Don’t make any crazy/suicidal moves in this bear market

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Quote from: Hyphen(-) on November 16, 2022, 10:55:13 AM

Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

Do not forget that no altcoins move without Bitcoin moving first. Every crypto projects always rely on Bitcoin movement for them to take their own move too. The market might think going after altcoins is a better option now but is wrong. We have seen so many crashed projects and crypto exchanges so that should tell us that mo matter what we think we can get from the altcoins market, we might become a victim one day if we become unlucky.

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It's true you shouldn't be making emotional investing decisions given the history of exchanges collapsing, but as a side note: Bitcoin's resilient enough to handle these enterprises collapsing, but I don't think it's a long term strategy to brush these corrupt exchanges off as not having immense power in the long run. They clearly effect Bitcoin's price significantly and I'm fearful that regulators are going to look at these collapses as an excuse to regulate Bitcoin into the ground.

I guess I never stepped back and realize that there were this many platforms that either got "hacked" or ran away with clients' funds. It's a bit shocking.

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Even though this warning has been sounded a couple of time, some people will still leave the assets on an exchange, I use to know a friend who stored all his bitcoin on binance and I always advise him against that because with an exchange, you don't have right over your coins and the exchange can lock you out of your account at any time because you don't have the wallet keys.

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Do not forget about one of the craziest that has happened for this year and that's the UST and Luna collapse.

I saw news that there were people who went the other way and decided to end their lives because they can no longer attain to see the sinking boat of these two projects.

Every bear market is really making a lot of crazy events and happenings. And to those that are starting to think off, you can do better and it's not always the end when you're at a huge lose at this market.

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Not Your Keys, Not Your Bitcoin

Despite the clear sight that investors and crypto enthusiasts has seen on how centralized exchanges cannot be trusted, some exchange CEO like Binance CZ are playing tricky games on Twitter, he will preach how not your keys not your coins is the next big thing in crypto and second day, he will switch to how Binance is a reliable exchange but we all know the truth on how disastrous they are too bitcoin.

To those affected by the exchange stupidity and their shenanigans, keep your bitcoin out of them and hold them, if you have more usdt, buy more bitcoin if it keep going down, you will be the enjoying the benefits of been a diamond hands when the bull returns.

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

~

There is no perfect security anyway. I would not even buy it when they say "proven by cybersecurity experts" aside from being "top notch security", as you were already giving them your information and your coins for them to use for whatever purpose they wanted.

You know, I have not even heard of the news about FTX when it was like a fresh news in crypto. I just assumed that Bitcoin is just really having those "tank times" like we usually have back in the days before it takes off for new ATH, so the bearish market did not bother me at all.
I just wish the best to those who are affected mentally during these bearish market. Ain't trying to show "copium", but we've been at this point of the price almost every few years and yet we still see another ATH at the end of the day.

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Quote from: Leviathan.007 on November 18, 2022, 03:07:23 PM

Recently I have seen many places where they talk about the FTX exchange and the hack story. First, we all should understand that exchanges are not a suitable place for holding your assets there because you can't have access to your funds directly. The other thing here is we cannot be sure to say the hack was really because this could be an attack from their friends to take money from people while they promised people to give them high-security services, but none of them on this list could provide this security. and drama happened every time.

As if these things turns out to be first time or something that cant happen? People who had just recently jumped in the market will really be having that shock but for those who had been on this market for some years and sees these exchange hacks and issues then they would really be just simply be ignoring it out and getting used to it.Suicidal attempts are to those people who had invested or leave their funds
on exchange which they didnt really expect for these things to happen which is very wrong.
If you do really make yourself that much confident towards your funds and storing it up on any centralized platform then it do always accompanies such risk, this is why its really better
to be wary of these things in the first place before making any deposit.

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Recently I have seen many places where they talk about the FTX exchange and the hack story. First, we all should understand that exchanges are not a suitable place for holding your assets there because you can't have access to your funds directly. The other thing here is we cannot be sure to say the hack was really because this could be an attack from their friends to take money from people while they promised people to give them high-security services, but none of them on this list could provide this security. and drama happened every time.

