Hi everyone! This week’s definitely been replete with crypto scandals:
23 million dollars have been stolen from Bancor token platform. No surprises.
MyEtherWallet users who have Hola VPN installed have been subject to hacker attack (not for the first time MEW users face cyber attacks). Some media sources say that more than 1.8 billion dollars have been stolen due to cyber attacks so far. Sounds impressive, doesn’t it? For some it doesn’t, judging by the fact that many people still trust their funds to someone else:
V. Buterin, founder of Ethereum, stated that centralized exchanges must “burn in hell”. Do we agree with that? In short, we believe that centralized exchanges are legit and have numerous advantages, as well as decentralized exchanges do. Still, we have to note that even though some exchanges’ reps called this statement visceral (for instance, Huobi UK general counsel John Goodbody), the same exchanges announced their plans for becoming DEX long ago (4 months being considered long ago in crypto world).
What does that mean? Actually, nothing new: the decision it still yours. Thanks to this week’s DEX/CEX heated debates, there are even more articles that describe the pros and cons of each type in details (high time you read about that is you haven’t done that already). As a wallet, we’d like to remind you that using exchanges for storing crypto is (putting it mildly) not advised. Anyone and anything is subject to hacking, but they often leave alone the fact that there’s more sense in attacking a bunch of wallets owned by a single system (i.e. a centralized exchange) than in hunting an average user’s private wallet, whatever big sum it is supposed to have.
You can almost certainly guarantee a 12-word-mnemonic piece of paper safety, and you can set as many reminders as you wish to backup your wallet and make sure you still remember where that piece of paper is. Keeping your assets in an exchange is a risk whose extent is beyond your control. Some say that exchanges are comfy in terms of supporting and, strangely, being able to exchange many different tokens and coins and they ‘do not want to download a wallet for each sh.tcoin’. Hey, you don’t need to download a hundred wallets – you only need one (guess which?).
Back to security – Lumi wallet app offers you the opportunity to be in charge of your coins. Because we believe that trusting yourself is a healthy and fruitful idea – in all respects.