I know people who are still dubious about the cryptocurrency sector because they worry about losing their money to scams or security breaches, which has been a typical occurrence in this market.
Since the majority of users appear to have welcomed the requirement for required KYC, I believe the focus should now be on enhancing exchange security.
I am aware that KYC may reduce fraudulent activity, however dealing with hacking and security exploitation issues will need investing in the strengthening of security. Adoption could happen quickly with sufficient protection because safety will be assured.
The latest Houbi attack, which resulted in the theft of roughly $8 million worth of Ethereum, and a few other security exploitations of a similar nature on other trading platforms in the past don't bode well for the sector, which calls for the prioritizing of security.
https://cointelegraph.com/news/huobi-global-crypto-exchange-hacked-reportEven though there are still very few trading platforms that have never experienced security exploitation, the recent incident with Houbi should serve as a reminder for everyone to remainattentive and prioritize their security.
They know how to secure their exchange its just hackers became more smarter than them that's why we see this hacking issues existing even if the exchange spend a lot of money for security measures. What's important matter there is we choose a big exchange when trading so that if this incident will happen to them they can give some assurance that no investors funds will get affected and all users can still access their funds without any issues.
Not only Houbi encounter such unfortunate attacks but rather also those top tier exchange like binance but what good happened there is they still standing strong and can able to operate even if issue like this happen to them. Its important for trader to be aware on this situation so that they may know on what to do next if situation like this might occur in future.