I agree with Happy's point of view. Authoritative and credible endorsement is actually quite good. So in fact, most of my assets are in Binance. A small part of the copycat is in other exchanges and wallets.

Although Happy is a technical person, he was able to avoid the Dexx incident this time, mainly because I am not good at trading, and the other reason is that he helped me create several wallets after registering an account, and my first reaction was wrong.

Happy contacted #Dexx relatively early, and a video message from a friend asked him to see how the product was.

At that time, the conclusion based on the video was: "It looks okay, but the UI is not advanced and smooth enough. From a functional point of view, although the wallets of several large exchanges support on-chain transactions, this one is more professional and detailed. The interactive logic shown in the video is also more like a centralized exchange, and there are rebates, which is more competitive among competitors."

But as I said at the beginning, when Happy registered an account, he found that something was wrong, and Dexx had no reliable endorsement, so he did not become its user in the end.

Regarding security, Sister Feng @TVBee mentioned "audit", but now few friends have seen it, and even the project party rarely mentions it. This is no longer the focus of a project, but it happened to be ignored, which led to this incident.

Teacher Wu @BITWU also asked, "Why did a system clearly have so many problems before the incident, but no one pointed it out, and no one discovered it?" This is essentially caused by the "cultural attributes" of the Chinese-speaking area.

Many friends also mentioned custodial and non-custodial wallets. As a programmer, Happy wants to tell everyone that "don't be obsessed with these. As long as the developer wants, your private key can be obtained." In the current dark forest, the only thing you can trust is endorsement.

Maybe some friends say that non-custodial/self-custodial wallets are open source and the code is audited. So what? The version of the application you use may not correspond to the open source and audited version.

Unless the contract code is open source on the chain, please be sure to rely on endorsements, the reputation of the platform, and the amount of funds on the platform.