Crypto Exchanges Highlight Cold Storage Ratios Following Binance Security Incident
(4 hours ago) · 1 source · Summarized by CryptoBipto
After a reported attack on Binance, competing cryptocurrency exchanges have been publicizing their cold storage ratios to reassure users about the safety of their funds. The incident has drawn renewed attention to how exchanges store customer assets and the proportion kept in offline wallets. Several exchanges have used the moment to emphasize their own security practices.
WHY IT MATTERS
When you deposit cryptocurrency on an exchange, the exchange takes custody of your funds — similar to how a bank holds your money.
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SOURCES
- cointelegraph.com
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