What Can We Learn from the Binance Hacking Incident?

Blockchain.News: One of the largest crypto exchanges in trading volume, Binance, discovered “a large-scale security breach” on May 7 at 17:15:24 (UTC), where 7000 Bitcoin (BTC) are stolen by hackers in one single transaction.

According to Binance’s announcement, hackers use both external and internal methods such as phishing and viruses, to obtain a large number of user API keys, 2FA codes and other information. Binance noted that only BTC hot wallet is affected in this case (which contained 2% of total BTC holding).

In the “currency theft” case of Binance, the main target of hackers is “hot wallet”. Because it must be connected to the Internet while it is in use, the outside world can access the location where your assets are stored over the Internet when you save and trade cryptocurrency. It is the characteristic that allows some criminals to take advantage.

Without a doubt, cold wallet is the best solution to online hacker theft. Cold wallet is also called offline wallet, meaning it can be kept offline during use. Generally, the outside world cannot access the location where digital assets are stored through the network, so it can avoid hacker attacks, Trojan viruses and other accidents caused by these situations.

Pokket adheres to the idea of security first. All assets in Pokket are stored in cold wallet without worrying about hackers, while we bring stable profits to our customers.