Another not your key not your coin story

Nheer

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Quote from: Abu-Naim on January 20, 2025, 03:15:56 PM

Centralized exchanges is very bad but sometimes they have advantages especially if they are supporting p2p transactions where some users will convert their crypto to their local currency direct.

I always recommend using reputable and globally known centralized exchanges to avoid such things because even if it happens it might be minimal and might have solution since the owners are well known, the government can fight for their customers, but that’s also not certain because these exchanges can be dramatic sometimes.

I will advice us to always use exchanges for their purposes which is just for trading both spot and future trading, we should always send our money out to our personal wallets once we are done trading or marketing in the centralized exchange because apart from our assets that are not safe, our details we submitted during kyc is also not safe with them.

It’s really sad hearing such stories but the truth is that it’s difficult to do away with centralized exchanges completely despite knowing how dangerous it is to keep our assets with them. They provide some services that we need and that way it is difficult to do away with them completely and one way or the other we might be in need of their services like P2P you mentioned.

It’s unsafe to make use of just any exchange you come across so it is better to use reputable exchanges that are well established, it doesn’t guarantee total safety but reduces the risk of being scammed in this manner. Exchanges are not recommendable for storing assets for investment purposes especially for holding for a long duration, you should only use it for trading purposes instead and only send in amounts for trading to avoid stories like this.

I just hope affected people will be able to recover their assets and it’s not a scam tactic adopted by the owners of the exchange.

EluguHcman

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This is exactly how the Ponzi scheme MMM started and they ends up scampering with the platform Investors funds.
Here I am not saying the Mudrex exchange in question here is a scam but the attitude of this update is not trustworthy which means the platform would make crypto holders on the platform be sceptic over it all.

I have read through the news and it is expected that the exchange should had carried on it platforms upgrading activities while the P2P feature stays suspended on the few times of the processes.
This is some what other exchanges like Binance, Bybit and Bitget has been taking this process so it is really worrisome having one as the Mudrex act different.

Now even if the exchange does not mean negative thoughts, they are definitely going to lost customers because in an exchange that you don't hold your key phrases. The coins in your wallets alternatively is not yours.

That is why non custodial wallets are better reliable and recommended for safe and reliable control of personal funds.

Catenaccio

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Quote from: Coyster on January 20, 2025, 11:20:28 AM

The thing now is, even if they allow withdrawals on January 28, it might spark a "bank run" which could lead to a complete collapse of the exchange. I say so because people are already pensive and worried about their money, and if they are able to withdraw it, they might want to move it to another platform, and if it happens in numbers, we know the outcome.

Bankrun is terrible with any company and in 2022, there were bankruns with Terra, FTX exchange, and some traditional banks in the USA and in European countries too.

It is really hard to be unaffected by a bankrun, if your company does not have safe treasury management including customer money deposited to your platform. If you have bad capital and treasury management, risk is high enough to trigger a collapse by a bankrun from customers.

If they actually reopen withdrawals, a bankrun will happen and any person has money there, must be very hurry with withdrawal request, and pray that they will luckily be approved for withdrawal.

andyfibe

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Quote from: hd49728 on January 20, 2025, 10:08:33 PM

Quote from: Mia Chloe on January 20, 2025, 04:47:33 PM

The funniest thing about the whole story is even after this there are people that will still store their coins on a centrallised exchange all in the name of it's safer. I think it's actually high time people saw the bigger picture about what privacy and ownership of coin is all about.

It's not a first time ever a centralized exchange has problem with operation and user withdrawal. Many exchanges died, collapsed, scammed in the past, and people still don't want to learn this lesson and change their practice with their coins.

It's true with senior and experienced people in this market, and with newbies, it's more serious problems practically.

I agree that such cases are very helpful for people to feel fearful and change their practice in bitcoin storage, but it's not the first time.

Choose open source, self custodial wallets for storage. Remember to backup wallet, test backup to make sure it is usable for recovery.

No matter how many times they are warned, people will still store coins in exchanges until they are 'bitten'. That seems to be the eternal lesson.

hd49728

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Not your keys, not your coins!

