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Comment by School-Cotton | Hacker News Reader

I just sold all my altcoins for BTC on Binance as soon as I saw this and transferred them to gdax. Hopefully I can sell them for USD on gdax and transfer to a real bank before they get hacked.

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Why would you do that? If you are concerned for the security of your coins, you should have moved them to a wallet you own that is not hosted on an exchange. The bank you transfer your dollars to is just as likely to get hit by the exact same vurnerability. In addition you have to pay a fee to move your coins, then to wire the dollars to your bank account. Moving from crypto to fiat is also liable to taxation. If the sole goal is to secure your coins then I don't think that the whole process is worth the hassle. Moving them to a private wallet would suffice.

Most banks don't use cloud providers AFAIK.

Also, real money transactions are much more likely than blockchain transactions to be reversible if fraudulent.

The majority of coins on Coinbase are in cold-storage and crypto on Coinbase is insured against this type of breach. I personally wouldn't panic to get my coins out.

There was an announcement not long ago saying they are not insured.

Can you reference that? The CoinBase support page currently says crypto is insured against security breaches on their end.

Crypto in their hot wallets, or crypto in cold storage?

at least the dollars are insured ;-)

> Moving from crypto to fiat is also liable to taxation

Trading between cryptoassets as GP suggests he has done already makes them subject to taxation. The fiat step isn’t needed.

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