Daily Crypto NewsEDITION #1058, 20 September

Hacked. So what?

Today, in 1988, Khabib Nurmagomedov was born. He’s a mixed martial arts fighter and a UFC champion.

We wish you to become a champion in the world of cryptocurrency too. You deserve it. Probably.

Now let’s get to the important stuff, briefly. We value your time—time is Moni.

What's up?

Everyone’s talking about: the BingX and Banana Bot hacks.

Regarding the BingX exchange, Lookonchain reports that $26 million was stolen. A representative from the exchange says the funds will be returned.

Even Binance was hacked once :)

As for Banana Bot, the team admits that funds were taken but only from less than 10 users.

Both BingX and Banana Bot have temporarily halted operations. BingX has suspended deposits and withdrawals for 24 hours, while Banana Bot is offline until the situation is fully resolved.

The moral of the story is:

Write this down on your forehead or somewhere you'll see often:

- Don’t keep all your money in one place. Diversification is everything.

- Don’t store large amounts on centralized exchanges, bots, etc.

- If you’re keeping large sums on cold wallets, it’s better to spread them across different ones too.

- DI-VER-SI-FI-CA-TION.

- Remember, even diversification won’t 100% protect you from risks. Crypto can be stolen offline, by forcing you to give up seed phrases under threat of violence.

We’re in the Wild West, cowboy. Bullets fly here like nothing.

Other important news:

- At 10:00 UTC, we’ll be able to trade tokens from Catizen. Will TON crash? Curious.

- TON essentially announced a pivot towards meme coins. They launched Ton Memelandia, where they’ll support various memes with drops, battles, activities, and more.

Well, okay =))) Solid move =)))

Some we know of are $DUREV, Dogs, Blum, and others. LFG.

- Yesterday, German authorities shut down 47 crypto exchanges, accusing them of money laundering.

To be exact… here’s a quote:

“According to the Federal Criminal Police Office, the exchanges did not properly monitor their clients’ activities.”

Wanted mass adoption? We’re getting mass adoption. And I remind you! The more pressure on CEX, the more people will flock to DeFi. This always happens, it’s human nature.

- I’ll wrap up the digest with something smart: don’t forget about the AI narrative. Many familiar faces on Twitter are hyping $TAO all over.

It might be worth considering adding a bit to your portfolio after a conscious decision.