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What do you guys think about the Vietnamese exchange being hacked? How will it be handled, and will there be compensation?
I read the following information somewhere (copied) 👇🏻:
He gave an example from 10 years ago, without realizing how much things have changed. Actually, only those in the profession truly understand.
1. After the FTX incident, CZ just snapped his fingers and left. The reason? He spent all the client money on partying and having fun.
After that incident, the exchange had to publicly disclose its wallet reserve.
2. International exchanges like Binance, OKX, and Bybit all have larger reserves than the amount of money deposited by customers.
The question is why?
3. Because they're worried about being hacked, they manage their money extremely intelligently.
After hearing the story in the news report, you said "sorry," which seems to warrant questioning.
4. All major exchanges have insurance funds such as Safu.
Binance. This fund must ensure it balances between 10 and 10.
30% or more of the customer's money.
5. I apologize again, but with the current strict laws, even depositing money is nerve-wracking. Withdrawing and worrying about personal income tax on top of that, I don't know how we'll build up a reserve fund. It's not going to work out.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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