Bitcoin Forum

https://i.ibb.co/qNBmZM8/Screen-Shot-2020-02-22-at-3-05-08-PM.png (https://ibb.co/CbBVr5y)

https://twitter.com/DoveyWan/status/1231073856669933569

He was reported to be the owner of https://bitcoinbuilder.com/ and the attack vector is SIM hacked.
I really don't know what to say, BTC is already on the move and have been split already. He claim to be a security expert  ???.

RIP BTC and BCH. Very very expensive lessons to learnt.

https://explorer.bitcoin.com/btc/address/1Edu4yBtfAKwGGsQSa45euTSAG6A2Zbone

That is a very bad news for the market. This news might affect the price of Bitcoin. I am amazed by the increasing number of attacks by hackers now day. It has become so common.

This can be an insider's job, if you look into the amount that was stolen.

Another sim hacked? this is huge and I don't know what to say either if ever I'm on that situation.
Can an expert explain how did the hacker got his funds?

This is great, I'm reading the article now and his website was mentioned there. Thanks!

Obviously reading something like this is a concern that can still happen again and the value is quite fantastic. is it just because of negligence? I don't feel that until there is definitely something else not yet known. hopefully it can be revealed.

I quite wonder if only the whales encountered this kind of hacking losing too much on their funds? Because if it is not, then it should create a massive news concerning flaws to the system they are using, and if and only whales are the ones being affected by these kind of hacking then it is quite possible that the owner of the address is already a long term target of the hacker, and the flaws and responsibility is not from the hacker but also from the owner who doesn't take good care of his/her account very well.

So another lesson to be learned from this thread is that, depending on how big amount of funds you have, you should also have stronger security to improve and develop such as using different security features provided by the platforms, and utilizing hardware wallets.

It's hard to believe stories like this. It could have been staged by the owner to run away from obligations (i.e. taxes). Who would really store a huge amount on their mobile phone? And to say that he is a security expert makes it even worse. If it were true, did he really asked for the miners to rollback?

If it's true, then it's a concerning news.
Hackers attacks happen all the time, we know that, however this is a huge amount of Bitcoin and consequences could be larger.
This cass also shows that people don't care enough about security and awarness about security meassures is too low. To keep such amount of coins at just one place is really reckless decision.

We are near on halving and this is a very sad one for the owner.
This might also affect the price since the hacker could dump it all.
But what if this was just stage? To create FUD and start the dump?

We really don't know if this is really true, if it is, then that is a huge lost for him.

So his wallet is on the phone? Definitely he is not an expert, Lmao. Seriously though, this is another black eye news for crypto enthusiast, just by looking at the amount that guy lost it's really disheartening.

Another good lesson for those who have tons of crypto's around, invest on a hardware wallet.

So, it turns out there are whales that don't bother to take basic measures to protect their own money. That much money should have been stored in a hardware wallet or airgapped computer not somewhere connected to the internet. There are a few hacking programs that make it easy for novices who know almost nothing about hacking to hack into things. I saw a port scanner a few weeks ago that performs different exploits depending on the protocol it finds and there's that Havij thing the hacker talked about in his Steemit post. There was even a computer virus called Zeus that was easy for anyone with little hacking knowledge to operate and it took several law enforcement agencies to shut down that network.

Moral of all this is to hide your money, because anybody with a little hacking knowledge can steal it.

It is said that it is not the first time so we can say that this is not what you're thinking.

I am not a professional at all but I think we shoukd really be careful in these things. You should read this link, it is amazing.

A mutable blockchain is simply a ledger. A miner that would allow to reverse the transaction somehow, would risk being forked off the network, if not, he would be risking the value-proposition of what he's mining.

How dumb do you have to be to store $45M on exchange and not take all possible measures to protect your online accounts? I'd also blame the exchange here for allowing to withdraw such large sums without triggering any safeguards. People like to complain about banks requesting additional checks for large transactions, but they make things like this hard if not impossible.

But I'll bet for the right people BCH and BSV would do it. All it would take is one phone call to the one miner.

Other than that what type of whale has any money riding on sim card? No matter who you are you should at least know that's not a great idea.

SIM is the worst method of auth

I don't see an "increasing number" of hacker attacks.Such attacks are a constant threat for the last 6 years and hackers are only getting better at finding weak spots in the security systems.This is a never ending battle.Perhaps the amount of hacker attacks goes up a little bit,because of the BTC bullish price trend,but this is not a significant amount(and there's no exact data about all hacker attacks that are reported).
However,how the hell can someone HODL such large amounts of BTC and BCH on one place?This is really stupid move.I agree that it's most likely an insider's job.