Quote from: Mia Chloe on January 20, 2025, 04:47:33 PM

The funniest thing about the whole story is even after this there are people that will still store their coins on a centrallised exchange all in the name of it's safer. I think it's actually high time people saw the bigger picture about what privacy and ownership of coin is all about.

It's not a first time ever a centralized exchange has problem with operation and user withdrawal. Many exchanges died, collapsed, scammed in the past, and people still don't want to learn this lesson and change their practice with their coins.

It's true with senior and experienced people in this market, and with newbies, it's more serious problems practically.

I agree that such cases are very helpful for people to feel fearful and change their practice in bitcoin storage, but it's not the first time.

Choose open source, self custodial wallets for storage. Remember to backup wallet, test backup to make sure it is usable for recovery.

JiiBs

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I am familiar with the exchange, have heard of it a couple of times when doing some research works on exchanges but, its peculiarity to India and Indians doesn’t make it stand out as what I should check out.

When you use an exchange to save your coins, then you should be ready for everything. Imagine should you have stipulated use for the coins in a particular time frame, it just doesn’t play out. This is most definitely a sign that the exchange doesn’t want users to withdraw their coins. We just finished from the festivities of new year and many would want to trade some coins to fit in some expenses but nope, it’s scheduled for 28th January, end of the month with hopes that, the working population would have been paid their salaries.

Quote from: Chikito on January 15, 2025, 10:23:36 PM

it's okay to lose a few fees to safe our crypto on our wallet rather than panic when store in the exchange.

that good also helps miners to maintain the network.

Something I’m devoted to doing rather than become a victim to exchanges.

Mia Chloe

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Quote from: Coyster on January 20, 2025, 02:42:02 PM

Right now they claim they are not insolvent and that they halted withdrawals only because of "compliance suite upgrade". But many people in the crypto community, including me, do not buy that story. That said, when withdrawals start going through again, quite a lot of their users might be scared to use the platform again, and they might pull out, which could put the exchange in danger of bankruptcy, if they are not there already.

The fact is this whole stuff and gist wouldn't actually go viral if they are not at the verge of bankruptcy already. It's just a matter of time before the effects of the whole problem surfices. The most retarding thing about the whole thing is that they actually would end up paying the price at the detriment of their users and customers.
The funniest thing about the whole story is even after this there are people that will still store their coins on a centrallised exchange all in the name of it's safer. I think it's actually high time people saw the bigger picture about what privacy and ownership of coin is all about.

Abu-Naim

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

Centralized exchanges is very bad but sometimes they have advantages especially if they are supporting p2p transactions where some users will convert their crypto to their local currency direct.

I always recommend using reputable and globally known centralized exchanges to avoid such things because even if it happens it might be minimal and might have solution since the owners are well known, the government can fight for their customers, but that’s also not certain because these exchanges can be dramatic sometimes.

I will advice us to always use exchanges for their purposes which is just for trading both spot and future trading, we should always send our money out to our personal wallets once we are done trading or marketing in the centralized exchange because apart from our assets that are not safe, our details we submitted during kyc is also not safe with them.

Coyster

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Quote from: Mia Chloe on January 20, 2025, 01:55:39 PM

The question is how would sudden liquidation be covered up? Take an exchange in such a situation owing multiple users a compiled amount, if they take the decision of borrowing from a bank (which the chances are thin based on collateral), the end up switching owed liquidity from their customers to the bank.
There is a high chance they file up for bankruptcy and in the end those who stored their coins there lose them eventually. This is one of the major reasons you need to be careful when choosing exchanges.

Right now they claim they are not insolvent and that they halted withdrawals only because of "compliance suite upgrade". But many people in the crypto community, including me, do not buy that story. That said, when withdrawals start going through again, quite a lot of their users might be scared to use the platform again, and they might pull out, which could put the exchange in danger of bankruptcy, if they are not there already.

Mia Chloe

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Quote from: Coyster on January 20, 2025, 11:20:28 AM

The thing now is, even if they allow withdrawals on January 28, it might spark a "bank run" which could lead to a complete collapse of the exchange. I say so because people are already pensive and worried about their money, and if they are able to withdraw it, they might want to move it to another platform, and if it happens in numbers, we know the outcome.

