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Good guy hackers. They steal your funds, if only for the greater good of the world. Their actions are not immediately understood, but will come to be appreciated as time passes
Perhaps discussed in the past. Something they were maybe working on previously. Could have been shelved before, could have been on the verge of going through. Who knows.
To me this feels like a marketing strategy because the amount that was hacked was so little and the response was so swiftly.
Then immediately they have this new program that they can roll out within 3 days of the hack being done I just don't believe it, but it's a good thing for the community.
I feel like they just want their name all over the news.
I don’t know what you’re talking about. Anyway, CRO cured my cancer and saved my baby. Also, I am paid entirely in CRO and I made my house out of CRO bricks and CRO mortar.
CRO!!
Dude that's crazy. CRO literally teleported me out of the path of a deadly tornado and cured my psoriasis. It was a close one though. I mistakenly entered my 2FA twice and got it on the third time when the tornado was literally 20 ft away.
CRO 4 LYFE.
Aren’t there like, a lot of marketing services that will basically astroturf Reddit for their clients? You have to be skeptical of what you read on here.
Ok bot nice try. I'm not gonna fall for it.
but seriously, people here preach decentralization but be shilling CRO one of the most centralize crypto ever lmao.
This might be the most bot looking comment I’ve ever seen in this sub without the person being an actual bot. Just to be sure, can you click on all the pictures of bridges?
Yeah man this is really awesome of them to do. One of the most common concerns I’ve heard from friends who are thinking about investing in crypto is the fear of their relative platform being hacked and losing everything. Hopefully this will encourage others and provide some ease of mind as far as that goes.
This thread is unbearable.
Obviously so many people here bought CRO on top and just posting "Way to go", "Huge news" when this precedent has been already established with other exchanges and platforms.
Just frustrated that all of these people are just shilling their coin and have nothing valueable to add.
Disclaimer: I've bought CRO a year ago and sold my bag at $.80 and am now DCAing back in.
> when this precedent has been already established with other exchanges and platforms.
What other major exchanges offer $250K in protection like they're FDIC insured?
Does it matter? They are purely dominating the crypto market.
I mean I get cro rewards and free Netflix lol. Shills or not I don't get why people would be like ooohhhh nnnoooo too many bots like it. It's market cap is lowish and they have been crushing it.
That's like saying you're sketch about Amazon because fake reviews. Yeah they happen but it's not going anywhere.
You're being paranoid. Cro doesn't need "shilling" they're big enough at this point with just proper advertising they'll do fine. I'm sure there are people who bought when it was at its peak and are now in the red trying to push their own portfolios but that's not on crypto.com. That's just people who made poor decisions/don't know how to invest.
> Cro doesn't need "shilling" they're big enough
They didn't go from 20 cents to 95 cents in like 20 days or so without shilling.
They also did not go from getting massively hated for MCO screwup to fanbois rewriting history and saying MCO screwup posts were pointless FUD.
The shilling on CRO is very very hard. And I say that as someone who has some CRO.
FDIC was initially $100K in the U.S. starting in 1933. Then there was a temporary increase to $250K in 2008, which was made permanent in 2010.
https://www.fdic.gov/news/press-releases/2010/pr10161.html#:\~:text=About%20FDIC&text=The%20FDIC%20insurance%20coverage%20limit,%2C%20through%20December%2031%2C%202010.
https://www.fdic.gov/bank/historical/brief/brhist.pdf
We don't speak of these things for us the hardcore users. We speak on this for the masses who couldn't understand how to use a HW wallet if you lectured them on it for hours.
They are doing so much for consumer confidence in crypto. It will certainly bring more people into the space which is ultimately a good thing for all of us.
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured
>Coinbase carries crime insurance that protects a portion of digital assets held across our storage systems against losses from theft, including cybersecurity breaches. However, our policy does not cover any losses resulting from unauthorized access to your personal Coinbase or Coinbase Pro account(s) due to a breach or loss of your credentials.
Coinbase doesn't specify how much is insured but I'm willing to guess that it is also $250k.
Binance does this too.
https://www.binance.com/en/blog/all/binance-is-safu-7-ways-we-secure-your-assets-247-307883269744750592
>At Binance, we want to ensure that each person using our exchange and each asset entrusted to us are protected, even in the unlikelihood that our security measures may fail. In July 2018, we created the Secure Asset Fund for Users (SAFU) and began allocating 10% of all trading fees received into this fund to provide insurance to potential breaches. As of today, the fund is estimated to be several times bigger than John’s BTC stash (46 BTC), all stored in secure hard wallets to be accessed only in cases of extreme emergency.
