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> One hack and you lose everything, with nothing to reduce damage. Exchanges can mitigate this by storing the majority of their funds in multisig cold wallets.
by gst 9y ago
> One hack and you lose everything, with nothing to reduce damage.
Exchanges can mitigate this by storing the majority of their funds in multisig cold wallets.
Users can mitigate attacks against exchanges by never sending all of their coins to an exchange. For cashing out I recommend to 1) send a small number of coins to the exchange 2) wait until those converted USD arrive in the bank account 3) go back to step one.
- vincnetas 9y agoExactly what this exchange has done : "The exchange added that the hackers did not manage to steal all the digital cash it held because a lot was lodged in a "cold wallet" - a secure store used to hold the assets that were not being traded."