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

What happened really is a drama. It supposedly won't affect other cryptos but people made it happen. Many people gave up their investments because of the breach which cause huge downfall to most of the tokens' value. Bitcoin somehow moved but my take on this is that investors of Bitcoin gambled not selling no matter what it takes which is a good decision now that the drama is somehow fading. In this bear market panicking won't help but rather will just make situation worse for us. Investing at this point is double edged; you may earn huge profit once green marks dominate the market but also lose profit if things will just continue. So betteryet invest only to the trusted ones or those which has reputation of withstanding such dramas

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Quote from: dunfida on November 16, 2022, 03:59:23 PM

It did really ending up on opening everyones eyes when it comes or do speak about reality because people get up so confident when it comes to exchange platforms on whom they do really believe that these things
cant happen anymore on these days but they are wrong.People shouldnt really be that confident when it comes to this.There's always probability which people do become shit on these platforms

incidents like this will continue to happen and maybe with different methods. I don't know which exchange and altcoin will be the next scammer. We all really have to learn from past events, otherwise, we will get stuck in it.

Quote from: dunfida on November 16, 2022, 03:59:23 PM

if they do saw huge sums of money which they can milk into and later on they would really be making out some alibis.You would really be having thoughts on suicidal
act on the time that you had go all in with your money that had been invested and then you had stored it on any centralized platforms or services.

In the end, they will come up with an alibi for what is going on and they don't feel it is their fault. Just look at that loser SBF who is still free to breathe fresh air. the actor who used to be known as a young person with potential and made donations to many foundations. none other than just as a penance and want to continue to be considered a generous person, but his behavior really does not reflect his image.

lesson for us, is never to invest all money in a centralized exchange, as the risk of loss will be greater.
Just look at this advice from Theymos: Reminder: do not keep your money in online accounts

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Quote from: taufik123 on November 16, 2022, 12:59:14 PM

Quote from: Hyphen(-) on November 16, 2022, 10:55:13 AM

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

Luna and FTX are true examples of altcoin collapse even though they are top altcoin projects and exchanges. this is because there are some idiots who work as con artists and cause big projects to crash.

Now no one can be completely trusted anymore because FTX opens old wounds and reminds us that everything is vulnerable and cannot be trusted. Bitcoin is the king coin of choice, it remains decentralized and no one can completely control it.

Everyone is very skeptical right now, I even withdrew some assets from the exchange for the purpose of making it safer.

It did really ending up on opening everyones eyes when it comes or do speak about reality because people get up so confident when it comes to exchange platforms on whom they do really believe that these things

cant happen anymore on these days but they are wrong.People shouldnt really be that confident when it comes to this.There's always probability which people do become shit on these platforms

if they do saw huge sums of money which they can milk into and later on they would really be making out some alibis.You would really be having thoughts on suicidal
act on the time that you had go all in with your money that had been invested and then you had stored it on any centralized platforms or services.

taufik123

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Quote from: Hyphen(-) on November 16, 2022, 10:55:13 AM

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

Luna and FTX are true examples of altcoin collapse even though they are top altcoin projects and exchanges. this is because there are some idiots who work as con artists and cause big projects to crash.

Now no one can be completely trusted anymore because FTX opens old wounds and reminds us that everything is vulnerable and cannot be trusted. Bitcoin is the king coin of choice, it remains decentralized and no one can completely control it.

Everyone is very skeptical right now, I even withdrew some assets from the exchange for the purpose of making it safer.

CryptoHeadlineNews

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Quote from: Bitstar_coin on November 16, 2022, 10:47:00 AM

And the irony of it all is - people still have their funds kept on exchanges. I don't know what it will have to take to get some people to take their investments and funds seriously.
This has been repeatedly said countless times and many still won't learn from the experience of others

Yes, you just spoke wisely, because that's one thing about us human beings, not everybody learns from other people's mistakes, some want to be a personal victim before they could adjust, which is very bad. But I'm not against not having money on exchanges for a certain purpose (I.e either for trading, swapping or e.t.c) but I am totally against keeping money on exchanges, most especially huge funds that you simply can't afford to lose, because one mistake most people do is keeping huge money on exchanges or borrowing money just to buy Bitcoin, wish is very bad, and I wish to sympathize with all those who lost their funds during this recent FTX bankruptcy.

