Know the Risk!
Know the risks!
Understand the industry and understand the game.
Crypto is so complex and there are so many variables.
One of the main barriers to entry is key security and nobody is invulnerable to this risk.
Binance showcased this yesterday by getting hacked for over 40 million dollars worth of Bitcoin.
Of course, Binance is a huge exchange and I believe they'll be able to cover their customers' funds without much of a hitch, but it goes to show that nobody is invulnerable to these attacks.
Binance being the largest crypto exchange in the world opens them up to a lot of people try to get access to their exchange and figuring out ways to manipulate their security.
In the future, I hope we see more DEXs emerge that allow users to trade with their own private keys.
To me, this is far safer because you don't trust your funds with a singular exchange.
Instead, you are in control of your own security and the exchange itself isn't holding your funds!
This is an informative article, any site where there are movement of money or coins to and fro can be hacked. some guys out their rely on this kind of act to feed their pocket. More DEXs will save the crypto world.
@determine, Absolutely true. In a way we can look this scenario with the Point Of life. In life nothing is predictable because everything face unusual stuff in life. But definitely unfortunate to hear the case of Binance.