Liquidation is one of the biggest problems that brings most firms to their knees be it an exchange or another firm in a different ecosystem. The question is how would sudden liquidation be covered up? Take an exchange in such a situation owing multiple users a compiled amount, if they take the decision of borrowing from a bank (which the chances are thin based on collateral), the end up switching owed liquidity from their customers to the bank.
There is a high chance they file up for bankruptcy and in the end those who stored their coins there lose them eventually. This is one of the major reasons you need to be careful when choosing exchanges.

moneystery

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there is something suspicious about the exchange, and I feel that the user's assets are no longer safe.

but that's how it is after people deposit their bitcoins on a centralized exchange, then they have no full control over their assets, meaning they have no choice but to accept the risk that at any time the exchange can refuse to withdraw or worse go bankrupt _{and that will cause users to lose all the assets they have} ... and that's why non-custodial wallets are still the best place for holders to be able to manage and hold their wallets. no matter what happens, as long as the holder has access to their non-custodial wallet, then they can do anything to the assets they have, whether to transfer or just hold the assets.

Coyster

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The thing now is, even if they allow withdrawals on January 28, it might spark a "bank run" which could lead to a complete collapse of the exchange. I say so because people are already pensive and worried about their money, and if they are able to withdraw it, they might want to move it to another platform, and if it happens in numbers, we know the outcome.

That being said, not your keys, not your coins is more or less cliche right now, it does not matter how many times we say it, whenever situations like this happen, you see that many people use exchanges as wallets.

Catenaccio

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Quote from: Rockstarguy on January 20, 2025, 06:42:31 AM

That is one thing about exchange, it can fail at anytime and their is no need to rely on any exchange to invest assets on it because anything can happen.

We invest money in Bitcoin or altcoins, not in any centralized exchange. Exception is if you invest your money in their exchange token, but if not, you don't invest in an centralized exchange. The rest is where you store your bitcoin or altcoins, on that centralized exchange where you bought your bitcoin or altcoin. It's risky and not recommended. A better and also safer place to store your bitcoin or altcoins, is your non custodial wallets.

Quote

We have heard so many different stories about exchanges and the funny thing is that victims from all these affected exchange never expected such an occurrence to happen.

Not Your Keys, Not Your Crypto: What to Know Before the Next FTX-type Meltdown. Similar stories with Terra, and many collapsed DeFi platforms in 2022.

Rockstarguy

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Quote from: Bitcoin Smith on January 12, 2025, 10:07:17 AM

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.

That is one thing about exchange, it can fail at anytime and their is no need to rely on any exchange to invest assets on it because anything can happen. We have heard so many different stories about exchanges and the funny thing is that victims from all these affected exchange never expected such an occurrence to happen. It is very important to take note never to put high hopes on any exchange, their is no safe exchange, anything can happen at anytime without the awareness of users investing the their asset on exchange.

Exchange is not safe to invest asset and people forget the main essence of an exchange is just to buy and sell and not the right place to hodl asset for long-term investment.

batang_bitcoin

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I can't see which is the funny part on it when the exchange have told that they'll be back and some people's fund are stuck in there. But mostly shouldn't trust centralized exchanges anymore when many of you are keeping your funds in there believing that it's safe. It's safe in a sense that they're a registered exchange, a trademark and a business. But if it's about the actual way of keeping our funds safe, it shouldn't be on these exchanges and we have seen in the past how many exchanges got into trouble and many customers have been affected.

Pmalek

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It's always sad to hear new drama that centralized exchanges create for the users who gave them control of their money. Sadly, it's also the best way people will learn. Giving them advice and suggestions doesn't help. Only after they get into trouble or suffer a financial loss will they consider better ways to handle their money.

I would be curious to know if the exchange allows its customers to swap their coins for fiat and withdraw that. If not, they are already lying about only halting crypto withdrawals when in fact users can't withdraw any assets at all.

