No Connection, No Access: Mirko Ross Advises Crypto Investors to Use a Cold Wallet
Deutschlandfunk on the attack on Binance, with a recommendation from cybersecurity expert Mirko Ross.
The safest wallet for cryptocurrencies is one that never goes online in the first place. Deutschlandfunk closes its overview of the hacking attack on Binance with this advice from Mirko Ross. According to Ross, anyone who owns cryptocurrencies but does not trade them regularly should use a so-called cold wallet. This is a cryptocurrency wallet with no online connection, which is why it is protected against hacking.
20 Minutes for Billions
The report traces how what is probably the largest crypto hack in history unfolded. At Binance, the world’s largest digital currency exchange, cryptocurrencies worth 6.3 billion US dollars were stolen. The hackers deliberately targeted the laptop of a developer with extensive access, and most of the attack took place in around 20 minutes. The analytics firm TRM attributes the attack to a North Korean hacker group.
Stefan Risse of Acatis told Deutschlandfunk that 3.3 billion dollars are lost for good. He considers it conceivable that a crypto exchange may soon be unable to cover the losses after a large-scale attack. This time, Binance has announced that it will reimburse its customers for all losses. Following Ross’s advice, those who would rather not rely on that keep their cryptocurrencies offline.
Read the report on Deutschlandfunk (In German):
https://www.deutschlandfunk.de/reaktionen-auf-krypto-hackerangriff-entsetzen-an-der-boerse-3-3-milliarden-dollar-sind-nicht-mehr-zu-100.html
Konrad Buck
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