Changpeng Zhou, the chief operating officer for Binance, sheds light to the gruesome fact that circles the crypto markets. There has been a terrible case recently, with an exchange from New Zealand, Cryptopia, which went offline after claiming to have lost a considerable amount, falling victim to hacking. The entire burden was put over the users who did not get anything out of their investments over the exchange. This puts the strain over the crypto to be introduced as the next big thing as per this major flaw i.e. it is prone to basic level hacking. Nevertheless, Zhou discusses remedies to this predicament. The suggestion culminates him handling the burden of the task as each bears its own pros and cons. With DEXes, every transaction traceable, not financially, but directionally, every node or user gets a whiff of the doings all over. In case people intend on storing their coins themselves, they will have to fend the hackers off, themselves. BlockPublisher got to the task of extracting some feisty or suggestive remarks from the Binance official.
There are means that you can store your coins with. Either store your coins and you’ll have to keep the hackers off, yourself. But there always is a window for faulty hardware. Or you can store over some exchanges, the must-haves for which are secure and reputable. DEXes of today can do you no good either.
All of this pondering over some feasible solution to the increasing rate of hacking events in the crypto world, CZ Binance certainly seems to fighting between the struggle what to opt out of the given options in order to continue safely and successfully with the crypto usage. Zhou does put the options for the trials and perform the critical analysis only to go away empty handed. This struggle was only a build up for Binance’s upcoming DEX which supposedly eliminates all the hectic and tedious and still unsecured protocols of native sort exchanges.
Changpeng did announce the news over to the public which got him mixed reactions from them as most of them misunderstood as per the complexity of his public statement. He, in order to clear things out came up with another statement of his.
It does not say which option is better than another, as that depends on each persons security skill, preference, fund allocation, etc.