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Some lessons from the Binance “hack”

Recently, Binance, the biggest cryptocurrency exchange in the world, announced that it had been hacked and that 7000 BTC’s had been transferred from the platform by criminals. The amount is equivalent to more than R$ 225 million (BRL) in the current quotation (15/05/2019). It was also announced that Binance will cover the diamond for those who were injured and conduct investigation to understand what happened, including temporarily suspending the withdraw of Bitcoins from the platform.


This is not the first and it will not be the last time – unfortunately – that something like this will occur. In a market that moves billions of dollars around the world it is natural that it attracts the attention of coup makers. Platforms such as Poloniex, MtGox, Bitfinex and Coinrail – just to cite a few – have already gone through a similar situation.


There are those who doubt that Binance was hacked and what actually occurred was a fund-raising on the platform. We can not know, nor is it the purpose of the text here. This answer – if we will have it – the future will tell us.


The case with Binance reinforces the need for some basic care and the old motto so decanted by the crypto community: “exchange is not wallet“. And in the end your assets are not yours if you do not have access to the private key and \ or Seed. Of course there are those who use the exchange only for trade. But even with so many events like this and with so many alerts, there is a considerable portion of people who use the exchange as a wallet.


For these reasons we reinforce once again the fact that we offer a decentralized platform and that gives you access to the Seed for control and movement of your active crypto. We on Lunes do not have access to any client’s funds. On the contrary: we want you to develop your financial autonomy in this sense. Here, in fact you are in control of your money.


In a few minutes you create your wallet on Lunes and have access to the platform that offers services based on blockchain technology and is decentralized. And precisely because it is decentralized, it gives you total control over your assets.


Think about it!