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

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And the irony of it all is - people still have their funds kept on exchanges. I don't know what it will have to take to get some people to take their investments and funds seriously.
This has been repeatedly said countless times and many still won't learn from the experience of others, they will only become suicidal when the deal has been done. While not correct such mistakes while you still can rather than wait for something to happen before regretting it all. A stitch in time saves nine.

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Quote from: albon on November 16, 2022, 09:49:33 AM

The really crazy and suicidal moves is to keep your currencies in central exchange platforms. We must learn from the mistakes of others and learn that exchange platforms are not a safe place to keep our wealth inside. There are many alternatives through which we can keep our currencies safe during the bear market so that we do not wake up and find that the exchange platform that we trusted has gone bankrupt or has been hacked, and one of these alternatives is a hardware wallet such as Trezor or Ledger.

But this is bad, Initially when I joined the crypto space newly I was thinking that this exchanges are digital banks and therefore acts as banks in this industry, but now seem this is becoming opposite because most of them have now turned out to be a clear scam exchange, and this is why we need regulation to protect investors, hence if this platforms should get away with this act, it doesn't mean well for the entire industry because more will follow suit and still get away with it.

However so far crypto is currently not been adopted and regulated world wide, we still need them as medium of exchanging our cryptos into fiat.

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But it also depend on your overall literacy in terms of secure storage by yourself and the amount you have invested and the overall time you have to manage your stuff.

This is no recommendation to store your coins on a centralized exchange ever, but sometimes it can be ok if you leave your coins with a reputable, registered exchange and familiarize yourself in the meantime with secure storage.

It's right that it should be the other way around, but if one decides to buy first and store it on a centralized exchange, chances that it gets lost are lower with well established exchanges. Yes, FTX now proved the opposite, but some of the exchanges OP mentioned are shady as hell anyway!

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

The really crazy and suicidal moves is to keep your currencies in central exchange platforms. We must learn from the mistakes of others and learn that exchange platforms are not a safe place to keep our wealth inside. There are many alternatives through which we can keep our currencies safe during the bear market so that we do not wake up and find that the exchange platform that we trusted has gone bankrupt or has been hacked, and one of these alternatives is a hardware wallet such as Trezor or Ledger.

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Quote from: Strongkored on November 16, 2022, 05:49:36 AM

FTX is one of the biggest exchanges and some of its sponsorship of athletes definitely brings a lot of people who have big funds to use it and when the funds can't be taken it will be very frustrating especially with the news that keeps popping up making it even more doubtful for the users that the money can be withdrew taken later and can lead them to think of ending their life, can't blame their actions even though it's not the right thing because we can't definitely feel what they feel. We can only empathize and learn that when our funds are in the hands of other people, they are no longer ours, so don't ever blindly entrust your funds anywhere.

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Quote from: Peanutswar on November 16, 2022, 07:08:28 AM

This is the reason why some of the people telling that don't store your coins into those exchanges because there's a chance might happen in the future with them and of course you cant do anything if they face this kind of scenario there's a lot of people making their money in just one exchange and does not invest into cold wallet or hot wallets which might risk their money on those exchange also we it is related to the reminder of theymos in the announcement board. Reminder: do not keep your money in online accounts

People who thinks crypro is the way out to become rich overnight will think this is fine. But as much as more people said " not your keys, not your coins." they have not reaized how important this reminder was until it literally became to life. Well, it happened with FTX.
It's inevitable not to see people with the same mindset, especially that we're not even half of the population who adopted crypto.

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Quote from: Peanutswar on November 16, 2022, 07:08:28 AM

This is the reason why some of the people telling that don't store your coins into those exchanges because there's a chance might happen in the future with them and of course you cant do anything if they face this kind of scenario there's a lot of people making their money in just one exchange and does not invest into cold wallet or hot wallets which might risk their money on those exchange also we it is related to the reminder of theymos in the announcement board. Reminder: do not keep your money in online accounts

perhaps, they will never realize it until it comes and happens to them personally. I
I'd see how disappointing it is to be what happened with FTX but thing like this isn't surprising anymore because of some known exchanges are in big trouble after for how many years of running their platform. It is something to tell us the importance of investing in hardware wallets especially if we are investing huge amounts in crypto. It even tells us the risk in choosing exchange wallet as a storing wallet as we never know any of these days they will be get hacked or being compromised.

