Another Hack at an exchange? by bssman

nigeria · @bssman · Mar 11 '18

$14.49

Another Hack at an exchange?

Last Thursday, Binance, one of the biggest exchanges spotted some unusual activities and halted withdrawals. Binance is one of the top four biggest exchanges. 

![vericon.JPG](https://steemitimages.com/DQmPecm7NN1xfDjCYcJrY1dVAUaRvA9HLjbmEqKZKWkTEjh/vericon.JPG) 

According to information coming from CoinMarketCap, it’s one of the 4 biggest exchanges for the top cryptocurrencies when it comes to traded volume. After the admins notice an unusual amount of sell orders of Viacon,they cautiously suspended trading. The Hackers were able to exploit third party API keys.
The case has exposed once again how vulnerable storing your keys on an exchange is. The best practice is to always use a hardware wallet or a wallet that lets you control the private keys.

Be safe and thanks for reading

👍 genesis-project, ehiboss, ogoowinner, onequality, opaulo, michelios, evelyniroh, illuminatus, jordanlove, ememovic, tormiwah, ttopswag, emergehealthier, sweetestglo-eu, leadent360, smallville, littlefairy, novacadian, esteemguy, perlo, thecentrestage, steve1122, otemzi, aamin, rebeccafl, aauthespian1, geetasnani, drigweeu, berylwills, bollutech, blaize-eu, coincadet, dexstaples, creativity101, ebohio2008, tioluwanih, otega, ballerz, udochi, vaishykrishan, camzy, mdtipo, shemzy, deril, archdemon, jutdagut, widiaendah, artoraly, moytacabrera, eriq, david-grant, parag, ityp, masud222, jacintoelbarouki, princepr, murad06, rheyss08, anof, kucukprens, kejora05, steemdragon, g2wnlove, awesome.ian, and 17 others

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@novacadian · Mar 11 '18

$0.02

Distributed exchanges, like [BitShares](https://bitshares.org), may help to deal with the weaknesses of centralized exchanges.

👍 bssman

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@bssman · Mar 12 '18

I am seriously taking a break from investing in cryptos. The volatility has started to get to me.

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@novacadian · Mar 12 '18

Yeah my strategy has been HODL since pre-2015. That was  the last time the wallet was dusted off when bringing it out again to deal with the forks in late 2017 thinking to take some profit at last. The BCH blockchain took 12 days to download while the market took its dive.  Wallets  back in the vault and waiting for Lighrning to go live to see some Wall St cash push up market cap. Seems BTC follows that lead time and time again. 😎

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@princepr · Mar 12 '18

$0.02

informative and a helpful post my friend.

👍 bssman

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@chellelbaguio · Mar 12 '18

$0.02

Nice post .👍

👍 bssman

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@bssman · Mar 12 '18

Thanks for reading

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@emergehealthier · Mar 12 '18

$0.02

Thank you for the information about Binance.  Your cryptocurrencies are only as safe as the weakest security link in your method of storage.

👍 bssman

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@bssman · Mar 12 '18

Thanks for reading

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