The security of crypto exchanges is again under the microscope, as major exchanges, Coinbase and Cetus, are hit with major incidents within a week of each other.
If nothing else, it’s been a hard lesson in the importance of using a secure crypto wallet like Best Wallet.
The decentralized exchange (DEX) and the Sui Network have since worked together to freeze much of the lost assets.
The week before, centralized exchange (CEX) Coinbase was also a victim of a security incident, though of a more low-tech nature.
The data gathered includes over 69,000 customers’ personal information, the last four digits of their social security numbers, images of their government IDs, and portions of their bank account numbers.
These incidents have brought into sharp relief the need for more secure ways of securing your digital assets. One such way is storing them in a crypto wallet like Best Wallet.
The private key acts like your password, which lets you access your funds and sign off on your crypto transactions. Having total control over this key keeps your assets a lot safer than having the exchange keep it secure for you, especially in the event of a breach or an asset freeze.
This prevents your personal information from leaking out in a data breach, since Best Wallet doesn’t have it in the first place.
Plus, you’ll get governance rights, letting you vote on key decisions relating to Best Wallet.
Also, remember to do your own research if you’re investing in crypto. This will help you stay alert when it comes to social engineering attacks and steer clear of crypto scams such as rug pulls and pump-and-dump schemes.