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This is the reason why some of the people telling that don't store your coins into those exchanges because there's a chance might happen in the future with them and of course you cant do anything if they face this kind of scenario there's a lot of people making their money in just one exchange and does not invest into cold wallet or hot wallets which might risk their money on those exchange also we it is related to the reminder of theymos in the announcement board. Reminder: do not keep your money in online accounts

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FTX is one of the biggest exchanges and some of its sponsorship of athletes definitely brings a lot of people who have big funds to use it and when the funds can't be taken it will be very frustrating especially with the news that keeps popping up making it even more doubtful for the users that the money can be withdrew taken later and can lead them to think of ending their life, can't blame their actions even though it's not the right thing because we can't definitely feel what they feel. We can only empathize and learn that when our funds are in the hands of other people, they are no longer ours, so don't ever blindly entrust your funds anywhere.

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Quote from: Doan Ha on November 15, 2022, 09:20:11 PM

Quote from: dimonstration on November 13, 2022, 10:47:43 AM

Uniswap is a DEX which means no one is storing there token in there and not related if your main subject is not your keys not your coins against using centralized exchange.

FTX recent hacked is not a breach but rather a planned insider job to exit some money on there dying business. FTX is already fallen when the hacked is already occured somI wouldn’t say that it’s the main cause for there downfall but rather the shady deal of there CEO.

Whether or not there was a conspiracy in their operation, I was not involved in it. Maybe I'm too naive or not very smart. There are a few things I haven't done, 1. I don't operate frequently on centralized exchanges, and I stay away from the secondary market. 2. Bitcoin or digital currency is not everything to me, it is just a way for me to invest and manage money. 3 I have a normal mentality. If the encrypted world collapses, I will fail to invest. After all, I don’t have a lot of money.

We will never know whether there was a conspiracy or not in their operation. But what is clear is that it has happened and we can only wait for the investigation results from the regulators. You've done a good thing in your opinion and I agree to use bitcoin as an investment and manage our money. But this digital currency will still develop more in the future with more projects that will bring different technologies to complement the existing ones. And we can use it as another investment so that we can benefit from that investment.

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

Few person that are aware of my association with bitcoin have been bugging me with questions. I understand that some just wanted to mock me because of my confidence in bitcoin. Thank you OP for this good piece of advice. I made some mistakes before that caused me a whole lot of funds and I have always regretted my poor decision. I have learnt the priceless virtue of HODLING the hard-way and I am very willing to stay till the end.

These exchanges cannot be trusted because they are just commercial banks on the internet. Owners of these centralized firms run them like their families and sometime their decisions are not rational and economically sound that is why more would keep going down. I am not scared anymore because bitcoin would definitely bounce back and the keys to my bank are with me.

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Quote from: dimonstration on November 13, 2022, 10:47:43 AM

Uniswap is a DEX which means no one is storing there token in there and not related if your main subject is not your keys not your coins against using centralized exchange.

FTX recent hacked is not a breach but rather a planned insider job to exit some money on there dying business. FTX is already fallen when the hacked is already occured somI wouldn’t say that it’s the main cause for there downfall but rather the shady deal of there CEO.

Whether or not there was a conspiracy in their operation, I was not involved in it. Maybe I'm too naive or not very smart. There are a few things I haven't done, 1. I don't operate frequently on centralized exchanges, and I stay away from the secondary market. 2. Bitcoin or digital currency is not everything to me, it is just a way for me to invest and manage money. 3 I have a normal mentality. If the encrypted world collapses, I will fail to invest. After all, I don’t have a lot of money.

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I understand if some are going through severe depression during these trying times in crypto. Obviously, there are many whose lifetime savings are kept in FTX. It must be very painful to them. Even if they learned precious lessons out of it, they still won't be pacified. It's their savings that's lost. It's their hard work that is wasted. Their stuck funds could mean college education for their little children, a long family vacation abroad, a new house, a new car, and whatnot.

But this is what it is. You have to accept it. You have no choice. It's hard to swallow, but you have to.

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

It has been reiterated countless times on the need to keep and store your coins off exchanges as it has been proven a couple of times about how unsafe exchanges are, and with the latest drama involving FTX, the point is proven once again.

