https://pixabay.com/illustrations/hacking-cybercrime-cybersecurity-3112539/
Binance is the largest exchange by volume and it is being claimed that 60000 user's data has been leaked. For me, this is stunning as I have most of my investment with binance and I also joined Binance in 2018. Leaked data is also related to 2018 and 2019. What a normal investor like me should do when they hear news like this? It is also being said that this leak has a direct connection with the 7,000 bitcoin last May.
https://pixabay.com/illustrations/binary-black-cyber-data-digits-2170630/
As reported, "On Wednesday, a Telegram group created by an admin under the pseudonym “Guardian M” distributed hundreds of images of individuals holding their IDs and pieces of paper written with “Binance, 02/24/18,” alleging that the data presented was hacked from the exchange. The hacker supplied CoinDesk with hundreds of photographs and we have identified a number of users who recognize the photos of their faces and personal IDs that they sent into Binance for know-your-customer purposes."
KYC has been introduced to know the person who is trading, holding, investing in crypto on any exchange. This way it has gone from being anonymous to identity. However, this makes the digital world more secure as the hackers have a better chance of hitting the digital bank while this is not that easy when you think about the real world i.e. real banks
https://pixabay.com/photos/cyber-security-internet-security-2851201/
This makes people like me more insecure, though we also know that binance has already given people the money which was stolen from the exchange. That is how they stand in good faith in the eyes of their customers but the question is how much loss they can bear. As they have to close down or take money from people's account when they are going to lose the coins as a result of a hack.
In an interview with Coindesk, Binance's CZ called crypto insurance a “flawed concept” and said Binance instead dedicates 10 percent of its $100 million in quarterly revenues to its internal “SAFU fund.”
When it comes to crypto insurance, underwriters are very strict with their underwriting and provide coverage to only companies found to have excellent security measures. Could it be that CZ is covering up the not-up-to-mark security measures in Binance by calling insurance a "flawed concept."?
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Or maybe occasionally taking money out personally and calling it a hack lol
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Probably you hit the nail on the head. That becomes non-taxable money in the pocket that could be splashed in Macau.
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Dang... And hear I was thinking of joining Binance instead of coin base.
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