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Ueno Bank Fallout and Binance Hack

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by COINS NEWS 14 Views

Are these two events comparable use cases to argue that Cryptocurrency exchanges has a more stable/transparent process of refunding the customers back their hard earned money vs Banks?

I am not biased on any of these because I don't have any stakes on both. I'm just looking at how both of those incidents were handled and how it impacts finance in long term.

Ueno Bank - Users are still locked out of their funds, unable to withdraw as of latest news. Even the president of the country looks somewhat involved. A bit sketchy from my eyes.

Binance - Largest Crypto Exchange Hack, in matter of days (or hours) parts of the stolen funds were already frozen. Hacker's wallet address exposed, public eye can monitor the movement and alert the related exchanges and authorities right away. User withdrawals and funds were restored already. Seems that Binance has prepared an emergency fund called SAFU to act as insurance for these events.

The reason i'm opening this topic is that I think people are still being judgmental and negative about using cryptocurrency/blockchain technologies. I think these two events shows how these concepts can make our funds more secure than traditional finance. I'd like to get your thoughts, in long term do you think cryptocurrencies will hold more value than fiat?

submitted by /u/the_otterside
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