These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022

These breaches are just some as recent as two years.
Exchanges such as those listed above would promise top notch security and encourage people to do business with them and when breached, it’s same people who would be at the receiving end.

These hacks and breaches in these exchanges does not fare well for the crypto market as it could get existing and potential new investors jittery.

So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

So many things are happening in the market now and so many investors had lost plenty funds and some loses their life savings which is the reason why we should never keep all our funds in an exchange because if anything happens to the exchange, we might lose all our funds and nothing will happen. This is time we standing knowing the risk of keep so large fund in an exchange which can end up crashing anytime any day. Those who are affected by the current crash will really felt the pain of losing all their life savings without an to signal from anywhere.

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022

These breaches are just some as recent as two years.

Disappointedly, I didn't see Binance on your list. We all know that it was also hacked during the period in quote here. Hacks are synonymous with exchanges and most times it's insiders' jobs with staff leaking vital information to hackers. However, FTX's case wouldn't be classified as a hack. It's total greed on the part of the CEO, Sam Fried. The dude has caused more harm than envisaged to the entire crypto space within these few days that his sharp practices got out in public. He should be made to face the law and consequences of his needless recklessness.

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Quote from: GideonGono on November 13, 2022, 04:20:42 PM

I like to store my coins at exchange before since it would save me time and fee whenever I want to trade them,
But thinking about the risk on holding it there seem's too much, and this reminds me of a very popular phrase "NOT YOUR KEY, NOT YOUR COIN".
It is better to be safe than sorry so instead of risking my funds due to my laziness and cutting off fee I would rather have them on my personal wallet.

I had also followed your footsteps by hodling my coins in my electrum wallet and only transfer the actual trading amount to my exchange for trading, Thermos made a bold warning to crypto hodlers to hodl their large amount of cryptos in a wallet where you own the private keys, it's obviously very risky to store our coins in any exchange irrespective how reputable and credible the exchange is, because it has becoming a reoccurring issues of exchanges hacked by hackers with the help of insider and this seem not abating for now despite all the firewall deployed to prevent hackers from gaining access to the exchange.

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

These breaches are just some as recent as two years.

Why only in the past 2 years, when we know that such things have been happening since 2012, and despite that, the majority have not yet learned any lesson from all this. I would say that crazy/suicidal moves are something that people do constantly, because they keep repeating the same things, which means that they are consciously harming themselves.

There is an old saying that says "Fool me once, shame on you; fool me twice, shame on me."

Quote

2022, November 12   FTX   Unauthorized transactions   $600 million
2022, January 17   Crypto.com   Unknown   $34 million
2021, December 11   AscendEX   Obtained access to hot wallet   $80 million
2021, December 5   BitMart   Obtained access to hot wallet   $150 million
2021, August 19   Liquid   Obtained access to hot wallet   $97 million
2021, April 29   Hotbit   Obtained access to hot wallet   Nil
2020, December 23   Livecoin   Compromised system/servers   Unknown
2020, December 21   EXMO   Obtained access to hot wallet   $4 million
2020, December 1   BTC Markets   Internal staff error/mistake   270,000 user's private details
2020, September 25   KuCoin   Data leak   $275 million
2020, July 11   Cashaa   Malware   $3.1 million
2020, June 29   Balancer   Vulnerability in protocol   $500,000
2020, April 19   Lendf.me   Bugs and Re-entrancy attack   $24.5 million
2020, April 19   Uniswap   Bugs and Re-entrancy attack   $500,000
2020, February 5   Altsbit   Obtained access to hot wallet   $70,000
2019, December 19   Youbit   Obtained access to hot wallet   Unknown
2019, November 26   Upbit   Obtained access to hot wallet   $49 million
2019, November 5   Vindax   Unknown   $500,000
2019, July 11   Bitpoint   Compromised system/servers   $32 million
2019, June 27   Bitrue   Compromised system/servers   $4.5 million
2019, June 6   Gatehub   Unknown   $9.5 million
2019, May 7   Binance   Obtained access to hot wallet   $40 million
2019, March 29   Bithumb   Unknown   $29 million
2019, March 25   Coinbene   Suspected trusted insider   $40 million
2019, March 24   DragonEX   Unknown   $1 million
2019, February 15   Coinmama   Data leak   450,000 user's private details
2019, February 1   Cryptopia   Unknown   $16 million
2019, January 26   LocalBitcoins   Phishing data on fake site   $27,000
2018, October 28   Maplechange   Suspected trusted insider   $51,000
2018, September 14   Zaif   Obtained access to hot wallet   $60 million
2018, June 18   Bithumb   Unknown   $31 million
2018, June 10   Coinrail   Unknown   $40 million
2018, April 13   CoinSecure   Suspected trusted insider   $3.5 million
2018, February 10   Bitgrail   Suspected trusted insider   $146 million
2018, January 27   CoinCheck   Unknown   $560 million
2017, December 20   EtherDelta   Server DNS compromised   $1.4 million
2017, July 5   Bithumb   Unknown   $7 million
2017, April 22   Yapizon   Obtained access to hot wallet   $5.3 million
2016, August 2   Bitfinex   Unknown   $623 million
2016, May 9   Gatecoin   Obtained access to hot wallet   $2.14 million
2016, April 7-9   Shapeshift   Suspected trusted insider   $230,000
2016, February 16   BTER   Unknown   $1.75 million
2015, December 11   Bitstamp   Malware   $5 million
2015, August 15   BTER   Suspected trusted insider   $1.65 million
2014, July 13   Mintpal   Obtained access to hot wallet   $2 million
2014, March 4   Poloniex   Obtained access to hot wallet   $50,000
2014, February   Mt. Gox   Various methods   $460 million
2013, November 11   Bitcash   Compromised system/servers   $100,000
2012, September 12   Bitfloor   Compromised system/servers   $250,000
2012, March 1   Bitcoinica   Compromised system/servers   $87,000

