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Cryptocurrency exchange BingX has admitted to 'abnormal access' to its hot wallet after initially claiming the incident was due to 'wallet maintenance'. The platform's handling of the situation has been criticized, with concerns raised about the safety of assets under its custody and reports of minor asset loss. This incident has reignited discussions about the importance of self-custody in the cryptocurrency space, with several voices advocating for users to maintain control over their own assets to avoid vulnerabilities associated with centralized exchanges (CEXs).
True ownership starts with self-custody. 🔒
🚨 CEXs collapse and take your funds with them! It’s clearer than ever—self-custody is the way forward! 🛡️ When you keep your assets in a CEX, you’re trusting 3rd parties with your assetes, leaving them vulnerable to hacks, mismanagement, or even complete shutdowns. 😱 https://t.co/ltLxLWlDfY
One of the core pillars of Onchain Value Movement is self custody. That means your assets never leave your possession. To date, it has also meant that if something goes wrong, there’s no one there to help. But not any more. We believe in financial independence – and in… https://t.co/74XKtrJQms
