Last Thursday, Binance, one of the biggest exchanges spotted some unusual activities and halted withdrawals. Binance is one of the top four biggest exchanges.
According to information coming from CoinMarketCap, it’s one of the 4 biggest exchanges for the top cryptocurrencies when it comes to traded volume. After the admins notice an unusual amount of sell orders of Viacon,they cautiously suspended trading. The Hackers were able to exploit third party API keys.
The case has exposed once again how vulnerable storing your keys on an exchange is. The best practice is to always use a hardware wallet or a wallet that lets you control the private keys.
Be safe and thanks for reading
Thank you for the information about Binance. Your cryptocurrencies are only as safe as the weakest security link in your method of storage.
Thanks for reading
Distributed exchanges, like BitShares, may help to deal with the weaknesses of centralized exchanges.
I am seriously taking a break from investing in cryptos. The volatility has started to get to me.
Yeah my strategy has been HODL since pre-2015. That was the last time the wallet was dusted off when bringing it out again to deal with the forks in late 2017 thinking to take some profit at last. The BCH blockchain took 12 days to download while the market took its dive. Wallets back in the vault and waiting for Lighrning to go live to see some Wall St cash push up market cap. Seems BTC follows that lead time and time again. 😎
informative and a helpful post my friend.
Nice post .👍
Thanks for reading