Source

TungTresa

newbie

Activity: 14

Merit: 0

Your own hardware wallet is the safest place to be. I haven't done any trading since May. I'm waiting for a good opportunity to buy again. I've lost a lot of money in crypto investments in the past two years, but I'm pumped up and not going to kill myself, I'm sure I can earn it back again later, there's really nothing left if I die.

Adbitco

hero member

Activity: 1428

Merit: 653

Leading Crypto Sports Betting & Casino Platform

I do sympathized with those who were as a victim to that occurrence and I know how painful it's to lose their heart earn money to the hands of hackers through exchange, through fake project and many more but it doesn't mean were one could commit suicide and takes their life's for sake of lost yet I understand how the trauma is because I have been a victim and this has really made me strong. I just pray for those affected to have their selves right and move on I believe In no time they could recover from it.
So my advice to everyone out there is; they should look for a trusted cold wallet or hardware wallet to store their funds and I do not store your fund in an exchange account to avoid being hacked and say no to suicide.

Iroh

sr. member

Activity: 742

Merit: 275

Quote from: so98nn on November 13, 2022, 11:36:16 AM

This is good message because peeps has been doing such extreme moves in the crypto markets. This is nice reminder because bitcoin is dipping at its deepest point during the current financial year. This is impacting the market a lot and peeps also go take extreme steps in the flow of it. The negativity that is getting spread all over the market is really concerning. This is also leading to mega dumps throughout the market.

Only message from the desk would be, investing more money (affordable investment) and buy as much as we could.

This could also contribute to little stabilisation of current market if EVERYONE follow this.

People do extreme and crazy things when seemingly backed into a corner. The recent events has spooked a lot of people and things are not looking bright at the moment. All these are experienced when venturing into investments.

Most people fear and do not trust what they don’t know and with all the recent drama, the negativity is spreading even more and people would be influenced by it.

With investments, it’s always best to play it safe and not go all in so there would not be any regrets that would induce crazy thoughts and actions.

harapan

sr. member

Activity: 1736

Merit: 306

Aren't these warnings clear enough for people to take of those coins of that exchange?
If you're new to the Cryptocurrency space, possibly a new investor who haven't observed other bear market, ask from those who have been, you'll find out that Bitcoin jerk's back up after such charades and dramatic happenings that occurred recently with FTX and other Exchange's.................................

