Breaking News On Cointelegraph: Cryptocurrency Exchange Hacked
The choice between hot wallets on exchanges and non-custodial wallets is a daily dilemma for most crypto traders.
How much do you need to withdraw from exchanges, and how often can you trade? Which exchange is the best secured and insured?
In conventional banking system, the little I know is that each bank has some security domiciled with a Central Bank, which serves as a fall back for investor's funds should anything go wrong.
Some time ago, it was Cryptopia exchange, then Binance. The difference on the two hacks being that Binance has a back up SAFU provision which made it easier for them to stay strong, while Cryptopia has gone Comatose.
According to Cointelegraph, and other news media, it is estimated that about $200M went missing through the hack on Bitmart exchange. The blockchain space provides a lot of funnels where this can not be traced and that's a major concern.
What's your take on this development and what impact do you think it will have on crypto adoption and investors confidence?
