Bitcoin Dips As World's Biggest Crypto Exchange Reveals $41 Million Hack

in #cryptocurrency5 years ago

Centralized exchanges keep giving cryptocurrency a bad name.

Many believe that blockchains are being hacked all the time which is incorrect. Tokens that are stolen tend to be from centralized exchanges being breached. Once inside the honeypot, hackers can transfer millions out very quickly. They have access to all keys.

Hong Kong based Binance was hacked. The world's largest exchange has 7,000 Bitcoin lifted from it. The exchange says they will cover the losses to those affected.

This will bring on greater scrutiny from the regulators and is another black eye on the face of cryptocurrency.

Even though the hack is the fault of the exchange, the media will associate it to blockchain being risky.

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