Another hack leaving its investors speechless, Learn from this bitcoin hack!
Bithumb said that the company will cover all losses so that users will not be affected, other than by the temporary inability to move their assets. Deposits and withdrawals were suspended as of the time of writing at 1:58 UTC.
Bithumb currently ranks as the world’s sixth-largest and South Korea’s second-largest cryptocurrency exchange, with a daily trading volume of just over $330 million, according to CoinMarketCap.
The incident marked the second time a South Korean exchange had been hacked this month. Less than two weeks ago, little-known bourse Coinrail lost approximately $37.2 million worth of coins, including a variety of ERC-20 tokens.
“Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”
Even though the burden doesn't fall on the investors, but it is wise to learn from this and buy cold storage wallets. Keeping major a amount of coins (any coins for that matter) on exchanges increases the chance of risk.
If anyone but you holds your crypto know that its considered as a 3rd party and the whole point of bitcoin and many other currencies is to divide that power amongst its owners. If you guys stack up coins in exchanges and never transfer them to a cold storage then what's the point of this revolution ?
Be responsible and do not depend on any sort of third party to hold your coins for long. Exchanges are made for temporary uses only. Blaming them later on will do you no good.
And also since Its 2018 and there are many many hardware wallets which are affordable. Check out
KeepKey
Ledger Nano S
Trezor – Hardware Wallet.
These are the ones I recommend, I personally use keep key, trust me when I tell you its wise to use a hardware wallet.
If you wish to read more about hardware wallets check out these links below.
As long as you hold money worth something huge there is risk. Not everyone follows laws and ethics just keep that in mind.Just imagine if everyone had their own funds the risk is split among all its holders which makes it too hard for anyone to gather them.
Also check out @heiditravels, she runs a beautiful blog on securing your crypto. I have learnt so much about crypto from her blog.
Steem on the other hand has come up with a beautiful way out of this by introducing temporary cold storage by converting them to SP. when you are prone to phishing hacks and anyone gets hold of your steem account its impossible to transfer your SP without waiting for the 13 weeks.
People that leave their funds on an exchange are always at risk, from hackers or a troubled exchange that needs funds and create a story about a hack (hacking themselves). Really think of how many hacks would occur if no one had their funds there.
If the coins are distributed among many it basically divides the risk of attention.
Yeah this is why we need decentralized exchanges. There’s a dapp in the works for EOS that would be a decentralized exchange. Let’s hope it works out.
Coordinated actions from the "NEW" players that want to change the crypto picture at he moment. Likely big financial institutions ! ... Bringing the price down and striking fear on the market ...
Funds on any exchange are always a risk, only deposit some amount that needs for trading. Use cold storage's instead
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