Topic: Another not your key not your coin story (Read 175 times)
The first important lesson that I learnt on this forum when I joined as a newbie was "not your keys not your coins, and it has remained with me ever since. Exchanges should be for the purpose of exchanging your coins, not to hold them, if anything negative happens to the exchange, your coins will be in jeopardy. A lot of people jump into crypto holdings without knowing how the crypto space works, I believe that most people that keeps their coins in exchanges are people who have not taken their time to ask questions or research about none custodial wallets. I hope that this story will a lesson for many who don't know about the importance of keeping their coins in a none custodial wallet.
The saying "not your keys not your coin" has hurt them badly. Luckily it is only temporary problem but it should teach them valuable lesson. Keeping cryptocurrencies on exchanges no matter what kind is bad idea. It is very important to control private keys to really own cryptocurrencies. Exchanges should be used for buying and selling not for storing cryptocurrencies. It is very important difference to understand and it can prevent a lot of trouble in future.
That saying in fact can be very helpful for them to change their bad practice to better one and avoid loss.They got losses, because they ignored that saying and thought that risk won't become loss with their bad and risky practice. It's their responsibility, not of that saying or people who said this loudly with good intention to help others.
It's your money, in bitcoin, and it's up to them to store their bitcoin safely with non custodial and open source wallets.
This is indeed another story about not your keys not your coin. They should be thankful that it's just temporary rather than permanent. In my opinion, it should be a lesson learn for them to never store their coins no matter what cryptocurreny it is as long as it is not their keys ehen it's not their coins to begin with even though they are the ones who made the deposit compared to having control of the keys to do transaction. It should be temporary to put their crypto in an exchange when they want to sell or buy something rather than using the exchange as a way to store their crypto.
The saying "not your keys not your coin" has hurt them badly. Luckily it is only temporary problem but it should teach them valuable lesson. Keeping cryptocurrencies on exchanges no matter what kind is bad idea. It is very important to control private keys to really own cryptocurrencies. Exchanges should be used for buying and selling not for storing cryptocurrencies. It is very important difference to understand and it can prevent a lot of trouble in future. 
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.
But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
There is a high possibility that they have been hacked and in trying to manage the situation, they have to stop withdrawal. They may not want to come out open that they have been hacked to avoid causing panic and thereby ruining their reputation. This is what I feel may be the case or it could also be technical issues which is still understandable. Nevertheless, it is a good example of "not your key, not your coin" because those who might have needed their funds that have been stuck there for some urgent things are not forced to wait and they are not even sure if they will get the money back and what will happen at the end of the day. But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
this is fucked up, did they even try and send a notification that they would temporarily disable crypto withdrawals before they implemented it because reading the article there is no hint that they did that.
this is just another reason to only use an exchange site when you are actually going to exchange your coins, keeping crypto on any exchange site for a long period of time is just risky.
Usually when the exchange suspends withdrawals for a long time, the exchange suffers from hacker attacks but this time the exchange did not get any attacks, maybe this is behind their reasoning because of strict regulations?this is just another reason to only use an exchange site when you are actually going to exchange your coins, keeping crypto on any exchange site for a long period of time is just risky.
In the past, our local exchange was severely attacked by hackers and had to suspend everything after only a few days to normalize, so it's normal for the exchange to do that because there was a notification about this.
Yeah... that's the risk of keeping coins on an exchange, not being able to withdraw them because you don't have the keys to unlock them.
Not your coins, not your crypto is true until it's time to use your crypto and then you realize that most of the services you can use are actually centralize and there's no other choice than to concede and use those centralized services. Can't blame the Indian users much because there's not much decentralized services to trade or use crypto.
Even if you hold your Bitcoins and want to off-ramp to fiat, you can't.
Even if you hold your Bitcoins and want to off-ramp to fiat, you can't.
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.
But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
If the fiat withdrawal features is still live and active, then I will say that best thing to do righ now is to convert and withdraw they money through the fiat it better safe in they bank account than on an exchange that have lack integrity and also centralised.But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
Very sure that even the fiat withdrawal will not be available or conversion from crypto to Indian Rupees won't be available on the exchange, because no legit exchange will wake up and hault crypto withdrawal without already making up thei mind to close their doors on their customers, it already a sign of an exit scam.
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.
From the story, I predict that there are two groups of people.
The first one will be those who will completely believe the exchange and not panic because they believe that their crypto is safe and they wait for 28th of January to withdraw.
