For the uninitiated it is easy to blame crypto in general I suppose. The exchanges have always been the weak point. THEY have been hacked here and have been before. Bitcoin itself is not hackable outside the potential, distant future, of quantum computing.
If you keep your “keys” and keep your bitcoin in a hardware wallet, it is absolutely safe.
Also, a small exchange such as the one in this example, is particularly vulnerable, and the bigger more reputable exchanges are insured against such events.
The cryptocurrency exchange giant Coinbase for example, is insured and worldwide, and adding 30,000 new ‘wallets’ every day. Just don’t store your crypto there long term, because you are not in control of your “Keys”, which the exchange has to be to convert your money to crypto or vice versa.
Keeping your crypto safe offline is actually more convenient to use as a currency, and as easy to use, if not easier than a credit card from a wallet on your Iphone like the Breadwallet app which is an example of a hardware wallet.
So the lesson is; Buy and sell your cryptocurrency through an exchange, and then empty the accounts into an offline wallet. But people think it can never happen to them...
One sane post. Nothing else worth scanning here.