Binance’s 7000 BTC Hack: How to Protect Your Assets
Since the announcement of the theft of the digital assets from Binance Exchange, it has ushered in the support of the eight parties. The domestic and foreign currency circles, network experts, and encryption agencies have expressed concern. On one hand, I have seen you as the world’s largest encryption exchange. On the other hand, we also understand that this wave of stolen incidents is not only the currency security, but also the cryptocurrency industry in the whole development. The loss of more than 40 million US dollars did not return to collect stolen assets, but also let everyone see the role and demeanor of an industry leader.
Although the bitcoin theft of the currency is not rare in the history of the cryptocurrency industry, the high degree of attention justifies the key point, that is, the security issue has always been the pain point of the encryption industry. Trust is the capital of an exchange. The industry environment of cryptocurrency can be said to be reliable and safe.
When Mt.Gox bitcoin exchange was degraded due to the theft, many victims are still waiting for compensation. After that, the theft of large and small exchanges is not uncommon, even the well-trusted currency security. It is not the first time stolen. It has been hacked twice in March and July 2018. One was the March VIA event on March 7, 2018, which directly and indirectly caused a 10% decline in bitcoin prices. Another attack occurred in July 2018, which also caused the price of Bitcoin to fall. After the attack, the currency security company set up a special investor protection fund to prevent risks. Although the hackers failed to succeed from the currency in the two attacks, they made a lot of profit by doing more short markets.
The official officially admitted that the hacker had stolen more than 7,000 Bitcoin from binance’s hot wallet, which accounts for 2% of the total assets of the currency.
Of course, in addition to the people who expressed concern about the currency security incident at the beginning, some people also questioned the authenticity of the stolen incident. Some people think that the money security claims to be stolen is only for washing. In fact, it is probably not true. Theft, even more blunt: Who can guarantee that the currency is not in the custody?
For cryptocurrency investors and ordinary users, the theft of the world’s largest exchanges will only make them more alert to the security of digital currencies, think more deeply about how to reduce the risk of digital currency theft, how to better protect themselves Digital asset security. In the face of theft, the exchange itself, in addition to actively coping, calmly handling, and seeking a feasible way to make up for the loss, is more important to make a clear statement on the consequences of the event, and to the extent possible, the user is not implicated or hurt, and learn lessons to sum up experience, conduct the most stringent safety self-tests, and avoid repeating the same mistakes. Cherishing the trust given by investors and users is the rare capital and the bottom line of the exchange.
Throughout the development of the entire cryptocurrency industry, on the security issue, it is not difficult to find that the theft of digital currency of various sizes seems to have occurred in the exchange. The reason is nothing more than the following: First, the exchange, the security technology or security awareness is not strong enough. The existing security vulnerabilities allow hackers to take advantage of it. Second, the amount of digital currency transactions on the exchange is so large that hackers covet; thirdly, the fully centralized model increases the potential risks.
In contrast, using a reliable digital wallet to store encrypted digital currency will better protect your digital assets, because the light digital wallet can be easier and more powerful than the exchange’s vast service system. Targeted intrusion prevention, Mars Wallet is one of the professional digital currency security guardians. It uses bank-level encryption chip to enhance the security level of the wallet from the vertical direction and build a unique four-fold security verification system. Like a barrier, it makes security impeccable.
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