The second group are those who are already panicking. They can eat or do anything. Their blood pressure has risen above the normal level. And they literally know that they are fucked. They used the money that they cannot afford to lose and it is now they realize that they have lost it.
Do not be any of them. Again, not your keys not your coins.
This is not new, check out my thread: Mudrex Exchange Withdrawal Issue
This is going on for months and now they just hide under regulations for holding funds but there's absolutely no reason for them to. Bybit is actually stopping their service in India but they allowing users to withdraw and that's the difference between legit and shady exchange.
You can convert but can't withdraw to bank account that's the beauty.
This is going on for months and now they just hide under regulations for holding funds but there's absolutely no reason for them to. Bybit is actually stopping their service in India but they allowing users to withdraw and that's the difference between legit and shady exchange.
You can convert but can't withdraw to bank account that's the beauty.
Thanks for the insight from locals. This makes me think the exchange in question is indeed not that known in the country.
Aside from "not your keys, not your bitcoins". Another rule of the thumb is to stick to reputable exchanges—I'm not saying they're safe or anything but at least, they're less likely to pull shit like this as oppose to obscures. Or at least if folks must use lesser known platforms for whatever reason/s, don't do big amounts so you can minimize the risk.
The fact remains, no matter how much you try to spread the information of storing your coins on exchanges being a wrong approach, people will still fall for it and that's the reason why stories like these will pop up from time to time. The concept of privacy is actually a personal thing and exercising it too is a personal choice.
Incidents like these are actually the reason why I often urge newbies to properly understand the concept of security and privacy before considering investing in crypto currencies. I think the only reasons that sounds rational about people having some coins on an exchange is actually because of either trading or P2P else exchanges are not for hodling.
Incidents like these are actually the reason why I often urge newbies to properly understand the concept of security and privacy before considering investing in crypto currencies. I think the only reasons that sounds rational about people having some coins on an exchange is actually because of either trading or P2P else exchanges are not for hodling.
Apart from the fact that traders shouldn't keep their assets in an exchange or any platform, I don't understand why people use exchanges that aren't reputable or trusted. There are so many good centralized exchanges that work for a global audience. Binance is one of them, but some people still choose to use local exchanges that aren't trusted enough. I'm not saying that we shouldn't use local platforms, but we should do it only if we know they are fully trusted and that our assets are completely safe with them.
Even if you are using a local platform for your trading activities, you should always make sure that you withdraw your funds when you are not trading so that you don't face issues such as this one, where users have their funds stuck in the platform, and they have halted withdrawals. We don't know if there will be legal actions taken against the platform or not, but if nothing happens, their users must bear the losses.
As far as I remember, this is not the first time, and this happened before in India as well. So, people should be more vigilant with these exchanges and other platforms providing their services to locals.
Even if you are using a local platform for your trading activities, you should always make sure that you withdraw your funds when you are not trading so that you don't face issues such as this one, where users have their funds stuck in the platform, and they have halted withdrawals. We don't know if there will be legal actions taken against the platform or not, but if nothing happens, their users must bear the losses.
As far as I remember, this is not the first time, and this happened before in India as well. So, people should be more vigilant with these exchanges and other platforms providing their services to locals.
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.
But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
I mean it was kinda given because it's a custodial wallet or a dex so they can easily do whatever they wanted to do on your money, but until Jan. 28 that was too long, I mean it was probably reasonable for some exchanges to have some kind of withdrawal restriction for like 24hours something like that, but it needs some kind of legitimate reason for it to justify. But for almost a month of non-withdrawal is just a huge red flag for an exchange. I dont want to put my money in exchanges that do things like this because it is just way too risky.
I wouldn't really be surprised if one day this crypto exchange announces of kind of bankruptcy or just a straight-up scam exchange, I mean just avoid this kind of red flag exchanges, there are a lot of trusted exchanges out there even though I wouldn't really recommend putting a huge amount of money, exchanges are still useful if you want to have some transactions or probably buy cryptocurrency.
That's a surprising story, usually issues come from fiat withdrawals because banks holding fiat funds of the exchanges and making transfers needs along with banks receiving the transfers need to comply with their AML and financial regulations. They are many DEXs and centralized exchanges not dealing with fiat, asking none KYC documentation. I think Indian citizens should start to think to use those exchanges instead of their local ones when they want to make crypto-crypto exchanges. For buying cryptos with fiat it's certainly harder but maybe p2p exchanges could be a solution.
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.