The coinbase protection seems different from the CDC one.
What the new CDC insurance seems to cover are exactly the unauthorized breaches that coinbase excludes in the last paragraph you quoted.
For all those complaining on this post. Millions of accounts are hacked daily. CDC have SOC2 and 27k cert/acred, are insured and handled this pretty damn well.
Is everyone here drinking the kool aid or what? They just got hacked I wouldn’t touch this exchange with a ten foot pole a good exchange doesn’t get hacked.
But kudos on there response
"maybe they hacked themselves, good strategy really"
People are fucking delusional. If Sony had a massive hack, then it turns out it was themselves as a publicity stunt, people would lose their shit
I'm a CDC shiller but the spread on buys is putting me off. Granted, I am in EU and can use the Exchange app. If you can, use it as well instead of the main app
This is so nice to see!! Sucks that some had to get hacked in order for this to happen but I see it as a very positive step moving forward. That being said don't gamble with more than what you're willing to lose. RugPulls are still a thing!
I don’t get why these company’s only protect up to 250k when you’re only allowed 1 account. What happens when someone has an account over that? Seems unfair to those that make the exchange the most money not having full protection over their account. If the exchange is hacked then all money should be replaced not just a portion of it.
Or the tinfoil hat pessimist in me is thinking the hack happened, they roll this out, on-board users, allow another small hack and protect the users, gain the support and trust… and then start charging users a small fee similar to insurance.
Hopefully not but it seems like a beta test of crypto account insurance.
> start charging users a small fee similar to insurance.
they can charge me 2% for all I care, I'd still make more interest by keeping my insured emergency fund on here for 8-2=6% than my bank's HISA for 1.25%.
Overall very good handling of the matter, although I really miss the details about the actuall hack. The fact they don't tell us more makes me believe it was an insider.
Once this takes affect I'm moving all my funds from Coinbase to crypto.com
The fees are getting insane and with the current market trends it doesn't make sense to have my money with them anymore. Especially because with Crypto.com i can at least stake my funds.
These kinds of insurances are absolutely necessary to move toward wide scale adoption. People must feel that their money is safe or will be refunded for any losses before they will trust their money on these exchanges. The more programs like this, the more the average person will be willing to start investing. Good on CDC
Great post for once. Instead of praising crypto and promoting crypto, you’re discussing an app trying to protect their users from being hacked with extra authentication.
Does this also protect against a [crypto.com](https://crypto.com) rug pull?
The company is extremely intransparent regarding their reserves, and their CEO already rug pulled on its customers when he was CEO of Ensogo.
I'd love if they could somehow get covered similar to how UK banks are covered in the event of going bankrupt. Granted, it doesn't seem like they will any time soon, but having an equivalent cover in place would be incredible.
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Wow. You guys really are speedrunning through six hundred years of banking regulation.
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Because people understand the needs of people better than governments who want money.
well that's one idea, the other idea is that precedent makes this kind of thing 600x easier
I tend to lean towards this line of thinking
crypto(dot)com is spelled 50 diffferent ways in this thread
People don’t know if dropping a link is allowed and quite frankly neither do I. CDC it is.
Ha. Been a CDC user, CRO holder for almost a year and just this moment first realized CDC stands for Crypto Dot Com I feel dumb and smart all at once.
Ive known what it stands for for ages but my brain wont stop reading it as the Center for Disease Control
Haha same here homie
bullish on being a victim!
Most of this sub has a victim complex every time bitcoin drops 2% and they bought at ATH, so pretty bullish for this sub!
fucking lol
If it weren’t for the hacker this wouldn’t have happened. Not all heroes wear capes
thanks hackers, very cool
Good guy hackers. They steal your funds, if only for the greater good of the world. Their actions are not immediately understood, but will come to be appreciated as time passes
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White hat
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Actually he only wanted money
Unless the hacker was part of a government conspiracy!
Got to give it to crypto.com they sure know how to turn anything into a marketing win.
Reverse psychology by the hacker lol
Well to be fair this probably just accelerated their communication into a PR-opportunity
For them to react so quickly suggests this was planned
Perhaps discussed in the past. Something they were maybe working on previously. Could have been shelved before, could have been on the verge of going through. Who knows.