Keeping such a large amount of BTC on sim is very dangerous but still having this huge loss is crazy.

What I'm not sure here is how are the miners able to help with this, what type of service one could offer in an effort to recuperate this huge loss? Pls share your thoughts on this.

Also, I hope this ends up well!
 

Losing that kind of btc and bch was the one who is getting dangerous and mind-blowing especially that he is also a big whale from China who is kind of manipulating the market sometimes. The thing is I don't know what would be the connect of the miners or what kind of help can the miners give to the big whale ho lose a lot of bch and btc? That was the question and why is he asking the help of it because if that's the case then probably crypto enthusiast will be the one to contact first to verify and check the security of it.

I already suffered a SIM hack and lost some cash money , but in my bank, nothing related to cryptos, it was not a huge amount, half of my montly payment of regular job, but I was desperated, and in the end I receive my money back from bank
But with cryptos you don't have anyone to blame or to go to the police (you can, but almost impossible to recover your money)

After that I splited all my money and cryptos in lot ways, cold wallet, exchange, mobile etc, and with different passwords, different ways to access, to prevent lose everything like this person

I feel for this person.... I was a victim of a SIM Hack on my online Banking and I lost a lot of money. It took years to pay back the money that the person stole <shifting money from my bond into the debit account and withdrawing that too>  >:( >:( >:(

That was one of the reasons why I researched alternative payment options, because I realised that syndicates within the Bank was working with people from outside to steal people's money and there is nothing that you can do about it. The Banks NEVER accept responsibility for so-called hacks like this and they always put the blame on you.

Now, you take full responsibility for hacks... and you are in the same situation that you would have been, if your money was stolen in your Bank account.  :P

The miners are definitely not going to help this person... but I think the poor person is desperate ...so he or she is trying everything to get it back.  :(

In the UK it's still a bit of a grey area. Plenty of people have been reimbursed after being conned or hijacked but it seems to be on a very case by case basis. What sucks more is that phone companies seem to be indifferent and immune to the problems their slackness creates. Whole lives are tied up in phone numbers now and that doesn't seem to have dawned on them.

Considering they are telling the truth they should have known a few thing about cyber security

*Even giving your mobile to someone for a while might pose a threat for you , your personal data , your personal savings , all gone.

*Using a paper wallet needs good investment , just go and lock it down in an unknown cabin for like a 1000's years if you can't take care of it

*One should know there are softwares that if you download can hack all your mobile in few seconds , or links if you click accidentally or on purpose can cause you great distress .

*One should learn a thing or two about cyber security that would help them in the long run.

Holding millions of dollars and not even caring about the minimum security of your funds. Pretty dumb.

I can't take the risk of losing even $1 worth of BTC. If I was to own this much money, I'd probably spend more than five grand on security. Those relying on their email/phone or on a centralized service such as Blockchain.info, especially with these immense amounts at stake, is stupid as the risks are obviously there..

Sim hack? Try to read this up on how its being done https://www.pandasecurity.com/mediacenter/security/sim-hijacking-explained/

On topic, i dont know why do people really trust up some centralized services on storing up their holdings. We are talking millions of dollars here
and it would be much more safer if they do just consider on buying or budgeting a hundred bucks for some hardware wallet.

Well, its too late to regret now.

Obviously not, and what has this to do with Bitcoin? Its clearly not Bitcoin's fault someone couldn't have the discipline of handling his/her own money correctly.

Time and time again we warn people to be serious handling those wallets, and moving to cold wallets important sums, and yet this keeps occurring. Its the human error, Bitcoin is not at fault, Bitcoin was NOT "hacked", some guy SIM was, and this is as silly as it can get (large sums depending on a mobile, really?)

2fa? Hmmpf. Give me a piece or paper to write my words with my own hands. To move those funds you are forced to manually open that paper and type those words into a secure computer and there is no magical way around it, you just cannot connect to a "cold" piece of paper, and if its folded good luck taking pictures of it, and if its properly hidden, stenographed, or whatever; well you can imagine the chances.

Claims of being hacked and having lost Btc are just too easy to make. If the story was an attempt to manipulate prices, then this would also explain facepalm worthy press coverage like Cointelegraph's "Bitcoin Cash faces slow death after 30m hack".

