Archived Content from Web3Auth Community
This topic was originally posted by shahbaz on 10/1/2024.
This content has been migrated from our previous community forum to preserve valuable discussions.
The recent hacks on BingX and WazirX have shaken the crypto community, exposing the vulnerabilities of centralized exchanges (CEXs). Users lost millions of dollars due to security breaches, raising serious questions about the safety of storing digital assets on these platforms. These incidents underscore the critical importance of self-custody in crypto, where users maintain control over their private keys, thereby reducing the risk of losing their assets to hackers.
This is a companion discussion topic for the original entry at https://blog.web3auth.io/self-custody-and-security-key-takeaways-from-the-2024-bingx-and-wazirx-breaches