The Binance hack exposes crypto’s biggest communications problem

The Binance hack exposes the cryptocurrency industry s reliance on confusing security jargon and demonstrates that exchanges must adopt clear, transparent communication in plain English to rebuild investor trust, says Tim Focas Who would have thought that it would have taken billions to vanish in a matter minutes due to a cyber hack on the world’s largest bitcoin exchange to lift the lid on the way some crypto venues have historically communicated with their customers. There are few things more likely to test investor confidence than discovering that $6.3bn has been stolen except, perhaps, being told your money is perfectly safe while withdrawals are suspended. The trouble is that, for years now, cryptocurrency exchanges have competed not only on who has the lowest trading fees, the best liquidity and most sophisticated technology, but also on bold claims about who is the safest. Terms like cold storage, multi-signature wallets and proof of reserves have become synonymous with