It’s no secret that the cryptocurrency industry is rife with scams and hacks. So when news broke that the popular cryptocurrency exchange Binance had been hacked, many people were understandably concerned.
Fortunately, it appears that the hack was not as bad as it could have been. Binance has stated that only 2% of its total BTC holdings were stolen, and that all affected users will be compensated from the company’s emergency insurance fund.
Still, the hack is a reminder that no exchange is completely safe. Even Binance, which has a good reputation in the industry, was not immune to attack.
So is it safe to use Binance? Overall, yes. The company has taken steps to improve security after the hack, and it remains one of the most popular exchanges available.
Just be sure to take precautions with your own account, such as enabling 2-factor authentication and using a strong password.