Eterbase $1.6m heist shows value of cold storage

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Last Update: September 21, 2022

2 mins read

While you will certainly feel more pressured to keep good browsing habits, the incident with Eterbase can be instructive. The crypto exchange lost a total of $1.6 million in various crypto currencies.

The heist happened on Monday, with hackers cracking the crypto exchange’s wallet and stealing bitcoin, Ether, XRP, TRON, and then transferring the funds to other wallets. Eterbase has launched a probe into the heist, but it has not shared any details since.

The company has acted quickly though, notifying authorities and suspending bank withdrawals in the European Union until Thursday, September 10. While the case is just one of many such heists, it’s a good example of how users should trust themselves more so than third-parties for storing their own crypto wallets.

This is not to say not to use active crypto storage, but most users prefer to stick with cold storage for cases that are similar to Eterbase specifically.

Yet, there are some good examples in crypto security to take into consideration. For example, blockchain gaming portals, such as Bitcasino.io, FortuneJack and 1xBit have not had a single issue with player funds, even though they store millions worth of cryptocurrency.

Perhaps crypto currency exchanges should take their cue from these gaming portals and take a better care of their consumers’ funds. In the meantime, mind the golden rule of crypto, keep your funds in your control.

Looking for your next crypto casino? Check out SOFTSWISS, Mega Dice or FortuneJack!

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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