Speaking today at BlockShow Asia 2019, Genesis Block HK co-founder Clement Ip shared a negative personal experience during a panel on how Asian trading firms make profits. His company is a blockchain venture capital firm, crypto quant hedge fund, and mining company focused on investing in blockchain projects.
Sharing the stage with two other speakers — Kyle Davies of Three Arrows Capital and Joshua Ho of QCP Capital — Ip came out with his sad story. He said he lost "a lot of coins" due to an exchange hack, and his takeaway lesson was clear:
"Don't leave your assets on exchanges. Don’t be lazy. I've been into it and learned a good lesson.”
During the same panel, Davies and Ho also discussed crypto regulation in Asia, how it might affect the market, and how it will affect the crypto ecosystem at large. "Regulation in Asia has been a move in the right direction so far," said Davies.
Exchange hacking is nothing new to the crypto ecosystem. Some of the biggest companies in the space have faced issues here this year, including market leader Binance.