Bitcoin dropped more than 6%, I wonder whether the main reason is this new hack (or information suggesting that it occurred). To be honest, I don't usually trust some Twitter accounts claiming that something happened, even if the accounts are not unpopular. I can see the webpage with transaction IDs, sure, but it does not itself mean that the money was stolen. It could be transferred for various reasons. Moreover, I noticed that reputable media wrote 'allegedly hacked' in their coverage of this story. So perhaps it did not even happen... Yet the FUD, in any case, was probably enough to cause a price drop. This SIM swapping stuff is very frightening, though, even if this particular case is not related to it.

There has been some talk in chinese twitter that BeiJing police could (in theory) order the biggest 3 mining pools to do an reorg to get the stolen coins back. So fragile the bitcoin network currently is

That twitter account does not have much credibility. I remember it posting fake news about Chinese president banning cryptocurrencies a few months ago and that coincided with that first dump belo 10 thousand dollars in 2019.

I wouldn't call that news bad for BTC or BCH. He was careless if he kept everything on a single address with only a phone numbre protection. SMS verification is an old system that was popular before authenticators and hardware wallets were made. It may be good for your bank where there are rollbacks but not your crypto.

That should've happened minutes after the hack if that was the case. This is a scenario in which you have to act quickly. Otherwise, someone's gonna be really damaged from this theft.

If the hacker manages to put their coins in a coinjoin/mixer and spend the BTC and BCH on stuff and then the reorg happens, the products will be delivered basically for free to the thieves and a LOT of Bitcoin users will be affected. Possibly even the reader of this reply, if they had a BTC transaction after the hack and part of the funds (or the entirety) comes from one of the many addresses the hacker had.

The Beijing police won't do shit. Ordering the pools to do a rollback would affect even the largest companies in the world and a reorg will come with a cost. Binance had a $40M hack last year and the reorg idea came up too. However, Changpeng Zhao from Binance tweeted out saying it's a bad idea (https://twitter.com/cz_binance/status/1125996194734399488) for a good reason.

First thing that came up in my mind when I read "reorg" in your post was the credibility of Bitcoin. If hacks would lead to the reorg in order to reverse them every time, it would literally be manipulating the blockchain. If so, then how will the miners ensure me they are not going to do a reorg with malicious intentions behind it? I would personally start becoming skeptic and doubt the future of BTC if we ever head that way.

If the police can order that, then it means they can also order the reorg when I spend my BTC in a way they consider suspicious, if I go through a mixing service or, worse, they can seize anyone's funds that way.

There are too many consequences. It's just not worth it. If one is dumb enough to not secure their MILLIONS, then it's their fault. Nobody will reverse time in the Universe if you leave 100kg of Gold uncovered in front of your porch.

These hacks happening here and there, it's really giving the traditional finanacial institutions an edge against cryptocurrency. With the way things are going,  no one is perfectly safe in this space as all your life savings and investment might be gone within a blink of an eye. I don't know if it's right to say this, but i think crypto isn't really the best assets to put in all your life savings

Don't be a twat. Miners will abandon any pool in seconds that takes that idea seriously. A mining pool is not a miner and never, ever will be. Miners know better than to even voice the idea. 15 million is fuck all and no one's going to care other than the owner.

BCH however.... - https://www.removeddit.com/r/btc/comments/f7lbae/30m_bch_sim_hack/

Sounds like bull, someone would need to be a Billionaire to be that careless with $45 Million on a cell phone. Stories like these make people worry about BTC, when it is actually still safe.

It's not a phone hack, it's a 2FA hack. It wouldn't matter if they hijacked your sim if a wallet was on there. You'd still be in control of the data on there. Presumably it's an exchange account or even some online wallet.

I am really saddened after hearing this news, this is just insane. I don't know how much true the news is but feel sorry for him, let carelessness be a way on the other hand security systems need a strong enforcement to stop all these things.

Also I don't have any idea about how the miners would help to recover his stolen coins.

Really a sad news but this is just one proof that crypto is very vulnerable to hacks and we must double our security with regards to the coins we are holding especially if we are holding huge amount.

At the time that is posted on twitter, nothing really happened that much with either BCH or BTC although it went down slightly from its previous price on a daily chart. Probably the hacker didn't sold either BCH or BTC yet or it has been sold days ago before the post (probably 3 days ago before the post where there is a huge red candle on the chart).

