Reminder: do not keep your money in online accounts. This reminder never loses its meaning so I believe it would be helpful if I share it again here.
Furthermore by looking at Exchange graveyard and see reasons of many exchange deaths, you will be more fearful with centralized exchanges.
By sharing those warning resources, I hope that less newbies will store their cryptocurrency capital on centralized exchange accounts and think it is a safe way.
Topic: Another day to fear centralized exchanges, not your keys not your coin - page 2. (Read 299 times)
August 24, 2023, 05:40:52 AM
August 24, 2023, 05:28:43 AM
they lunch a Patricia token(PTK)[2] pegged to USDT with a whitepaper[3] which is not listed on any exchange, if they have the USDTbank in the first place, they wouldn't launch another shitty stablecoin. Not only did they stop there.
Patricia (scam) token was also not created on any blockchain. It is just pegged to a dollar for nothing backing it. The fear of people is also that if Patricia created a token and customers are allowed to withdraw, the token will most likely depeg because mose Patricia users will want to convert it to another coins. https://techpoint.africa/2023/08/19/patricia-token/
August 24, 2023, 05:25:22 AM
As has been the case before, you only have login access to the Exchange but do not have access to control of your coins around the clock. Not your keys not your coin has often been heard and is very often discussed in forum, after the collapse of FTX some time ago it should have been a lesson for crypto users not to trust their assets to be controlled by a centralized exchange. The freezing of assets that centralized exchanges do is unacceptable and clearly detrimental to the users of their service, users can only see the amount of assets in their account but cannot withdraw them.
Crypto asset users must be able to choose a safe place to store assets with an asset exchange. I hope that no member of this forum becomes a victim of Patricia exchange because they are too full of important information that has been shared in the forum to prevent incidents like this.
Crypto asset users must be able to choose a safe place to store assets with an asset exchange. I hope that no member of this forum becomes a victim of Patricia exchange because they are too full of important information that has been shared in the forum to prevent incidents like this.
August 24, 2023, 04:33:21 AM
I've never heard of that "company", and it's no wonder considering that it's apparently a local business from Nigeria, which is apparently the product of some crypto enthusiasts with the idea of doing something, but without enough planning and professionalism to really make it work.
Whether the tokenization was part of the plan from the beginning, or whether they thought of that genius idea in the meantime, is not so important, because the end result is always the same in most cases. When I see any project that presents itself as serious and mentions its tokens as part of the business plan, I don't need anything more than to understand the direction in which the business is going.
Do not use centralized crypto exchanges, stay away from tokens and similar junk, and do not believe the fairy tales presented to you on social networks - their goal is to take your money and nothing more.
Whether the tokenization was part of the plan from the beginning, or whether they thought of that genius idea in the meantime, is not so important, because the end result is always the same in most cases. When I see any project that presents itself as serious and mentions its tokens as part of the business plan, I don't need anything more than to understand the direction in which the business is going.
Do not use centralized crypto exchanges, stay away from tokens and similar junk, and do not believe the fairy tales presented to you on social networks - their goal is to take your money and nothing more.
August 24, 2023, 04:12:04 AM
Earlier this year, around May to be precise, It was reported that one of the trading exchanges, Patricia halted withdrawals[1] which at first they claimed(lied) that it was due to blockchain congestion but what really happened to Patricia wasn't what was disclosed to the public at first, they actually lost $2m to hack around January 2022 but they keep mum and refuse to disclose that to the public not until they seize withdrawals around April this year.
What happened like a joke turned out to be true, they have massively sacked workers and worked to get back to business again but from the look of things, they are not done with their fraud because, instead of them to resume withdrawals and allow customers to have access to their bitcoin, they decide to carry out another heist; they lunch a Patricia token(PTK)[2] pegged to USDT with a whitepaper[3] which is not listed on any exchange, if they have the USDTbank in the first place, they wouldn't launch another shitty stablecoin. Not only did they stop there.
They converted the user's BTC balance to the worthless stablecoin without their knowledge, no emails were sent, and no notification, who does that? Why convert BTC to PTK tokens they don't need? Looking at the status of the company, they don't have the means to pay back the customers, they don't have the liquidity to settle all the debts, the BTC on the user's wallet is only database value, no intrinsic value and this is just another FTX scam.
What have you learned? Not your keys, definitely not your coins. Never leave your BTC on another man's land, they control it while you only control the front end, you don't have the keys and you can't control what will happen in the future. Learn to keep your coins in your custody and protect your private keys and seed phrase.
[1] https://techcabal.com/2023/05/27/patricia-loses-2m-to-hack/
[2] https://techcabal.com/2023/08/19/patricia-customer-assets/
[3] https://mypatricia.co/resources/blog/patricia-token-white-paper
What happened like a joke turned out to be true, they have massively sacked workers and worked to get back to business again but from the look of things, they are not done with their fraud because, instead of them to resume withdrawals and allow customers to have access to their bitcoin, they decide to carry out another heist; they lunch a Patricia token(PTK)[2] pegged to USDT with a whitepaper[3] which is not listed on any exchange, if they have the USDTbank in the first place, they wouldn't launch another shitty stablecoin. Not only did they stop there.
They converted the user's BTC balance to the worthless stablecoin without their knowledge, no emails were sent, and no notification, who does that? Why convert BTC to PTK tokens they don't need? Looking at the status of the company, they don't have the means to pay back the customers, they don't have the liquidity to settle all the debts, the BTC on the user's wallet is only database value, no intrinsic value and this is just another FTX scam.
What have you learned? Not your keys, definitely not your coins. Never leave your BTC on another man's land, they control it while you only control the front end, you don't have the keys and you can't control what will happen in the future. Learn to keep your coins in your custody and protect your private keys and seed phrase.
[1] https://techcabal.com/2023/05/27/patricia-loses-2m-to-hack/
[2] https://techcabal.com/2023/08/19/patricia-customer-assets/
[3] https://mypatricia.co/resources/blog/patricia-token-white-paper
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