That's said, other shit coin's will never be like Bitcoin and may never bounce back. So OP it's good as you've decided to remind people to not make sucidal moves, some are depressed.
Please don't end up killing yourself, check on your love one's who are in crypto and have invested ans ensure they are safe and sound.
I see people advicing, leave crypto,leave crypto, but you donx forget bitcoin is not crypto, leave exchange's. Leaving those coin's on exchange's cause them to loose them

KingsDen

legendary

Activity: 1288

Merit: 1081

Goodnight, o_e_l_e_o 🌹

Indeed this is a very tough time for cryptocurrency industry, it is saddening and disheartening. So many people are already speechless and depressed, some has lost hope in crypto.

First it has been continued bear market for a very long time, secondly, the bankruptcy and hack of the second largest crypto exchange just happened, which further pushed the market to more bear. This has left many people hopeless to be honest with you. I stumbled into group of crypto friends today and they we are all weak, no joy, no happiness, some are saying about the FTX problem, others are complaining of the bear. The vibe was very low.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

Now is a good time to make some moves to secure your coins if you haven't already done so. Moving shitcoin balances into BTC and removing from exchanges is a great way to ensure that you won't be destroyed from this mess. Common sense would also say that if you are able, now is a good time to be buying while everyone else is in a panic. I would just urge folks not to sell their portfolio for cash here and throw up their hands at the crypto market. Things will recover from this event, if even temporarily. Now is the time to force exchanges to be solvent or go under. Go to BTC, remove it from the exchanges...

GideonGono

hero member

Activity: 2086

Merit: 501

★Bitvest.io★ Play Plinko or Invest!

I like to store my coins at exchange before since it would save me time and fee whenever I want to trade them,
But thinking about the risk on holding it there seem's too much, and this reminds me of a very popular phrase "NOT YOUR KEY, NOT YOUR COIN".
It is better to be safe than sorry so instead of risking my funds due to my laziness and cutting off fee I would rather have them on my personal wallet.

The Cryptovator

legendary

Activity: 2408

Merit: 2226

Signature space for rent

Well written. First of all, you should never hold your funds anywhere that you don't have control like a non-custodial wallet. Doesn't matter if it's a centralized exchange or web wallet. Just secure your funds with a hardware wallet or non-custodial wallet. Suicidal or something like this is the worst thing ever. Don't invest if you can't afford the loss. It's crypto and anything could happen at any time. So your mind should prepare to accept any kind of situation.

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

Quote from: Iroh on November 13, 2022, 10:23:02 AM

So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

(Bolded part)
Its never been ideal on the first place and its been told countless times that exchanger or any centralized platforms isnt that ideal on storing up your money or making it as a main wallet.
We've seen lots of hacking incidents, we've seen lots of similar situations and been saying all over again and again that exchangers arent wallets. You would definitely be having that kind of thinking
about suicide specially if you had put all in of those money you do have.I know its simple to say to get rid or overcome those emotions because we arent the ones who had lost that big but
if we are on their shoes then pretty sure you might really be possibly be able to experience these things and have thoughts on your mind. This is why risk management and
securing your assets on best or safest way as possible should really be your priority.

Odusko

hero member

Activity: 1008

Merit: 520

Leading Crypto Sports Betting & Casino Platform

Quote from: dimonstration on November 13, 2022, 10:47:43 AM

Uniswap is a DEX which means no one is storing there token in there and not related if your main subject is not your keys, not your coins against using a centralized exchange.

This is a very important clarification of the term as I observed that, any member are miss representing both means one, DEX exchange, gives you the right to hold your coins in your private wallet, and any time you want to swap you will need a wallet connection to the Dapp site to initiate the conversion.
On the other hand, centralized exchange hold your assets and does not give you a wallet key to recover your asset. any point, so the holder becomes not in control of the wallet.

Ultegra134

hero member

Activity: 1750

Merit: 904

Bitcoin is the only thing that has remained intact since its founding. It remains decentralized, it hasn't been hacked, the total number of coins is strictly limited to 21 million, it's open source, it continues to be adopted by new people, and it probably features a ton of other characteristics.

It's extremely frustrating that such a large exchange can fail so abruptly. My condolences go out to the people who lost their money. While Bitcoin's (and other coins') value has severely decreased and may look like a great opportunity for purchases, the extremely unstable market situation is rendering it a risky time for investments, and the OP is suggesting that investors be extra cautious in their choices.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: Iroh on November 13, 2022, 10:23:02 AM

So, like the heading says, do not make crazy suicidal moves in this bear market.