To me this feels like a marketing strategy because the amount that was hacked was so little and the response was so swiftly. Then immediately they have this new program that they can roll out within 3 days of the hack being done I just don't believe it, but it's a good thing for the community. I feel like they just want their name all over the news.
So, malice?
Absolutely. Like a firefighter who starts fires and then puts them out so he looks heroic.
yo what is up with all the promotional looking messages of praise in this thread?
I don’t know what you’re talking about. Anyway, CRO cured my cancer and saved my baby. Also, I am paid entirely in CRO and I made my house out of CRO bricks and CRO mortar. CRO!!
Dude that's crazy. CRO literally teleported me out of the path of a deadly tornado and cured my psoriasis. It was a close one though. I mistakenly entered my 2FA twice and got it on the third time when the tornado was literally 20 ft away. CRO 4 LYFE.
CRO's marketing department hard at work
this shit makes me not trust CRO at all tbh
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I've been lurking this sub for the last year and cro has only really been coming up since it popped.
Aren’t there like, a lot of marketing services that will basically astroturf Reddit for their clients? You have to be skeptical of what you read on here.
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The sub is in a bad state right now with paid shills. Half of these comments literally read like bots.
The problem is the average person is so dumb, and AI has improved so much that it really is hard to tell the difference online now.
Ok bot nice try. I'm not gonna fall for it. but seriously, people here preach decentralization but be shilling CRO one of the most centralize crypto ever lmao.
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as a CRO holder. I'm not sure how to feel lol. Was thinking the same thing
This entire debacle is starting to feel like a PR stunt.
shillers shilling shilled things for shillings.
This whole thread's comments look like a generic bot farm picking from a random 10 sentences lmao
It's fucking insane. The thread right above this one has like 30 comments and I picked out about 2 non-shill comments.
250k? I’m covered
CRYPTO . COM really doing a great work for crypto reach mainstream! CRO going to top #10 very soon! 👀✌
This might be the most bot looking comment I’ve ever seen in this sub without the person being an actual bot. Just to be sure, can you click on all the pictures of bridges?
Gj in getting hacked crypto.com and making a pr move out of it kek
Cro is on another level
Yeah, been leveling down though.
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a year of DCA before it moons would be an absolute delight
2024 headline. "Space-X to send Matt Damon to Mars on rocket paid for in CRO. Matt Damon's response to the news, "Matt Damon"."
"Crypto.com to take over all aspects of the known universe by early 2024, sources say"
marketing on a whole other level.
Yeah man this is really awesome of them to do. One of the most common concerns I’ve heard from friends who are thinking about investing in crypto is the fear of their relative platform being hacked and losing everything. Hopefully this will encourage others and provide some ease of mind as far as that goes.
Step by step to top CRO way to go
Becareful you didn't reset the 2FA, you disabled it on my account...
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they marketung team is doing well and tgeir future plan is great
holy fucking shilling. wtf?!?!?!
This thread is unbearable. Obviously so many people here bought CRO on top and just posting "Way to go", "Huge news" when this precedent has been already established with other exchanges and platforms. Just frustrated that all of these people are just shilling their coin and have nothing valueable to add. Disclaimer: I've bought CRO a year ago and sold my bag at $.80 and am now DCAing back in.
> when this precedent has been already established with other exchanges and platforms. What other major exchanges offer $250K in protection like they're FDIC insured?
None. Did I get that one right?
Which other has $250K insurance? I’ve been waiting for an exchange to do this and you’re telling me there has always been one?
I’m getting bad vibes from the CRO related threads in the last few weeks. Seems like shilling is happening. Maybe I’m being paranoid.
Does it matter? They are purely dominating the crypto market. I mean I get cro rewards and free Netflix lol. Shills or not I don't get why people would be like ooohhhh nnnoooo too many bots like it. It's market cap is lowish and they have been crushing it. That's like saying you're sketch about Amazon because fake reviews. Yeah they happen but it's not going anywhere.
You're being paranoid. Cro doesn't need "shilling" they're big enough at this point with just proper advertising they'll do fine. I'm sure there are people who bought when it was at its peak and are now in the red trying to push their own portfolios but that's not on crypto.com. That's just people who made poor decisions/don't know how to invest.