Yousider

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

I check in internet, it exchange many issue and negative feedback. I think, check for first before you put money in there my friend

RockBell

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Quote from: Peanutswar on January 16, 2025, 06:16:02 AM

Sometimes restriction of the exchange depends on the coin but making it a whole withdrawal will become frustration to the investors or people using their platform, its the story that if you don't use your coins casually you don't need to store it into an exchange because they aren't a wallet they are just a platform exchange your coin into other coin and people becomes more confident to store their assets right there not until these kind of problem might come up. Use your exchange for casual trade or short term, use your wallet for long term or hodling.

And this is a clear reason why you don't put your trust in exchanges because it been a centralized but when you keep your coin a wallet it saves you a lot of stress and risk because there is a lot of risk thay saving you money in an exachange comes with, with this kind of action just discourages everyone from trusting exchanges because now that they have stopped all withdrawal what of people that have emergency how do they take care of it when they don't have assess to there funds, and like some questions that are asked if they can have access of even turn it to fiat if they have access to it then there problem is half solved.

Let's even hope is not what we think because if it is something we think then there will be any problem because if they don't resume then the problem is going to be more than what we think but we don't even expect it to get to that extent but eventually if it does then there is no way that it won't cause people pain but the proble now is thay people we never learn if not is not today that they have been saying it's not your keys not your coin, this like this is what we are suppose to draw our attention too.

albon

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Quote from: Peanutswar on January 16, 2025, 06:16:02 AM

Sometimes restriction of the exchange depends on the coin but making it a whole withdrawal will become frustration to the investors or people using their platform, its the story that if you don't use your coins casually you don't need to store it into an exchange because they aren't a wallet they are just a platform exchange your coin into other coin and people becomes more confident to store their assets right there not until these kind of problem might come up. Use your exchange for casual trade or short term, use your wallet for long term or hodling.

The biggest disaster is if an exchange goes bankrupt or gets hacked, and we have seen many real examples in the past, also stopping withdrawals completelly, freezing assets, requesting a source of funds, or placing restrictions on depositing for certain currencies, etc., are all the actions that they can take against their customers... These actions are countless and can cause clients to be dissatisfied and frustrated, and they are not liable because clients have agreed to the terms of use of their service and their condiitions from the beginning.

I completely agree. The biggest mistake is considering the exchange to be a secure place to store assets, as they control everything, so we should not put huge amounts in it or actually use it for long-term investments... It is undoubtedly necessary to carefully choose the CEX platform for trading by reviewing their ToS before creating an account, checking their fee rate, and the platform's security measures and precautions in case of issues and the responsiveness of their customer service.

Peanutswar

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Sometimes restriction of the exchange depends on the coin but making it a whole withdrawal will become frustration to the investors or people using their platform, its the story that if you don't use your coins casually you don't need to store it into an exchange because they aren't a wallet they are just a platform exchange your coin into other coin and people becomes more confident to store their assets right there not until these kind of problem might come up. Use your exchange for casual trade or short term, use your wallet for long term or hodling.

Catenaccio

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Quote from: Futurexxx on January 16, 2025, 05:08:31 AM

It is very bad that upon how this; not your key, not your coin is being preached daily in this forum, people are still falling prey to it.
Now just look at this bullshit that just took place, it is either their money has been cornered into something else or it has been stolen by someone or group of people internally, but all this is very much avoidable if people stop storing their asset in these exchanges.
Let's not be surprised that we might gets to 28th and they came up with different stories altogether, so the right thing to do is to avoid getting into such mess in the first place.

Warnings about it are everywhere, not only in Bitcoin forum, but people are victims from this bad practice are everywhere too. I don't want anyone to lose their bitcoin by bad practice with their bitcoin storage, wallets, and backups. But if they already lost their bitcoins, it's fact and can not be changed as Bitcoin transactions are irreversible.

Lost bitcoins are gift for everyone who don't lose bitcoins. Satoshi Nakamoto told us like this years ago.

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

Futurexxx

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

It is very bad that upon how this; not your key, not your coin is being preached daily in this forum, people are still falling prey to it.
Now just look at this bullshit that just took place, it is either their money has been cornered into something else or it has been stolen by someone or group of people internally, but all this is very much avoidable if people stop storing their asset in these exchanges.
Let's not be surprised that we might gets to 28th and they came up with different stories altogether, so the right thing to do is to avoid getting into such mess in the first place.

