What We Can Learn From the Binance Hack Today
Hi Guys,
We had a scary day in the crypto world. This morning there were reports of Binance being hacked and funds being stolen.
Reports have now been confirmed that funds are safe, and only those using API keys were affected. I did a post a few weeks ago talking about the importance of keeping your funds secure. If anything, I hope this scare acts as a wake up call for those who are still keeping their funds on an exchange.
Please watch my Dtube vlog to hear my thoughts on the Binance situation, how this scare caused a many coins to crash and what kind of negative repercussions this has for the crypto world.
Here are links to many of the articles I found helpful when gathering information for this post.
Crypto Markets Drop Amid Rumor of Binance Hack
"All Funds are Safe": Binance Denies Crypto Hack Rumors
Alleged Hack of Binance Triggers Huge Slide in Bitcoin
Stay safe out there guys. <3
xo, Lea
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Bitcoin dropped by as much as 10 percent during the time these rumors have circulated, along with many other major coins.
Do you know of this intrusion being a rumor? A rumor can have just as much damage for these fragile markets as a bonafide press release from the exploited agency.
Anytime there is fear in the market... we tend to see a drawback of this nature.
Not good, not good at all. The question is "are there any exchanges that are safe?" Is Steemit safe?
Great question!! Steemit isn’t really an exchange... it’s a coin. As long as you protect your private keys, and be ware of phishing scams, you should have no problem with steem.
This shows the risk in any investment and how much the market depends on bitcoin.
Because of this risk it always good to think of the first pillar of investing.
Yes, bitcoin is the main pillar of the crypto space. While it is still the trading pair for most alt coins, and is the most known in terms of brand awareness, it will stay the king of crypto.
Thanks for your thoughts, I appreciate your view on the crypto coins.
thanks for your irformation @coruscate
That expression on your face, haha! Don't normally read crypto-related posts, but that for me. I'm glad I did, because I'm one of those idiots with their currency in an exchange (I justify it by telling myself it's infinitesimally small, which it is, but still).
Hahah glad I drew you in with my funny faces! I think that having a small amount of money on an exchange isn’t terrible. Especially for people who are using it to trade.
There are some people who are literally holding thousands of dollars on exchanges though... I’d hate to see them lose all that money from poor planning.
Yeah. It's one thing to lose money from the market changing, but losing it in this manner... Such egg on the face.
Haha I haven’t heard that phrase before! It’s a pretty funny visual though!
We can learn that money can be lost at any time... But friends and love stays with us alive.
I love your more whole-hearted approach to the topic!!
I wouldn't be surprised if every exchange gets hacked at least once. I assumed it would be much worse when it did happen because of the amount of money that is on Binance. Glad they admitted the hack and hopefully all funds are safe.
You make a great point. No exchange is safe forever. They’re just too many talented hackers out there!
Why cryptocurrency facing so many problems recently.. hmm..
Because we are all still early adopters, we are bound to run into some growing pains and difficulties. What other problems have you noticed?
Useful information from a friendly face. Your efforts to educate are appreciated.
Thanks friend! 😊
Scary !! For sure
Yea they said they were not hacked though and all the funds are available so I don't think there is anything to worry about.
Yep... a lot of people got out lucky. I’m just hoping this “scare” encourages people to make sure their funds are safe.
Crypto investment 101:
NEVER LEAVE FUNDS ON EXCHANGES!!
Only Put them on there trade and move em off!
Really good video, and I am actually quite impressed. Looking forward to meeting you.
I my self an not worried at all nor scared, whoever wants to hate on or give me shit for is just waisting their time, I have a perfect record so far of investment profit in crypto and anyone who wants to stay stuck in fear can do so. I have all the tools to succeed for anyone who is ready!
∞§∞SteemOn∞§∞
Yep - 101 is right! I did a post talking about hardware wallets a few weeks ago, and there were actually quite a few people who still said, “Yeah... maybe one day”. I was a little surprised. Hardware wallets are not very expensive for the peace of mind you get in exchange.
As for the crypto critics - “Stuck in fear” is a good way to put it. It’s funny how people are so quick to attack the idea of crypto. Maybe they just are so ingrained in the system, that anything that contradicts that ideology is seen as a threat.
I’m so glad you enjoyed the video by the way! Thanks for watching! 😊
I am a newbie in the crypto trading world. I need guidance and support from experts like you.
Any chance on that happening?
Its a vast, complicated and risky world.
I just launched the first level in a course I am developing which you can check out and of which will continue to progress in advancement and value.
I also post often about important knowledge and intel that can help. Just check my profile.
On top of that if you want to hire me as a consultant you can do that as well.
Wish you the best∞§∞
I will follow you right away. Thanks for the opportunity.
If I did that all the time, I would burn my profits in fees. Traders need to risk having coins in exchanges, since we need them everyday.
Nope, no need to risk it, just use Bitshares. Lowest fees out there and decentralized so you don't have to worry about hacks.
Was it really a hack? Upvoted!
They were able to recover all of the funds and it only ended up affecting those with API keys. Easily could have gone the other way though! Because there is so much money sitting on exchanges, they are the focus of many hackers. It is probably just a matter of time before there is another breach.
most of my coins are in binance so thanks for share this ;)
Oh no! Well everything should be fine, but I wouldn’t plan on keeping those coins there long term.
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i got just a dollar left on my binance...lol
Ahh wasn't aware of this, thanks for sharing the info!