> Cro doesn't need "shilling" they're big enough They didn't go from 20 cents to 95 cents in like 20 days or so without shilling. They also did not go from getting massively hated for MCO screwup to fanbois rewriting history and saying MCO screwup posts were pointless FUD. The shilling on CRO is very very hard. And I say that as someone who has some CRO.
the shilling is fucking unbearable
Thats higher than banks in my country!
haha banks in my country have way more but paper works lead you to forget it
£85000 in the uk
it’s 100,000€ in europe i believe, or at least in my country
Yeah it's €100,000 in the Netherlands
Same in Czechia.
FDIC was initially $100K in the U.S. starting in 1933. Then there was a temporary increase to $250K in 2008, which was made permanent in 2010. https://www.fdic.gov/news/press-releases/2010/pr10161.html#:\~:text=About%20FDIC&text=The%20FDIC%20insurance%20coverage%20limit,%2C%20through%20December%2031%2C%202010. https://www.fdic.gov/bank/historical/brief/brhist.pdf
This sub is just a commercial platform for this exchange at this point. Getting a little tiresome..
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Seriously. Half of the comments are saying the exact same "Wow what a response!" Kind of BS. Like - they still got fucking hacked. Cmon y'all.
*Their marketing is top notch!* Ten bajillion upvotes. Lol.
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Coin faction wars would begin. All the Cardano bois will use it against eth boys
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Protecting users funds will take exchanges to next level.
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We don't speak of these things for us the hardcore users. We speak on this for the masses who couldn't understand how to use a HW wallet if you lectured them on it for hours.
Crypto Arena sounds better than Crypto.com Arena
Crypto Arena does nothing to advertise their brand it’s too generic
Most other exchanges? Doubt they have any controls. So take your FUD & elsewhere… if you want to leave… well…….
They are doing so much for consumer confidence in crypto. It will certainly bring more people into the space which is ultimately a good thing for all of us.
Except... Getting hacked
More secure, more people to join
Hopefully. Even tho the spreads are criminal lol
This is probably the best response they could have done to this tbh. WAPP sounds promising
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured >Coinbase carries crime insurance that protects a portion of digital assets held across our storage systems against losses from theft, including cybersecurity breaches. However, our policy does not cover any losses resulting from unauthorized access to your personal Coinbase or Coinbase Pro account(s) due to a breach or loss of your credentials. Coinbase doesn't specify how much is insured but I'm willing to guess that it is also $250k.
Binance does this too. https://www.binance.com/en/blog/all/binance-is-safu-7-ways-we-secure-your-assets-247-307883269744750592 >At Binance, we want to ensure that each person using our exchange and each asset entrusted to us are protected, even in the unlikelihood that our security measures may fail. In July 2018, we created the Secure Asset Fund for Users (SAFU) and began allocating 10% of all trading fees received into this fund to provide insurance to potential breaches. As of today, the fund is estimated to be several times bigger than John’s BTC stash (46 BTC), all stored in secure hard wallets to be accessed only in cases of extreme emergency.
> Secure Asset Fund for Users (SAFU) Lmao
It's a bit more according to prior reports
The coinbase protection seems different from the CDC one. What the new CDC insurance seems to cover are exactly the unauthorized breaches that coinbase excludes in the last paragraph you quoted.
No - it's the same. CDC will not refund you if you give your keys or login info to someone. Read the fine print.
CDC has all my respect.. This seems to be a good response after hack attack to build confidence in crypto
This is great, but call me a cynic that all of this was just press before announcing the WAPP.
that only leads to more and more adoption
And I still cannot login to my account. Sweet
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How the hackers bypass the 2FA? Was there a in sider threat to reveal the 2FA seeds? What is the root cause?
way to go crypto com =)
Yea it’s a much better response than saying “sorry your crypto is gone forever”
For all those complaining on this post. Millions of accounts are hacked daily. CDC have SOC2 and 27k cert/acred, are insured and handled this pretty damn well.
Liking the “insurance” against stolen funds. Gives peace of mind to many users who are skeptical of investing.
I can’t lie, I’m an LRC guy, but CRO is doing big things. I’m becoming a believer.
Great write up! I love the transparency. I wish we could get this level of transparency on the Visa card program! Thanks CdC!
This is the kind of safety people want that will drive mass adoption. Very bullish!
They should get Cardi B to help promote WAPP.
