Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack

Cryptopia Hack

Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack

While New Zealand based cryptocurrency exchange Cryptopia has gone offline after suffering a security breach, industry leaders call out ‘crypto enthusiasts’ to focus more on Decentralized Exchanges to avoid losses.

DEX creators take full advantage of Cryptopia fall, DEX once again hot topic

The latest tweet of Changpeng Zhao, CEO of Binance trolls the recent catastrophic hack suffered by Cryptopia as a way to advertise ‘Binance Decentralized Exchange’. His tweet notes ‘store coins yourself or move to DEX’.

Not everyone is on the same page

However, his first statement ‘Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself’, have discouraged many of his followers at the first context. Nevertheless, many enthusiasts also commented depressingly, one of such Twitter account (username – WhalePanda) who shares updates on the crypto industry has voiced it as ‘a horrible advice’ by exchange owners. Along with him, Pierre Rochard who seems ‘strong advocate for digital currency’ responded to CZ’s tweet, stating ‘surprising to see Industry leaders’ spread bad info.

Following many of such responses, CZ later clarified his intention and missing words. He made it clear that his intention of an early tweet was to advertise Binance DEX, unfortunately, it didn’t, henceforth he added another tweet, explaining;

DEX is not a panacea – Kraken’s Jesse Powell

Similar to CZ, Jesse Powell who is the co-founder of Kraken cryptocurrency exchange has also cautioned public citing Cryptopia hack. Jesse Powell commented on Peter’s tweet and spoke against CZ advertising DEX. Jesse stated ‘DEXes are not a panacea’ and asks to ‘look at the DAO’.

Meanwhile, Crypto Market Drops Slightly following the hack news

The estimated loss of $2.5 to $3.5 million from the recent Cryptopia’s hack has spread out the negativity across the market. As such, the crypto market gets in red zone again – Bitcoin by losing 1.75 percent, XRP with loss of 1.63 percent, Eth by declining 5.70 percent over the past 24hrs. Besides these, other cryptocurrencies are also declining eventually.

Image source – https://coinmarketcap.com/

No doubt the event of hacking has once again boosted the debate of security of user funds and it will be interesting to know is DEX an answer to this. 

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Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack
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Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack
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While New Zealand based cryptocurrency exchange, Cryptopia has gone offline after suffering a security breach, Industry leaders call out ‘crypto enthusiasts’ to focus more on Decentralized Exchanges’ to avoid losses.
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Coingape
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum (at) coingape.com

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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum (at) coingape.com

Follow Tabassum @