Just Say

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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 why custodial wallets should not be used, because that wallet is controlled by a third party. If they suddenly stop withdrawing crypto, then users will have nothing to do. So no matter how safe you think it is to keep your coins there, they will not actually be safe. By custodial wallet we mean different types of exchanges like Binance, Kucoin and many more. Since it is said that Not your keys not your coins, So we should use wallets that are under our control only. Exchanges should only be used for P2P transactions and use noncustodial wallets to securely store bitcoins and other cryptocurrencies. We heard almost a similar news a few days ago where a person lost 100 bitcoins after losing his wallet seed phrase.

Chikito

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it's okay to lose a few fees to safe our crypto on our wallet rather than panic when store in the exchange.

that good also helps miners to maintain the network.

MusaMohamed

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Quote from: Mayor of ogba on January 15, 2025, 06:51:29 PM

How are you certain that the suspension of withdrawals on the Mudrex exchange is temporary? Nobody is sure if the Mudrex team will open withdrawals on the Mudrex exchange on the 28th of January as they promised. I think something bad has happened to the Mudrex exchange, and I see the upgrade that Mudrex CEO mentioned they are running on the Mudrex exchange as a cock-and-bull story that will help them buy a lot of time to try and fix the problem on the Mudrex exchange, and if they can't fix the problem before the 28th of January, I believe withdrawals will not be open on the Mudrex exchange. People should stop keeping their assets on centralized exchanges so that they will not find themselves in situations like this.

They can fix issues, and reopen withdrawals for users, or they can die and disappear like many dead exchanges in history.

When an issue with withdrawal occurs, it's not good signal about that centralized exchange operation, and maybe worse things will come later. We don't know about future, but it's not good signal for their business and as users, you have many reasons to be fearful about future if their exchange and your money that stucks on it temporary now.

I am sure if they reopen withdrawals for users, people will panicly withdraw money and make a bank run on Mudrex.

cryptoaddictchie

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Quote from: Bitcoin Smith on January 12, 2025, 10:07:17 AM

Bybit is actually stopping their service in India but they allowing users to withdraw and that's the difference between legit and shady exchange.

Yeah seen this announcement too from Bybit. Theres not much reason to hold users fund if they arent hiding something. I assume they dont have it anymore or used the funds and waiting for some refill for that before issuing an announcement or yet another slow rug and delaying tactics to prolong the agony of Indian users.

Mayor of ogba

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Quote from: nakamura12 on January 12, 2025, 09:16:57 AM

This is indeed another story about not your keys not your coin. They should be thankful that it's just temporary rather than permanent.

How are you certain that the suspension of withdrawals on the Mudrex exchange is temporary? Nobody is sure if the Mudrex team will open withdrawals on the Mudrex exchange on the 28th of January as they promised. I think something bad has happened to the Mudrex exchange, and I see the upgrade that Mudrex CEO mentioned they are running on the Mudrex exchange as a cock-and-bull story that will help them buy a lot of time to try and fix the problem on the Mudrex exchange, and if they can't fix the problem before the 28th of January, I believe withdrawals will not be open on the Mudrex exchange. People should stop keeping their assets on centralized exchanges so that they will not find themselves in situations like this.

Potato Chips

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Quote from: Bitcoin Smith on January 14, 2025, 01:17:12 PM

Quote from: Potato Chips on January 12, 2025, 04:54:18 PM

The problem comes from the social media influencers who accept small amounts and promote anything as legit without any due diligence especially in our country and their massive following support and influence significant amount of people. Also government has no regulatory body to oversee such things which is why newbies often end up picking shady ones over the reputed crypto platforms.

Educating ourselves is the only way to combat thing, but people doesn't really encourage and participate in any of such events they simply follow what an influencer tell them to do and end up losing their own money.

Let's see what they will come up with on 28th Jan to delay it further.

That's indeed a big factor and there is so much clout chasing that people are faking stories. Pretty much why I try to always take their words with a huge pile of salt and make it a habit to cross check especially for pretty important things involving your money and/or safety. We can't control what people post. But we can however control how we react to them hence developing said habits will come a long way.

