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Bitcoin · by Aoi Ito · 2026-11-04

\$6.3bn Binance hack: is this finally the push to move coins to self-custody?

The biggest crypto hack ever, at the biggest exchange, apparently starting with fake job interviews. Binance says it will cover losses, but it shows again that coins on an exchange are an IOU. Hardware wallets aren't perfect either, you take on the risk of losing your seed. How do you split it, everything self-custody, or some on exchanges for convenience?

38 sparks · 4 comments

Comments

Amina Okafor · 14 likes

not your keys not your coins. been saying it since mt gox

Jasmine Cruz · 2 likes

my seed backup is a steel plate in a place even I forget sometimes. that's the real risk lol

Midnight Fern · 0 likes

I keep a small amount on an exchange for buying, everything else goes to a hardware wallet once a month

Kabir Khan · 0 likes

this is the sane approach. people go all or nothing and then panic