The #Dexx incident successfully aroused everyone's concerns | BitHappy on Binance Square

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The #Dexx   incident successfully aroused everyone's concerns about security.
But I hope everyone will not be influenced by its slogan "Binance on the chain". It is undeniable that this slogan is effective, but it is obviously "taking advantage of the situation" and proving Binance's position as the first in the industry.
Admittedly, Binance has also experienced security incidents, such as 7,000 bitcoins were stolen, and later the SAFU fund was used to pay the full amount, and 300 bitcoins were used to reward hacker clues.
According to the news, the value of the SAFU fund is stable at 1 billion US dollars, which is the financial strength of the platform!
In this way, is the Dexx incident a drizzle for Binance?
Let's talk about the proof of funds released by Binance some time ago. Not only did the amount of funds exceed 100%, but the system of this proof of reserves is also constantly upgrading blockchain-based technology!
In terms of user education, Binance has always done a great job in the Novice School, not only limited to popular science in the currency circle, you can take a look.
In the industry, Binance is not only a product, but also an endorsement. Many projects in the industry need Binance's endorsement to prove their security.
I hope the industry will have more positive energy and more Build!!!

LIVE

BitHappy

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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.

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

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