Securing your money

A recent crypto hack, dubbed the largest in history, is now highlighting the need to secure your money. We have Sid Powell with Maple Finance joining us this morning. Sid, so good to have you. Thanks for having me on. Glad to be here. Absolutely. We know that this centers on Binance just recently and that crypto hack. So how concerned should we all be about this moving forward? I think a lot of folks are definitely I'm definitely concerned about the rise of AI-related threats in crypto. And I think it highlights more than ever the importance of securing your crypto and also just being thoughtful and careful about how you manage your passwords and security. When it comes to AI specifically, there are both pros and cons. We know that because it can strengthen security, but if left unchecked, it can harm it. And that's what we've seen happen. So how do we kind of juxtapose that and maybe get rid of the harm part as we move forward? Because it feels like we're already in all ways playing catch up to technology. That's a great question. And I think what we've seen is that when it comes to protection and security, there's a lot of simple things that everyday folks can do. You don't need to have a really large security budget like a large company. I think if you just ensure that you have different passwords for different accounts, use two factor authentication. And also a big one is just never giving your password out over the phone or via text message. I think there's a real sense that that is probably the biggest threat angle these days. Finally, what would you say should happen even legislatively moving forward with this tech? I think from a legislative perspective, you don't want to be too prescriptive because as we've seen, the technology moves so quickly that certain rules or regulations could be out of date. But I think what we do need to see is that large companies need to have some kind of indemnification for their security. They need to have, you know, probably external security audits and penetration testing. Thank And, you know, independent verification that their practices are up to scratch for protecting customers' funds. Yeah, the customers and the companies have to make some adjustments for sure. Sid, thank you so much for your time. We appreciate it. you.