[Applause] hey how goes it can Busey from the Bitcoin podcast calm here to talk about Bitcoin and Bitcoin accessories and today I’m here to talk about a pretty big Bitcoin exchange pact South Korea’s largest Bitcoin exchange as a matter of fact was hat tens of millions of won wo n local Korean currency was stolen in Bitcoin I have an article here I’ll read it to you and then we can talk so South Korean Bitcoin exchange bid thumb is yet to come confirm users reports of tens of millions of won stolen from their accounts in comments this following week a hacking attempt Thursday in comments this week following a hacking attempt Thursday fit thumb which handles more volume than any other South Korean exchange confirmed customer data had leaked but sent but said funds were safe I think that was a little open-ended from them when they say funds are safe I think they mean the people who weren’t affected already were probably safe but not all the funds were safe obviously employee pcs were hacked not the headquarters servers a source said quoted by a local news source will call KS for short all right in a in a subsequent blog post the exchange stated it would be issuing compensation worth ten thousand one hundred thousand one which is worth eighty six dollars and eighty three cents to each customer whose data had fallen to hackers did you imagine if Polonia X had a leak and all of your email and password data was stolen and they offered you $86 and 83 cents to make it right cuz you know like this is a big exchange this thumb was a big is a big exchange for South Korea it might as well be like coinbase or G Dax man that’s so funny alright so while this data includes phone numbers and email addresses remember that you know KS for short reports customers are less than satisfied telling the publication hackers have gained access to their accounts and removed bitcoins so funds are not safe people are reporting that their funds are not safe so clearly funds are lost Bentham has yet to release exact detail as to how the hack occurred last week sources reported the exchange was coming under DDoS attack and that it had temporarily gone offline and there’s a quote here bit thumb popular Korean exchange suffered a DDoS attack and are suffer and are struggling to get back online that was June 25th and then as of the time of the this press time the website appears to be functioning normally and then they stayed down here at the bottom of the article that South Korea is set to benefit from hard-and-fast Bitcoin regulation in the near future as lawmakers seek to formulize the market well I’ll give you a big hint this is a wake-up call to everybody that’s storing their coin on an exchange and think it’s immutable to anything like this this looks like it was on the employees and the employee it was thirst there were individual computer that was hacked not the actual server yet people lost passwords emails phone numbers and Bitcoin if you’re using an exchange like coinbase an exchange like G Dax kraken Polonia ax bit tricks any of these to hold your coins long-term while you just sit back forget it and kick up your feet that is beyond stupid it’s very dumb I highly highly highly recommend you get a hardware wallet something physical something that you can lock your Bitcoin up into and yeah I definitely recommend a hardware wallet over in exchange unless you’re just trading if you’re trading fine use the exchange but if you’re holding I would definitely get a hardware wallet I mean I read another article about this it said that bit thumb I hope I’m saying that right bit thumb bit bit but B ith unb bit ‘m had like what 20% of the Bitcoin trading volume of the world that’s huge and somebody hacked their employees computers and gained access to the customer data so and they’re offering them eighty-seven dollars for compensation that is not no no bad but yeah I mean that’s something they don’t have to so I guess it’s something I mean a hundred – I mean it doesn’t sound like a lot to me because I’m saying eighty-seven dollars but a hundred thousand one that’s wo n1 a hundred thousand one to a somebody in South Korea maybe a lot of money so maybe I’m wrong about that but it sounds like it could be a lot maybe I’m looking at it differently but to me I would be a little insulted if someone came to me with which you know not basically ninety bucks and said hey man sorry but uh the company lost all your information good luck fixing that like wait what I use that friggin number for everything that email or that password so come at me with a hundred thousand dollars though hey yo Polonia axe pretty much all is forgiven there’s no way I would ever have that much money on Polonia ex’s exchange so if that exchange came at me with some Oh somebody stole your information here’s a here’s a hundred thousand dollars I’d probably take it with a smile there it was not so bad I wish people do is my info more often but now getting your information like this stolen from hackers and you know they’re obviously gonna be using it for for male intent malicious activities so just be careful guys don’t leave too much on the exchanges you know the exchanges are vulnerable to hacks the exchanges are vulnerable to shitty employees to bad planning to weak security man somebody could try to pretend to be you and whatever I’m just saying exchanges are vulnerable and I hope you understand that that coinbase is in exchange get your coins off of coinbase if you’re holding them for a long term I only use coinbase if I’m trading via my shift payments card that’s my crypto visa card I’ll only keep going on crypto and coinbase that I’m willing to spend with my card but the chunk the chunk of my holdings now that that’s that’s not a hardware wallet I even have some on this Hardware wallet right here I actually have a couple hardware wallets I spread out so there’s links in the description box I highly recommend that you use one of the three links and just buy a crypto wallet a hardware wallet buy a ledger trace or you can get the Nano s that holds multiple Kryptos you can get the ledger blue that actually has a touchscreen I think the next generation treasure is actually gonna have like file encryption holding so you can maybe even put your photos and your files on the treasure and it’ll be encrypted and protected by their you know their their technology so that’s friggin awesome at the next-generation Bitcoin hardware wallet is going to be so much more it’s going to be a file storage wallet at least that’s from my understanding maybe I’m wrong but I think that’s what they have up their sleeve over there a treasure I like that name trace yeah because it’s like treasure man I got some treasure just like ledger Ledger’s great names great wallets exchanges suck South Koreans are just pissed tens of millions of dollars just gone you guys gotta take that into consideration that could happen to you and your crew any day any day that could happen so link description box pick one by a hardware wallet you’ll regret it if you don’t you’re gonna lose more cryptocurrency by not buying a hardware wallet then you would then you’re gonna lose if you spend some to buy one so that’s another investment right there by a hardware wallet it’s an investment get your coins off the exchange and you’ll be less tempted to trade you won’t be as a variety too short and if you’re in this long enough you’ll learn that that’s not one of the better ideas it’s usually a better idea to hold so definitely want to get yourself off the exchange for those reasons I mean if you’re one of the people who like to trade a lot not the greatest at it get a hardware wallet beautiful weather we’re having you know they say no rain no rainbows so hopefully we get ourselves a rainbow up in here this is all for naught Bitcoin are you not entertained alright guys I hope you enjoyed this video if you did enjoy this video go ahead and hit that thumbs up button if you dislike this video for any reason go ahead and hit the dislike button don’t forget to subscribe and flick the alert Bell right next to subscribe that way you get a notification every time I upload a video and you won’t be left in the dark all right man thank you and have a day [Applause]

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