Dont you love the crypto world? Because i do.
Are you saying that no one uses your dapp focused blockchain and no dapps are built on it?!
Heres a billion USD!
Are you saying that there is a guy running a successful blockchain project that is a known fraud and is lying that he is the creator of Bitcoin?!
Lets give his project a billion USD marketcap!
Are you saying that by using blockchain we dont have to store our funds in centralized financial institutions!!!
Awesome! Now lets put all our money in a centralized financial institution!
The crypto world is the upside down world. Where everything is BS and almost everyone pretends to subscribe to core values associated with blockchain. .
Centralized exchanges getting hacked isnt something new or unexpected.
But this exchange is one of those that account for a lot of STEEM trading volume. Most of the volume is probably fake and coinmarket cap doesnt even acknowledge it, but still, its there. 😀
So how much was stolen?
Some sources say 20 million USD. A hefty sum. The funds were moved to another exchange so they could potentially be frozen and returned to the rightful owner.
I dont have the live news on whats happening, im just retelling the story. lol
The difference between this hacking and the prior ones is that apparently most of the user funds were safe in cold wallets so hackers couldnt get to them. What was stolen is the exchange funds and the suspicion is that it was an inside job. Bithumb claims that they have a good protection against outside attacks but admit to a poor employee vetting process and poor security inside the exchange..
What does this mean for the end user?
It means what it always meant. No matter what was stolen, you should never keep your funds on a exchange.
Your keys, your STEEM. Not your keys, not your STEEM.