With this, I'm expecting for a further downside in the next few days.

What if this was just stage to creatr FUD since we are near halving?
And the question is why didn't the whale secure it on a hardware wallet since it is a huge amount.

Possibilities are there for this reason, knowing that he's a so-called whale give people ideas that he knew the importance of securing his funds.
Though it's also just an opinion and we really can't say what's the real score the matter right now is to how we can balance our decision making
just in case there's movements that will take place after this news.

What a big loss, miners should cooperate with this problem so the hackers cannot get hold of this amount as it can surely affect the market if it will be dump.

The owner should also announce the exact amount that he/she is willing to give to those who can help him/her so it can give attention to those who have control over this transaction. I am not really familiar with SIM hacked but I knew already how scary it is as it was able to penetrate this amount.

These hacks, now and then, are a major reason the crypto business is still scary. One would think one already had the cryptos secured in a wallet (even with private keys) only to discover upon login that one had been hacked. Nevertheless, if I were the victim of that hack I wouldn't be putting all my BTC in a single wallet. I would split that into (at least) 10 different wallets.

We can't avoid those kind of hacking of bitcoin by the other people but we can be able to lessen this kinds of incidents by splitting our bitcoin and other cryptocurrency in different wallet in order to be more secured and never give the private keys of each wallet so that you are aware that you are the only one who has the access to your wallet and also if you are a crypto whale and which you are holding so much bitcoin and bitcoin cash then probably you must be able to know what to do to avoid or lessen just kind of incidence.

First of all, remarks that circulate on the Web are all questionable. If this was really true, it is very alarming especially that the mentioned individual involved in the case is claimed to be a security expert. In this case, it demonstrates that the expertise of this person is also questionable because of the portrayed safety precautions and poorly taken into account and strategized. Web crimes such as hacking can happen all the time but could be avoided through thorough strategizing the safekeeping of cryptocurrency and taking safety measures as high as possible.

Now someone else is going to be that whale or a number of new whales.

It's interesting that if you manage to hold on to a large amount of  BTC you're eventually are going to be in the 0.1% elite of the BTC world because the number of holders will continue to drop. Some will lose their coins by forgetting passwords or some technical problems, some will get hacked, some will get scammed or simply sell because taking profit will be too tempting.

5 years from now when you hear about a whale losing his wallet it's going to be someone with 10 BTC, not 1000, like it is today.

As I can see, SIM Swap was used to conduct this fraud. I have seen in Reddit that a lot of users were blaming the victim, saying that he put too much coins in a single wallet. But I don't really agree with them. Sim swap is not easy to carry out, and rather than the user, the telecom company should take the blame. Here in India, SMS services are deactivated for 24-hours after the SIM swap. It helps to minimize fraud using this method.

Is it true? There's a possibility that this is false news since many people wanted to down BTC.

It might result in drastic changes since whales have a great factor in the flow of the cryptocurrency market.

Even if you have expertise in cybersecurity, hackers can get what they want especially if it's a group. That's why it's one of the disadvantages once crypto was adapted to be the main currency or use it as a huge business. One of the results also, people will give negative thoughts about crypto regarding this situation.

We will never know,
But the owner provided a link from his tweet to see the transaction and he is willing to give a reward for whoever can help him. This looks legitimate to me.

And yes, it will really have a drastic effect in the market, this is a huge amount of money and that can drop the price anytime soon.

We don't know, just take this post with a grain of salt. There's no way people would donate to that guy, he's a millionaire! but pretty clumsy with his security. It's just that if this is true then there's a potential for the market to tank soon when they start selling Bitcoins and BCH. This amount is not a joke, it's pretty huge.

Maybe this was a way to avoid any tax for that huge amount? possible in my opinion.

Thanks. But this is the nth time that someone's fund was hacked due to this method and also a big negligence from the owner himself of keeping it there. They never learn from the mistakes of others that if they don't hold the keys, they don't hold the funds. There's someone that commented on the tweet how much the ledger is and that's truly a shame to the owner. Now that I've left the discussion for a day and there's a new story that's circulating which making it more interesting again.

Reading such news,immediately recall the years 2015-2016, when hackers were quite active, the most striking example is the case when a hacker hacked the DAO, and this was one of the main reasons for creating Ethereum Classic. Then it hit ethereum pretty hard.

When I first read the news I felt that this was another fud attempt, but after seeing this story pop up every where I realised that he had indeed lost his millions to a stupid hack.