Could be the usual we have heard many times like corrupted drives lol or maybe they'll be gone already by then and this is just a stalling tactic. If they end up actually opening withdrawals though, I'm sure there will be some sort of bank run given the anxiety this has caused to people which begs the question, do they have enough resources for that.

Issa56

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

That’s really funny. Why should an exchange stop withdrawals for no reason? They didn’t even give notice before the suspension. At least people will have withdrawn their money from the exchange before they stop withdrawal. That’s really bad, and that’s the reason why we shouldn’t leave our coins on an exchange, and as a trader we should make sure we make use of a reputable exchange when trading, and when we know we won’t be trading for some time, then we should withdraw it from the exchange.

When planning to invest for a long time or even a short time, no exchange should be trusted, no matter how reputable the exchange is. When investing, then we should leave our coin in our wallet, and we should make sure our private key is properly secured, because if you can lose access to your private key, then your coin is gone already, so it should be secured properly.

sunsilk

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We've been telling people for ages that they shouldn't keep their coins on exchanges. Because with unforeseen scenarios like what's happening with mudrex, it's nothing new that we've been seeing on the community.

Too bad that no matter what these users do, convert into fiat or not, their coins are being held by that exchange and there is nothing they can do.

It seems that there's a pressing into crypto exchanges in India and people need to be careful with how much they keep in the exchanges if they're a regular customers and traders.

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Quote from: DediRock on January 13, 2025, 10:47:23 AM

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.

Last year, India suspended nine of the world’s largest exchanges, including Binance. The reason was clearly that these companies’ activities were not in line with local laws in India, and that these exchanges could resume their activities once they had rectified their legal status. There are reports that one or two exchanges have resumed their activities in India in return for complying with the laws and paying a fine, but the majority of the exchanges have not returned to the Indian market.
No one knows what is happening with Mudrex now, and I would not be surprised if these exceptional measures were taken under pressure from the authorities. Because nothing justifies the suspension of withdrawals for a long time unless people are forced to use the site with poor services due to the lack of alternatives. I hope that the worst that we all thought after reading the news does not happen.

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These exchanges will definitely be a challenging subject for beginners unless they seemingly negotiate their way out of this centralized exchange. Many think that this fund will act as a regulator for their protection but in reality this is completely different. Here, many people create fraudulent activity cycles to trap fraud which later turns out to be a frustrating situation for many people and due to this concern, a large number of people from the right wing fall victim to fraud.

Since coins are digital, it is clear that we cannot keep it permanently to ourselves. These coins are transferred in a process and you can provide its token as ownership.

Bitcoin Smith

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Quote from: Potato Chips on January 12, 2025, 04:54:18 PM

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 problem comes from the social media influencers who accept small amounts and promote anything as legit without any due diligence especially in our country and their massive following support and influence significant amount of people. Also government has no regulatory body to oversee such things which is why newbies often end up picking shady ones over the reputed crypto platforms.

Educating ourselves is the only way to combat thing, but people doesn't really encourage and participate in any of such events they simply follow what an influencer tell them to do and end up losing their own money.

Let's see what they will come up with on 28th Jan to delay it further.

satscraper

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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 a delicate gradation 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

Once more occasion of the folly of man relied on a bit of luck at centralized exchange. I advocate to use those exchanges that are from p2p class. One of them ^{which, BTW, my favorable} is bisq. The latter also has its own delicate gradations but ^{at least} I firmly know that no body there has the power to force me convert my BTC into Indian rupee.

knowngunman

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Quote from: Zaguru12 on January 12, 2025, 09:29:09 AM

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

This sound strange to my ears thou. I think they normally notify their customers about every development taking place within the exchange be it coin removal, delisting, suspension and maintenance so the customers on their own interests can take action prior to the time the event would take place. I do receive mail messages concerning some of these but I careless to pay attention or read the content of the mails since I'm not affected by their notice. Has anything changed?

By the way, regardless of whether they send notice or not regarding suspension or withdrawal of any assets, it's completely unsafe keeping your assets with exchange. Even the so called big exchanges can be target of attack and hack and your asset may be gone for good because even if they recover, they won't possibly pay all the affected customers talk more of compensation. It's advisable to send quantity of assets to use at a time to exchange and never make it your permanent storage for your coins for convenient and security purposes.