But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
This is the first time I'm just learning about such exchange because I never believe such exchange exist, however are they not operating the way other exchanges are doing?, I no that no matter any event happening exchanges will always be very active and working, I wonder how people that's using such exchange is coping, two weeks is too long for exchange to go on a break, even a day is not good, however has the exchange taking this kind of 2 week before?, though I have no idea about the exchange if not I would have known if the conversation you are asking for is possible or not but with the way I'm looking at it even if you did the conversion you may not still be able to withdraw because their Statment will effect on any method you intend to use in withdrawal. But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
this is fucked up, did they even try and send a notification that they would temporarily disable crypto withdrawals before they implemented it because reading the article there is no hint that they did that.
this is just another reason to only use an exchange site when you are actually going to exchange your coins, keeping crypto on any exchange site for a long period of time is just risky.
this is just another reason to only use an exchange site when you are actually going to exchange your coins, keeping crypto on any exchange site for a long period of time is just risky.
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.
It's indeed a matter of not your key not your coin. This is a situation I have never heard of, that exchange will tell it's customers to wait till 2 weeks before they can withdraw. I guess this exchange is just know by India alone, I don't think if other regular exchange like kucoin, bitget, binance and many others can not do so. That's why it not advisable to keep coin on exchange but on non custodial wallet because if critical issues arises, it will make many people to lost their coin forever. But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
I don't think if that exchange don't permit withdrawal, neither will they allow people to convert their coin to rupee or fiat. They will just need to wait till that speculated time frame. 
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January.
If they resume withdrawals for users, it's good but it is still a red flag. Historically there are many centralized exchanges died, and users could not withdraw money.Cryptocurrency exchange graveyard (Rest in peace). These exchanges rested in peace but users did not rest in peace, it's so painful.
There are many warnings on this practice but people ignored it before they face with such issues by themselves.
Reminder: do not keep your money in online accounts
This is not new, check out my thread: Mudrex Exchange Withdrawal Issue
This is going on for months and now they just hide under regulations for holding funds but there's absolutely no reason for them to. Bybit is actually stopping their service in India but they allowing users to withdraw and that's the difference between legit and shady exchange.
You can convert but can't withdraw to bank account that's the beauty.
This is going on for months and now they just hide under regulations for holding funds but there's absolutely no reason for them to. Bybit is actually stopping their service in India but they allowing users to withdraw and that's the difference between legit and shady exchange.
You can convert but can't withdraw to bank account that's the beauty.
This is sad, denying the user the right to their fund for weeks without reaching an agreement on this upgrade and asking if they are okay with it.But any Indian can be caught on this, even those who don't leave their coins in an exchange.
Mudrex is one of the exchanges that has allowed Indian citizens to buy and withdraw crypto down to their private wallets, not like others, which you can only use on that platform to trade, make a profit, and time for withdrawal; you will have to convert to IRN.
Anyone could just have the intention of using the exchange, which I have had allow Indian citizens to buy and get caught up with this upgrade. This is just one problem with centralised services: they act without minding the harm they cause to others.
Mudrex is one of the exchanges that has allowed Indian citizens to buy and withdraw crypto down to their private wallets, not like others, which you can only use on that platform to trade, make a profit, and time for withdrawal; you will have to convert to IRN.
Anyone could just have the intention of using the exchange, which I have had allow Indian citizens to buy and get caught up with this upgrade. This is just one problem with centralised services: they act without minding the harm they cause to others.
Many of this news will definitely be sufficing the news everyday but will that stop the spread of people actually using this centralized exchanges? I don’t think so most people actually are already use to the idea of not having the ability to keep things safe for themselves and always look for the way to say it is best they keep their void mom exchanges, you will see people coming with the defense of the exchange has low liquidity or it is not one of those big exchanges but I continue to warn newbies that even the top exchanges have this similar problem also, FTX and MtGOX were top exchanges before they ran into problems.
The frustrating part aside the loss of funds his when they suspend withdrawal for particular assets without the owners knowledge leaving the owners stranded, last week there was a suspension of Notcoin withdrawal from top exchanges like binance, bybit and KuCoin due to large withdrawals of funds as there was some campaign the holders were participating on. This raised more concern that is the coins on exchanges actually real or just numbers
The frustrating part aside the loss of funds his when they suspend withdrawal for particular assets without the owners knowledge leaving the owners stranded, last week there was a suspension of Notcoin withdrawal from top exchanges like binance, bybit and KuCoin due to large withdrawals of funds as there was some campaign the holders were participating on. This raised more concern that is the coins on exchanges actually real or just numbers
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