Lektai
Posts: 7
Joined: Tue Apr 16, 2019 5:06 pm

Binance hack, how it could have prevented?

Mon May 13, 2019 9:21 pm

It is no longer news that binance exchange, the no 1 cryptocurrency exchange was hacked during the early days of may 2019 and no less than 7000btc amounting to about $40mill was stolen from binance's hot wallet.
Well its not new to the cryptocurrency industry as early this year new Zealand's cryptocurrency exchange ,cryptopia was also hacked,
After long and critical thinking, i have been able to terms with the fact that the hack could have been avoided in just only one way
"The use of privacy tokens"
The use of privacy tokens could have avoided this hack due to the fact that a new generation of coin such as VEIL offers full anonymity and security in the sense that, after each successful transaction, the transaction history is deleted from the blockchain, this alone will make it hard to track the amount of coin a wallet has,
If you do not know the amount of token a wallet has, there is no way you'll want to waste your precious time hacking it
This is just my say on this
Is there any way you think, the binance hack could have been avoided?

Aremu
Nickel Bitcoiner
Nickel Bitcoiner
Posts: 16
Joined: Wed May 22, 2019 6:33 pm

Re: Binance hack, how it could have prevented?

Fri May 31, 2019 3:45 pm

To stay safe, I suggest you use a privacy wallet always such as Veil wallet, Monero Etc

Fareedah27
Nickel Bitcoiner
Nickel Bitcoiner
Posts: 20
Joined: Thu May 23, 2019 12:26 am

Re: Binance hack, how it could have prevented?

Sun Jun 09, 2019 4:19 pm

Definitely I’m going with a privacy wallet e.g Veil , Dash etc

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