet, where you control the keys.
Trust matters, but in crypto, your own security matters even more. š
After this incident, do you still feel comfortable keeping your funds on Binance, and what do you think about the situation overall?
#Binance #Crypto #SAFU #USMidtermElections
On October 29, the worldās largest cryptocurrency exchange faced a massive hacking attack. The attackers siphoned around $6.3 billion from Binanceās hot wallets. Most of the funds were stolen in about 20 minutes.
What we know:
š¹ Around $3 billion worth of stolen assets were frozen.
š¹ Binance said it would cover the losses using its own funds and SAFU reserves.
š¹ By November 2, the exchange reported that it had compensated for around 95% of the affected assets.
š¹ Withdrawals were temporarily suspended, but later resumed.
šMy takeaway: even the largest exchange canāt guarantee absolute security. I donāt think you should keep all your funds on a single platform. For long-term storage, itās better to use a personal cold wallet, where you control the keys.
Trust matters, but in crypto, your own security matters even more. š
After this incident, do you still feel comfortable keeping your funds on Binance, and what do you think about the situation overall?
#Binance #Crypto #SAFU #USMidtermElections