While many of us are busy in condemning him I hope others are taking valuable lessons from this hack, and if anyone has got some good suggestions to stay safe from this kind of hack then do post it here so all can read and implement those suggestions to be safe.

I've also been on the same situation where my funds are wasted for nothing because of my own stupidity. I admit my mistakes and accepted the consequences of my actions. It makes me realized that I end up on that situation because of not having enough knowledge on how I can secure my funds from hackers. My experience helped me understand how one mistake can make an impact on your whole funds, it is the reason why I keep myself open for new learning when it comes to protecting our funds from scammers and hackers.

This is scary, although this can't affect the bitcoin market as the market is more than enough to consume the money involved. Wait how can a cybersecurity expert be hacked of such huge fund. why didn't he use a cold storage for such huge amount? I can't leave huge fund in a hot wallet.

No. They are the reason PHONES are scary, this was a SIM attack, if you did your banking, stocks, or whatever from it, they could have been stolen as well.

There is no problem with Bitcoin. There is a problem with PEOPLE using PHONES insecurely to handle LARGE amounts from it.

A (smart)phone is insecure, you should never handle anything but small amounts from ir, and expect to lose them at any time (stole phone, etc).

Computers can be insecure, but they are easier to secure than most phones. Installing Linux in a PC is trivial next to a smartphone, where only a few models here and there can get rid of android for something decent. But of course that doesn't include the SIM, ie the line. Perhaps without line, a tablet running Linux can be good enough (it would use wifi, but you at least could torify that).

Splitting is ok, but more importantly is splitting into cold (ie: secured paper with hand written seed words nobody can see) and hot wallets for small "everyday" amounts. Yes, there is no reason to keep large amounts into a hot wallet, Exchanges learned that the hard way.

To keep 45M like that is beyond careless, its irresponsible. I have no sympathy for people like that. Do you, perchance, keep a mountain of banknotes on the back of your car when you drive around and leave it parked in public places for everyone to see? Because this is about the same thing. And no, leaving your car "locked" isn't going to count, you WILL get your money stolen.

The whale have enough money to buy a hardware wallet but still decides to keep it all in his phone,
It was stollen because of his own foolishness why would you even keep that huge amount on something risky?
It is not like you would spend it daily so you wouldn't need to keep it on a hardware wallet.

How so? It's wrong to assume that stolen coins are sold immediately. In fact, when it comes to such large amounts, it could take months, perhaps years before chunks make it to the spot market. I would say it's quite bullish for the market short term speaking because supply has been taken out of the market.

Obviously, thefts are not a good thing because criminals shouldn't be rewarded for their actions, but price wise it's more bullish than bearish.

I think that cryptocurrency should be never adopted as the main currency of a country over paper notes. Though that sounds a bit outdated, but think about a whole country getting robbed by only a single exploit and by a single person- that won't be an ideal situation to fall in. So, my personal opinion is, use cryptocurrency as an alternative to paper notes, not as a replacement.

Lots or almost majority do really hope for that global adoption thing on where crypto would completely replace fiats? Even in our dreams these things wont really happen due to lots of factors
that would block out such possibility and also it isnt really capable on every aspect.People would still prefer fiat in any case in the end of the day.

On topic about a crypto whale got victimized by sim hack then its just pretty dumb for someone on using up his own phone or some web wallet platforms on storing
up those millions.Even storing it on an offline wallet does still have the risk on losing those coins, how much more to those storage which are actively being used online?

What an unfortunate news. We all know that it will affect the market greatly considering the fact that whales holds large amount of bitcoins. That would be a lesson for a lifetime for that certain whale cause that is a huge amount of money, who knows how long it was held just to reach up to that point. Even the richest investors are not exempted from hackers, the higher the money you are currently holding, the higher the risk from scammers and hackers so if you are one of them, be extra careful with your holdings and investments.

Damn :o :o man, what are these sim hacks that I have been hearing of lately. I have been seeing news on how people got their wallets hacked through SIM, and I don’t even know how them hackers managed to do this, seems like people are no longer safe here.

