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We Need Regulation and #SAFU for Every Company who Trades Cryptocurrency

We Need Regulation and #SAFU for Every Company who Trades Cryptocurrency

After this, the exchange was shutdown.

It is thought that the hack from from Binance’s hot wallet, and which has around 2% of all the bitoins held by them. This means that “possibly” there is no affect on customer wallets. With Bitcoin, there is virtually no chance of stopping the transaction going forward, once it has been picked up by the miners. In the tweet, Binance mention SAFU, and which is a Secure Asset Fund for Users, and this is thought to be used to compensate for any losses from users, and guarantees around 10% of the total amount of assets from the company.

Many researchers around the world are now analysing the flow of the hacked coins, such as Coinfirm:

From the core account, Coinfirm found two major branches, and then moved into three other accounts:

They have then identified that the hacked currency is now being split up into smaller wallets:

Conclusions

It is good to see SAFU, but it’s only 10% of the total amount of cryptocurrency. What would have happened if all the cryptocurrency had been hacked. There would have been a 90% short-fall. We need regulation of the industries involved, and they must make sure that they look after their customer’s assets.

Published at Thu, 09 May 2019 08:43:21 +0000

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