The largest cryptocurrency exchange in the world, Binance, is looking into a hacking incident that happened on Friday and damaged several crypto coins. A private key, which is used to encrypt or decrypt data, has been compromised, according to the company's founder and CEO Changpeng Zhao.
The hacker was able to delve into the code of the smart contract and find a flaw that allowed him to print an infinite number of Ankr's primary tokens. The hacker and many who followed him in trying to take advantage of the DeFi project made the decision to keep continuing until around 4 quadrillion coins had been produced. That amounts to a ridiculous 4,000 trillion tokens, to put it in perspective. Let's not forget, since Sam Bankman-FTX Fried's exchange abruptly went down a couple of weeks ago in a drama-filled flash, the self-custody of Bitcoin, Ethereum, and other cryptocurrency assets are receiving a lot more attention.
Users move their money in their own wallets, which they alone control, with self-custody. Before we continue, it is important to note that although self-custody helps users defend themselves against outsiders stealing their money, it also necessitates far stricter personal responsibility.
Users are required to write down a seed phrase, which functions as a password-like backup for all the addresses linked to the wallet. The associated Bitcoin or cryptocurrency is permanently lost if the seed phrase is lost. Different wallets are needed for different cryptocurrencies. For example, MetaMask is a well-known mobile and browser wallet that is used for the self-custody of Ethereum and other compatible tokens. The most popular wallet for Solana and assets based on Solana is Phantom.
Using a hardware wallet, such as Ledger, which saves the keys in an offline environment and protects them from potential attacks, is another alternative with increased protection. It's time to transfer your money from the exchange into your new wallet—one that you and you alone control—after deciding on your wallet provider.
Take Funds From the Exchange
To transmit your Bitcoin, you must first create a new address in your wallet or other cryptos. The address has already been constructed in browser-based wallets like MetaMask, Phantom, and others; all you need to do to copy it to your computer's clipboard is click on one of the "Account," "Deposit," or similar buttons. For each of your assets, there will be some form of a Withdraw button on your account page at your selected exchange, let's take Coinbase as an example. You must select the Withdraw button for the relevant assets in order to send the money to your wallet. Copy the address from the self-custody wallet you created, paste it in, and click Send to send Bitcoin, Ethereum, or another cryptocurrency to the appropriate wallet.
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