A BitcoinVN user wisely asked about his protections in case our service is successfully attacked by adversaries.
If you are interested in the BitcoinVN staking service but want to better understand your risks, read on.
If you get hacked, are there any assurances for the return of funds?
There are none. 🙂
Of course, we try to:
- Avoid getting hacked
- Manage our hot wallet risk exposure prudently
- Cover any losses via company reserves in case we are successfully attacked
However, it is a fully custodial service, and users who participate in the staking program accept the risk of trusting others (in this case, us) to “not mess up“.
We are not claiming that this service is “essentially risk-free” or making up any other bullshit claims to make you deposit funds with us, which evaporate alongside your money in a SHTF scenario.
There are risks, and we want you to fully understand them and manage them on your side accordingly. Do not deposit any funds that you cannot afford to lose!
If it makes you uncomfortable to think about losing funds deposited with us (or any other custodial service for that matter!), learn about self-custody and protect your own keys.
Hence, we generally recommend our user base to self-custody unless they understand and accept the risks.
Overall, even if users are interested in participating in the staking program, we recommend keeping exposure limited (“do not risk more than you can afford to lose”).
And while this all sounds “very bad/risky”:
We also have over a decade of business experience under our belt; there are not many companies in our sector in the world (and none in Vietnam) that have survived that long.
Yes, I still want to stake with BitcoinVN!
No, I want to self-custody my coins!
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Further reading:
How does staking on BitcoinVN work?
