This story is funny though and sometimes when things of this nature begin to happen to an exchange, you should know that the exchange has some challenges that they are encountering and are managing and do not want it to scare their customers and would work measures by delaying withdrawals so that their customers do not make them go bankrupt because if that happens, that is the genesis of their downfall. Funny enough, the information still leaks out and causes panic withdrawal hence they limited or restricted withdrawal to that date for their customers.
It is quite unfortunate that people still trust CEX with their assets forgetting that once they put their assets under the custody of CEX, they have no authority over it anymore, and if anything happens, their funds and assets are all gone. This is the mistake people still make in this very era. It is high time people start taking the "Not your keys, Not Your Coin" slogan seriously.
Topic: Another not your key not your coin story - page 3. (Read 680 times)
Permit me to say, local based exchanges are not just a thing for many investors using myself as a copy. I prefer exchanges that are widely used across countries, i feel it is much safer than locals. The exchange left them without a choice, whenever they choose to release the coins is decided by them, this is the worst scenario that should happen to any investor holding large sum of currencies in her portfolio right now. No longer stories to many, talked about decentralization and owning premium access to our coins whenever we want and cancel out this CEX control over what not supposed.
This is a lesson to whoever, knowing that exchanges are centralized and if given the opportunity can forcefully take what belongs to any one as an investor.
This is a lesson to whoever, knowing that exchanges are centralized and if given the opportunity can forcefully take what belongs to any one as an investor.
That’s an interesting situation! It really emphasizes why holding your own keys is so important—centralized exchanges come with risks. Hopefully, Mudrex resolves the issue quickly, but it’s a good reminder to prioritize self-custody when possible.
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
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