In the late hours of today, Bybit exchange announced a hack of $1.4billion worth of ETH from their end and this has caused a pandemonium in the minds of bybit users. Prior to this, in some countries, Bybit has been the main exchange where which users convert their tokens to dollars and then withdraw to their local currency but such a news like this has created a big quake on the use cases of the exchange and how nothing is 100% safe in the crypto space even exchanges.
Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from @safeSource
Consequently, there have been cases of hack experiences by different exchanges which a a centralized exchange like Binnace has been a victim. It might be understandable if the amounts hacked are of small amount but one shocking thing with these is that any time there is a news of exchanges or wallets it's always something big and this has been a huge issue in the crypto space.
Most people that are much rooted in the crypto space prefer to keep their money in liquidated form most especially that having to do with crypto currency and by so doing do look for wallets or exchanges they trust where they would keep their mighty amount but this regular case of hacks will make these users rethink there decision of keeping their worth in liquidated form much more in crypto.
Not My Keys, Not My Account
The hive blockchain stands tall with its method of account creation and using $DASH has made creating account on InLEO a lot more better because it has made it simpler, make ones account safer with both the use of phrases and keys. Hive blockchain like we all know has different keys for different uses and with each key, accounts are safe. Regardless of the fact that these keys are of great importance, if one misplaces keys or something close to that, the accounts are lost or if one keeps the keys in a place that is easily accessible, the account is still open to be attacked.
Not my keys not my account is a better way of keeping accounts safe but even with this, nothing is too guaranteed because if any of those keys are kept insecure the account can be hacked. Actually I see some accounts on hive blockchain having something huge and worth something that can change someone's live so it is of great importance that keys are kept safe devoid of being stolen and accounts attacked.
Thanks for stopping by, do have a nice day.
Posted Using INLEO