Sim_card

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I feel after the discomfort that these customers using this exchange feels within these two weeks of prevention from withdrawal or the exchange activities is on suspension, it will teach them a lesson for them not to keep their funds with a third party. I hate it when I don't have access to my coins whenever I want it. I feel insecure. Exchanges should be treated as a market place.

AYOBA

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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.

This news has spray to several places, because I also ever across this type of news before when but the problem of some people’s is that they don’t know how to store their coins in exchanges and the main problems of somes is that they will go and store their coins in the exchange that they don’t have any experience about.

But I think this will be a lesson for every users here that are not handle their private key or phrase well, because that’s what is make a lot of people to lose their assets when ever they store their coin in any of their exchanges they can definitely lost them all without recovery them back.

Ndabagi01

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

Even when it is clearly that the customers are scared of losing their money as the exchange may face some bankruptcy, they are still assuring their customers of their funds being saved and nothing will happen to them after the upgrade they’re planning on. Banking on the years of premium services they’ve rendered to the Indian people as a weapon to support their claim. We have heard of bigger exchanges that faced bankruptcy such as the case of FTX whom happen to be one of the top exchanges in the world. If such can face such setback then every other can also be faces with such. I believe a word is enough for the wise. Exchanges are not where to keep and save your money but just as the name implies to exchange your coins to fiat and if you’re a trader, can use some part of your money to trade on the exchange only. Still many days left to when withdrawal will be allowed, hopefully no negative outcome will be the result after waiting.

Die_empty

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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 something that the management of the exchange is not telling its customers. If they wanted to comply with some regulatory laws, they would have informed their clients before now. A one or two-week grace period should have been given to customers to withdraw their funds if they wanted to do that before it stopped withdrawals. This impromptu stoping of withdraws indicates that something is wrong with the exchange. It is either they don't have enough funds to keep running or they are going bankrupt.

We have to wait for the expiration of the deadline before concluding what has happened. This is a reminder that we shouldn't put huge funds in any centralized platform. But some people like learning the hard way.

Huppercase

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

The narrative of not your keys not your coins will remain a big phrase to swallow for people yet it remain one the best security measures anyone can take. If I'm not trading on any exchange, my funds don't has any businesses sleeping with over on the exchange, I will request for a deposit immediately and even if I wanted to buy a coin, immediately I'm done buying, I send it out to my external wallet, I will hold it there until it's ripe for my profits and then deposit back since I use the network with the lowest fees as possible.

Now this is another lesson for the users in the exchange, I hope that they have learn a great lesson. If the exchange eventually comes back online, I hope they take out their funds and withdraw their things. However, there are some people that will not listen, they might keep using the exchange as their normal wallet or move their funds from that exchange to another one and we all know none of this exchanges looks save as a wallet, personal wallets remain the best.

CryptSafe

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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.

Callido

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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.

DediRock

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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.

Kelward

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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.

hd49728

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Not your keys, not your coins!

Quote from: ThemePen on January 13, 2025, 12:50:01 AM

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.

ThemePen

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Quote from: nakamura12 on January 12, 2025, 09:16:57 AM

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.

adultcrypto

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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.

BABY SHOES

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Quote from: acroman08 on January 12, 2025, 12:17:03 PM

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?

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.

nelson4lov

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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.

Ojima-ojo

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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.

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.

Alphakilo

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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.

Potato Chips

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Quote from: Bitcoin Smith on January 12, 2025, 10:07:17 AM

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.

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.

Mia Chloe

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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.

Alone055

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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.

Asuspawer09

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

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.

Saint-loup

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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.

Salahmu

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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.

acroman08

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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.

Samlucky O

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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.

Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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.

tranthidung

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Quote from: Btcalysis on January 12, 2025, 09:12:08 AM

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

Bitcoin Smith

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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.

Orpichukwu

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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.

Zaguru12

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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

nakamura12

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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.

Btcalysis

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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

Topic: Another not your key not your coin story (Read 680 times)