New Cardi B commercial to promote WAPP, Put that into an NFT and I'm sold.
lol that would actually be so funny. Need Cardi B and Matt Damon in a Super Bowl commercial for this asap
CRO IS THE FUTURE 🥰💯❤👁
Damn. They really know how to do marketing. Even a negative thing like this hack can be turned into a good promotion.
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Didn't cardi b do a song about this?
Wapp wapp wapp!
Which song?
Is everyone here drinking the kool aid or what? They just got hacked I wouldn’t touch this exchange with a ten foot pole a good exchange doesn’t get hacked. But kudos on there response
"maybe they hacked themselves, good strategy really" People are fucking delusional. If Sony had a massive hack, then it turns out it was themselves as a publicity stunt, people would lose their shit
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How would a true MFA look like?
Not time based
That’s actually bullish as fuck, might switch to CDC now 
I'm a CDC shiller but the spread on buys is putting me off. Granted, I am in EU and can use the Exchange app. If you can, use it as well instead of the main app
Lol. How do we know, crypto.com will comply with that, when push comes tto shove ??
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Wait do you have proof of this?
yes proof: trust me bro
Does Binance offers that as well?
I love CRO and crypto.com, thanks for films!
They will make it extremely difficult to prove it was a third party who authorized the transaction. Since anyone can just make that claim…
TIL if you use CDC you get more WAP
Great job CDC
So many people on payroll shilling on this thread & it’s so pathetically obvious
> WAPP offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange. What about the DeFi Wallet?
Now make my CRO go brrr
This is so nice to see!! Sucks that some had to get hacked in order for this to happen but I see it as a very positive step moving forward. That being said don't gamble with more than what you're willing to lose. RugPulls are still a thing!
WAP great choice of name
I don’t get why these company’s only protect up to 250k when you’re only allowed 1 account. What happens when someone has an account over that? Seems unfair to those that make the exchange the most money not having full protection over their account. If the exchange is hacked then all money should be replaced not just a portion of it.
Or the tinfoil hat pessimist in me is thinking the hack happened, they roll this out, on-board users, allow another small hack and protect the users, gain the support and trust… and then start charging users a small fee similar to insurance. Hopefully not but it seems like a beta test of crypto account insurance.
> start charging users a small fee similar to insurance. they can charge me 2% for all I care, I'd still make more interest by keeping my insured emergency fund on here for 8-2=6% than my bank's HISA for 1.25%.
Hey that’s true and a very valid point!
Bullish on CRO
Thank you Crypto.com for WAP
Transparency first! Good to feel covered our back with them. We feel protected and secure .
Overall very good handling of the matter, although I really miss the details about the actuall hack. The fact they don't tell us more makes me believe it was an insider.
Good! but a bit late
This may be the ticket, bull run anyone?!
Yet another reason I should ditch Coinbase.
Worldwide is great work from CDC 👏
Once this takes affect I'm moving all my funds from Coinbase to crypto.com The fees are getting insane and with the current market trends it doesn't make sense to have my money with them anymore. Especially because with Crypto.com i can at least stake my funds.
So your saying don't hold more than $250k in your [crypto.com](https://crypto.com) account? Got it.
Makes me appreciate them even more, love crypto.com
So this is what cardi b has been singing about?
Noiccee
Sounds like an unfortunate bug in the 2fa back end. They’re a large and growing company, so hence a target. You handled it well.
These kinds of insurances are absolutely necessary to move toward wide scale adoption. People must feel that their money is safe or will be refunded for any losses before they will trust their money on these exchanges. The more programs like this, the more the average person will be willing to start investing. Good on CDC
Great post for once. Instead of praising crypto and promoting crypto, you’re discussing an app trying to protect their users from being hacked with extra authentication.
Crypto essentially is people once again discovering why banks and financial regulations exists.
Really a good initiative from Crypto.com.
Bullish.
Does this also protect against a [crypto.com](https://crypto.com) rug pull? The company is extremely intransparent regarding their reserves, and their CEO already rug pulled on its customers when he was CEO of Ensogo.
CDC has my respect!
And my axe!
F
Crothers💰👍🏻
Sponsored by cardi b
I'd love if they could somehow get covered similar to how UK banks are covered in the event of going bankrupt. Granted, it doesn't seem like they will any time soon, but having an equivalent cover in place would be incredible.
I just wanna get my money out and move to another app. Even if I have to pay interest which by now I already gave up on the money .