Why Self-Custody with Best Wallet Is More Crucial Than Ever
The post Why Self-Custody with Best Wallet Is More Crucial Than Ever appeared on BitcoinEthereumNews.com. In yet another sign of the growing wave of cyberattacks targeting crypto exchanges, a new victim has emerged: CoinDCX, one of India’s largest crypto platforms. The exchange, which boasts over 16M registered users and handles close to $800M in quarterly trading volume, has just suffered a major breach. Hackers managed to drain approximately $42M from the exchange. According to an on-chain investigator, ZachXBT, the attacker’s wallet was funded with just 1 $ETH via Tornado Cash, a known crypto mixer, and a portion of the stolen funds was later bridged from Solana to Ethereum. Source: ZachXBT A small silver lining, however, is that no user funds were affected in the breach, as the hack targeted CoinDCX’s internal operational wallets rather than its customer holdings. “The incident was quickly contained by isolating the affected operational account. Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us, from our own treasury reserves.” – CoinDCX CEO Sumit Gupta Keep reading to understand why these kinds of attacks are becoming more frequent, and why they’re a wake-up call for anyone still storing their assets on centralized platforms. We’ll also introduce you to Best Wallet, a next-gen self-custodial crypto wallet powered by $BEST, which you can both use for secure storage and invest in as the altcoin market heats up. A Pattern Emerging? CoinDCX Hack Isn’t an Isolated Incident CoinDCX’s breach is the latest in a series of high-profile crypto exchange attacks, and it’s starting to raise some eyebrows. Take WazirX, another major Indian crypto exchange, which was hacked for nearly $235M almost exactly one year ago to the day. The timing is uncanny. Was it a coincidence, or is there a pattern of attackers specifically targeting Indian platforms around this…
The post Why Self-Custody with Best Wallet Is More Crucial Than Ever appeared on BitcoinEthereumNews.com.
In yet another sign of the growing wave of cyberattacks targeting crypto exchanges, a new victim has emerged: CoinDCX, one of India’s largest crypto platforms. The exchange, which boasts over 16M registered users and handles close to $800M in quarterly trading volume, has just suffered a major breach. Hackers managed to drain approximately $42M from the exchange. According to an on-chain investigator, ZachXBT, the attacker’s wallet was funded with just 1 $ETH via Tornado Cash, a known crypto mixer, and a portion of the stolen funds was later bridged from Solana to Ethereum. Source: ZachXBT A small silver lining, however, is that no user funds were affected in the breach, as the hack targeted CoinDCX’s internal operational wallets rather than its customer holdings. “The incident was quickly contained by isolating the affected operational account. Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us, from our own treasury reserves.” – CoinDCX CEO Sumit Gupta Keep reading to understand why these kinds of attacks are becoming more frequent, and why they’re a wake-up call for anyone still storing their assets on centralized platforms. We’ll also introduce you to Best Wallet, a next-gen self-custodial crypto wallet powered by $BEST, which you can both use for secure storage and invest in as the altcoin market heats up. A Pattern Emerging? CoinDCX Hack Isn’t an Isolated Incident CoinDCX’s breach is the latest in a series of high-profile crypto exchange attacks, and it’s starting to raise some eyebrows. Take WazirX, another major Indian crypto exchange, which was hacked for nearly $235M almost exactly one year ago to the day. The timing is uncanny. Was it a coincidence, or is there a pattern of attackers specifically targeting Indian platforms around this…
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