Read news on a boy that hacked several of his victims cryptocurrency wallets through this same SIM thing. And the way I see it, I think this only happens with online wallets I guess, since those are the kind of wallets you will have to verify sometimes using your phone number. Offline wallets doesn’t require anything that has to do with any of your details. This is very bad, and I wonder how this victim will be feeling right now losing such an amount of money, $45 million worth of cryptocurrency is too much meehn.  >:(

Someone with that amount of Bitcoin? There is no way they would store on their mobile phone in an exchange or on a samsung phone. This has to be fake. How on earth could a whale let this happen in such a hacker driven environment around the space? I don't believe this.

That's kinda scary. Good thing that I don't hold that much of funds in an online wallet, except for cases that I need to cash it out or buy something for the provided services like buying credits from certain platforms or even buying mobile phone credits. This is why I don't really feel safe in online wallets, even if 2fa is enabled. Hackers don't sit all day waiting for prey. They're just always there behind the monitors planning something anyday.
Consider investing to hardware wallets, it isn't that 100% security but it lessens the possibility of having these losses.

You have a point though, but, nobody can tell what exactly happened to him as such amount shouldn't have be kept into online wallet. The victim might be those who haven't interested in the knowing of this technology but rather love to associate with the investment involved. We still have many of them till  date and when this happened they tend to blame the community. We must learn many things about security in thus regards, the amount of funds are too much to keep online. As you're investing in your portfolios ensure to invest in your knowledge too.

the title says crypto whale . whale means expert on this field so i dont believe that he arent aware of the risk plus not only him but many pro and big hodlers do also got hacked no matter how they secure thier accounts . thats only an evidence that hackers are smarter  than the users of the wallet and exchanges because they know how to bypass any security without us knowing it and they mainly target big people because me i havent been hacked yet luckily as im also a small time cryptoer

It was horrible, I couldn't imagine if I were him who lose a lot money. Against, hacking is someting bad that always (often) happening on bitcoin user and I guess we can't avoid it. I just thinking, what is the safest way to store bitcoin? And what is the right way to exchange them to money fiat.

And also this thing will be made by other people there especially newcomers as a fear. Let say, they have known bitcoin and its promising place for investing because they could get a huge profit from it, but in another side they will be pay attention for security thing which I mean that is the first factor that should be watch out for.

Totally agree. As well, you should not use the same device for cryptocurrency transactions as for private and personal use (even if we are speaking about thousands, not millions of USD). Especially if on that device you are browsing for potentially unsafe content eg. porn, downloading files while having saved passwords stored in your browser. 

You have misinterpreted my opinions, whales are expert but yet was using the same device which he or she use to surf through the internet to store his or.portfolios. known fully well that; any device use to surf the internet is not safe but prone to hacks. Believed me, that victim have no interest on knowing the technology but derived pleasure in what he or she can gain through the technology. Its a lesson for others who thought the technology is just about earnings. In yge first place, why not such huge amount of funds store in a ledger which cost $75 instead of storing them on the  same device used to surf the internet. Believed me, he's learning the lesson against the future.

You keep two wallets, one of long term big sums, this is an offline (cold) wallet; essentially a piece of paper with some words written in it by hand (yes really). This is a wallet you can only deposit funds to, not withdraw unless you move it "online" (hot), something which should only be done rarely and with the appropriate security precautions (ie. linux live image booting in a secured pc).

The other wallet, for small day to day sums. Prepare to lose it at any time (ie. stolen phone, forgotten password, etc). You should decide up to what amount you are willing to lose "suddenly", the excess send it to the cold wallet where is safe from "hackers". This wallet can be a hardware wallet for added security, rather than a smartphone or regular pc.

Unlike what some people think, hardware wallets should not be used for long term cold storage. Electronic things can fail, but of course the hardware wallet also gives you seed words for you to write in a piece of paper...

Newcomers need to adapt. Bitcoin is not identical to fiat, it cannot be handled the same way. It is not THAT hard, but its different, and you have to get used to it. This is the responsibility of being your own bank. Sure, you can STILL pay others to handle your money, if you trust in them (as you trust in banks). That's what those online wallets, exchanges, (and surely banks in the future) are for. Think Binance can protect your money better than you? Give it to them. I don't think that is wise tho, but traders get greedy and cannot stand having a large sum safely stored in a cold wallet, which is why so many people lose so much money when an exchange fails. The smart trader would only trade with a part, and keep the other part safe.

But this might be a generational divide, same way smartphones disrupted people's lives, while millennials take them for granted. Fiat money is, after all, a pre-internet era thing, just like old fashioned land line phones, film photography, vinyl record players etc. Give it a couple more decades and you might see fiat money becoming the way of the horse carriage.