'load the Korea fud' is in full swing again, bithumb hack, 30m worth stolen. Question: Will covesting give a warranty or some form of user protection? And what safety measures will covesting take that other exchanges are clearly lacking?
I'm getting really sick and tired of all those hacks lately... Seriously, what's wrong with this space. Why do so many exchanges still fall victim to this?
Covesting could use this time to educate and inform people on how it'll be extra secure.
We're going to setup an insurance fund, it's intended to compensate for the funds lost due to possible breaches in Covesting platform, that is Covesting responsibility.
Covesting takes serious security measures to ensure that assets of all our customers are stored as safely as possible
For a detailed read about our security:
https://covesting.io/securityArbitrage exploits the difference in price of a token in different exchanges where an algorithm identifies this and instantaneously makes the purchase. Risk free profit taking. the Cov team have yet to disclose how many COV tokens will need to be staked to be able to enter this specialised trade.
Correct, the amount needed for "staking" will be teremined soon. We want to make the arbitrage utility as viable as possible.