Experts compare the security of crypto asset holding channels after Binance suffers nearly $6 billion hack
Post-Binance hack: Industry experts weigh in on crypto’s safest haven
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After Binance suffered a nearly $6 billion hack, Cryptopolitan compiled analysis from industry insiders on the security of centralized exchanges, ETFs, DeFi, and self-custody. Respondents noted that ETFs can offer corporate balance sheet backing, but the protection provided by exchanges depends on their reserves and insurance; DeFi and self-custody, meanwhile, face risks from smart contract vulnerabilities, malicious transactions, and users’ key management, respectively. Binance resumed phased withdrawals on November 1 and said it had covered approximately 95% of the affected amount.
The article compares the sources of risk across exchanges, ETFs, DeFi, and self-custody, presenting the trade-offs among different holding channels in terms of asset control, institutional protection, and user responsibility.
Source:Cryptopolitan · cryptopolitan.com