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RE: 523m NEM Stolen 🔐 - How It Happened And What's Next

in #cryptocurrency7 years ago

This is really the weakness of centralized exchanges. If the exchange has poor security in place, it puts everything left on the exchange at risk. The downside of taking everything off the exchange makes it much harder to move quickly on a price moves, plus paying fees to move your balances back and forth. As we continue to see more hacks, the greater need we have for an easy to use decentralized exchange.

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There's a lot of exciting stuff happening with decentralized exchanges (DEX) right now. Bancor is up and running at bancor.network using the BNT token. Loopring (LRC) and the ZeroX Project (ZRX) is enabling anybody to make their own DEX so, rest assured, I think the crypto-community as a whole is moving quickly to being able to offer a whole raft of DEX options in the near future.

“As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchanges to make use of our multi-signature smart contract which is among the best in the landscape. Coincheck didn't use them and that's why they could have been hacked. They were very relaxed with their security measures," Wong said. https://www.zerohedge.com/news/2018-01-26/over-400-million-stolen-hacked-japanese-cryptocurrency-exchange