Show Notes
#BingX Announces Hot Wallet Hacked
#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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Episode Transcript
[00:00:00] Out of cycle update.
[00:00:02] Another day, another hack. Cryptotalk FM. My name is Lyster, I'm your host with another breaking out of cycle update, and I'm noticing a pattern now. And I'm. This is specifically around Bingx. Bingx was hacked. One of their hot wallets, which they manage on behalf of anybody who's trading in the platform, was hacked. And so they've shut it down. First they were denying it, saying fake news and doing and deleting messages and, you know, hiding it, which I consider sketchy, by the way. But they eventually acknowledged it and said, yeah, we did get this hack and we have to do some maintenance on the wallet. The wallet's been hacked. So if you are using Bing X, I'm telling you right now, your funds might be in risk. I don't know, 100% because I don't use that. I don't use sketchy exchanges. But your funds might be at risk. There was some chatter talking about people that couldn't do trades and it seemed like it affected more on the, the ones that had active trades in place, not the spot side, but I don't know. So I can't speak. You'd have to go to Bingx and I'm sure they have some sort of notification for you. If they probably emailed, if you duck email, you run from email, but it's probably some sort of notification was sent to you letting you know about what's happened and the actions to take. They're apparently working on a compensation plan which tells me that they actually were breached and money taken away. Now here's the funny thing of. Not funny, but the unfortunate truth about this situation on the heels of this, apparently that monkey she knew that I refused to cover got also hacked. And then they had to do some sort of, you know, their Twitter account got hacked in a specific case and so they got. So they're getting attacked. The binge now gets attacked.
[00:01:38] I got to make the statement. If anybody who's cross blend feel free, I want to smoke because I, I said in my longer episode recently, this week about the fact that seems like for why ever there's an attract, you know, attraction, right, to the wealthier people out there, the wealthier influencers out there. And then I, unfortunately, as people are trying to grow their channels to mirror those people, not realizing that the reason that they're so damn large is because YouTube changed the algorithms underneath people's heads. Well, all of these hacks recent, right? So being X gets hacked. Monkey shit's Twitter gets hacked, believe I hacked himself, all of these ones right there. And then by virtue of bleach getting hacked. Then of course, tokens get drained from all the projects that he was involved in.
[00:02:29] It seems to all center around beliefs. Not saying he's at fault, I'm saying that there's, when they reach out, there's a partnership or something saying, hey, can you cover this or do something? Or there's a, you know, let's send some tokens or something else. And then the exposure increases. You're increasingly exposing yourself to this risk now, of course, and he reached out. I'd have helped him because it's obvious in certain cases, things like cold wallets that he wasn't using isn't, that's. I don't even think the cold wallet is the superior answer in that regard.
[00:03:01] I think really it's using the sketchy black browser plugins. I get they're convenient, but they're sketchy because you don't know what's going to breach your computer until it's too late. And there is an assumption that Windows defender is going to protect you when the truth is it's, it's the bare basic of protection. It assumes good browsing principles. And I talked about how some websites have code baked in them that are doing, mining or doing some sort of malicious activity that you don't know, and defender can't catch all of it. And then it depends on the browser that you use. If you use, I think he uses Firefox, maybe, and what other extensions you might use to protect yourself. There's a whole layer of understanding around keeping yourself safe online. That layer is eroded when you are dealing with cryptocurrency, when you're dealing with the dark web, when you're dealing with anything that's not the, quote, mainstream where they can get access to your stuff. So I'm not placing blame. I'm saying there's a pattern now that I'm seeing circling around him that I would attribute to, you know, he's trying to grow it, he's trying to expand, he's trying to get it up there, but yet it seems like this pattern continues. So Bing X in particular, specifically, I know he had talked about it a couple of times. I don't think he did a long term deal, but I know you talked about it and talked about the exchange itself. This, if you got in, whether by him or by someone else that was talking about it, because I don't know who else was talking about it. I assume they reached out to a bunch of shillers to have them cover the thing, which to me is a red flag in of itself because it usually means they haven't passed all the holes because they, you know, but if you are in it, I don't know what's happened to your money. It might be okay, it might not be okay. I have no information for you because I avoid sketchy exchanges. That's why I don't talk about sketchy exchanges. I've talked about all the exchanges I think are worth a damn. And many of them died like Gate IO, not died, but you know, they block us traders. So even the ones that I say they're legit exchanges, you know, at some point you're still at risk of getting your funds took, and I don't want to see that happen, whether it's a breach or them locking it down out of United States. So if you have being X or you were considering being X, or you're in being X and having funds, I'm assuming some reach out was done to contact you and let you know what was happening. And apparently there's a compensation plan, but that's all the information I have at this point.
