Time to move your funds into a Non-Custodial wallet! Another $Hack $80 million!

In my last topic, I have discussed the Poly Network hacking issue and we know how big the hack was. But the Poly team has good luck as they have got back the funds already. But today we will talk about another hacking issue which happened today. Let’s talk about it!

Japanese exchange Liquide got hacked today and nearly lost up to $74 Million worth of BTC, ETH, XRP and TRX.  But the exchange team also said that the hacker also stole ENJ, Uniswap and many other altcoin. According to all coin hacks, the team was supposed to say that the total amount hacked was $80 Million. And all the money  was hacked from users' Hot wallets. Though as soon as the exchange team noticed this they moved the users funds to cold wallet.

For this hacking issue, currently Liquid exchange off deposit and withdraw from the exchange. Also the team said that they are talking with the blockchain security team to solve this problem by tracing the hacker IP address . In this case, KuCoin exchange CEO Johnny said that they know hacker address and they will put the address on black list. Maybe this time the hacker will get traced again.

Now let's come to the main topic. I am not sure why the hacking issue suddenly increased but this indicates to us that our funds on exchange are not safe enough yet . And this also indicates to us that anytime our funds can be hacked from an exchange. So what is the best thing to do now? Move our funds to a Non-Custodial wallet. In fact, we can not be sure that the Non-Custodial wallet will ever be hacked. Because in the past we have seen metamask wallets being hacked by hackers. But the possibility of hacking  is less on Non-custodial wallets. So if you are not a day trader and want to hold some coin for long term or want to do trade for mid term then you should move your funds into your  private wallet so that your funds will remain the same. Some of you can say that we are using Binance and it has high security. But you need to know that nothing is above hacker strategy and if they target binance then they can hack it anytime. So for good luck, move your funds. 

What do you think about current hacking issue?

Cheers!