Binance, one of the world’s largest cryptocurrency exchanges, has been hacked. The news sent shockwaves through the crypto community, with many wondering if it is safe to hold crypto on Binance.
The hack occurred on May 7th, 2019 and resulted in the loss of 7,000 BTC, worth over $40 million at the time. Binance quickly suspended withdrawals and deposits while it investigated the incident.
In the aftermath of the hack, Binance has implemented a number of security measures to prevent future attacks. These include 2-factor authentication for all accounts, enhanced KYC verification, and more.
Despite these measures, some remain skeptical about holding their crypto on Binance. The hack was a major wake-up call for the exchange and has led to some tough questions being asked about its security practices.
So, is it safe to hold crypto on Binance?
The short answer is yes. Binance has taken steps to improve its security and is now one of the most secure exchanges in the world.
However, no exchange is 100% secure and there is always a risk when holding any asset on an exchange.