Binance Hacked - What You Need to Know About Holding Your Cryptocurrencies on Centralized Exchanges
John Sneisen and Tim Picciott report on the hack of Cryptocurrency Exchange Binance being hacked on May 7th at 17:15:24 (UTC).
As per Binance press release, the hackers were able to obtain users API keys, 2 Factor Authentification codes, and potentially other info. The hackers used several different approaches from phishing to viruses to breach Binance security.
Hackers stole 7000 Bitcoins, and the transaction code is here so you can follow the movement of the Bitcoins. https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea The above link is to the stolen Bitcoin coming from Binance Bitcoin hot wallet that according to Binance holds 2% of their total Bitcoin holdings.
Currently, deposits and withdrawals are on hold as Binance asks for their customers understanding and promise to reimburse them for their stolen Bitcoin.
They go into the severe dangers of having your crypto on exchanges as you don't own your private keys for your cryptocurrency. John makes the similarities of holding fiat currency in your checking account to keeping your crypto on exchanges without the control of having your private keys.
They explain how important in the age of derivatives it is to own the real thing. It applies to cash, precious physical metals, cryptocurrencies, other assets such as businesses, real estate or land. If you don't own the keys or the title or hold the tangible asset in your possession, you rely on third parties to promise you your asset claims, and you can get a hold of them if you need to use them or sell them.
They also cover Bitcoin breaking above $6k while they recorded as well as the Grayscale Investment "Dump Gold and Buy Bitcoin" campaign, The New York AG going after the Bitfinex the company behind Tether and finally how Coinbase banned Milo.
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The information contained is strictly for informational purposes only. Please consult with your own financial advisor before making any investment decisions. Investing into Crypto Assets is incredibly risky and you should not do so on your own unless you have considerable knowledge in this field and can afford to lose money. If you do not have an advisor or would like to work with Tim Picciott and his investment firm. Tim is offering 15 minute complimentary investment consultations with his firm: Innovative Advisory Group, LLC.
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