Coinbene released an announcement on 27th March on Twitter where is shunned all rumors of the Exchange being hacked. Most importantly, the announcement also added that Coinbene guarantees 100% security of users’ funds.
Coinbene Makes An Important Announcement As Users Cry ‘Hack’
Coinbene went into ‘maintenance mode’ on the 26th of March to update certain security measures in the Coinbene Wallets. While this was happening, many users started getting anxious as the maintenance continued for a long period of time. The users suspected a hack.
However, Coinbene assured its users that it was nothing adverse but just a maintenance schedule. In light of the recent hack on DragonEx, the security team of Coinbene Exchange decided to make certain updates to its wallets. It also set up a team to track anomalies in Exchange business.
The most important update in the announcement was that Coinbene assured its users of complete reimbursement of funds in the event of an attack.
According to the press release:
Users assets on Coinbene platform are 100% secure, our platform promises that if any any user asset will be lost, we will compensate 100%.
The year has witnessed two significant Exchange damages with QuadrigaX and DragonEX. The faith of the cryptocurrency community is shaken while they continue to trade on the Exchanges. Hence, the assurance comes as a relief for the users of the Coinbene Exchange.
However, Exchange promises are not a complete Financial Guarantee of the safety of the user’s funds as they can still deny responsibility. Hence, while decentralization must be upheld, the Exchanges must seek insurance against the funds with third-party financial institutions.
What other steps must the Exchanges take to secure the user’s funds? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com