Not only in bear markets, but even in trading in general. One of the most deadly sins of trading is revenge trading your losses, in the hopes of making the losses back sooner.

ajiz138

hero member

Activity: 1498

Merit: 785

Quote from: Fivestar4everMVP on November 13, 2022, 11:15:32 AM

Generally though, I think the message OP is trying to pass is that crypto users should stop storing their funds in centralized exchanges, this one message is one that can never be outdated as long the crypto space continues to exists and newbies continue to join the space, ive had this experience when cryptopia exchange got hacked, I lost almost everything I had then and had to start afresh again, this experience thought me a vital lesson and till today, I never leave my funds on centralized exchanges anymore, I rarely use them even, except on days I decide to do some trading.

We have to convey more to people who don't know that a centralized exchange is not a safe place for us to store assets, I think there are still many out there an investor who still keeps assets on the exchange, especially a beginner who comes for the first time, of course, will definitely choose an exchange over personal wallet to store it but this awareness sometimes makes it difficult for us to tell those who have been hypnotized by the exchange because of its convenience even though behind all of that there is a big risk that awaits.

Accardo

hero member

Activity: 1274

Merit: 561

Leading Crypto Sports Betting & Casino Platform

I feel sorry for people that got involved in these disputes. The year 2022 is really rough on Bitcoin investors. Many people will never return to crypto again, after losing their savings and investments at the mercy of a bankrupt exchange. Some guys during the Luna crash committed suicide, I heard. To battle such thoughts, read some books, hit the gym and talk to a doctor for a therapy. No need hating on Bitcoin it's the fault of bad Managements of these exchanges, also it's not the right time to think or blame anybody for storing funds on exchanges. Not everyone is privileged to know how risky it is to keep funds there. However, Bitcoin will bounce back as it's the perfect time to purchase more Bitcoin.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Thanks for making the list. Causes for losing money on an exchange can differ: it can be a bankruptcy, security breach, an inside job, an exit scam, etc. It's also not always clear what actually happened, but the outcome of all these actions in the same: people lose their money. This should be a cautious lesson for everyone not to store money on exchanges and to only use them when necessary. If you need to use an exchange regularly, you should do your research and regularly withdraw profits (if you're a trader) from there as well. The FTX story wasn't good for the already bearish market, but I'm confident Bitcoin will recover from this.

so98nn

hero member

Activity: 2114

Merit: 603

This is good message because peeps has been doing such extreme moves in the crypto markets. This is nice reminder because bitcoin is dipping at its deepest point during the current financial year. This is impacting the market a lot and peeps also go take extreme steps in the flow of it. The negativity that is getting spread all over the market is really concerning. This is also leading to mega dumps throughout the market.

Only message from the desk would be, investing more money (affordable investment) and buy as much as we could.

This could also contribute to little stabilisation of current market if EVERYONE follow this.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: dimonstration on November 13, 2022, 10:47:43 AM

FTX recent hacked is not a breach but rather a planned insider job to exit some money on there dying business. FTX is already fallen when the hacked is already occured somI wouldn’t say that it’s the main cause for there downfall but rather the shady deal of there CEO.

You are absolutely correct mate, the issue With FTX is not one that should be considered as a breach, but rather, the CEO mismanaged funds belonging to the users of the exchange.

Generally though, I think the message OP is trying to pass is that crypto users should stop storing their funds in centralized exchanges, this one message is one that can never be outdated as long the crypto space continues to exists and newbies continue to join the space, ive had this experience when cryptopia exchange got hacked, I lost almost everything I had then and had to start afresh again, this experience thought me a vital lesson and till today, I never leave my funds on centralized exchanges anymore, I rarely use them even, except on days I decide to do some trading.

Z-tight

hero member

Activity: 994

Merit: 1089

Quote from: Iroh on November 13, 2022, 10:23:02 AM

These hacks and breaches in these exchanges does not fare well for the crypto market as it could get existing and potential new investors jittery.

These 'potential investors' should research and know the differences between altcoins and bitcoin, centralized exchanges or services and decentralized exchanges, self custody and custodial, etc, if they can understand these differences then they would no longer be jittery about anything, but understand that hacks, breaches, censorship and the rest of them all have to do with centralized services.

Exchanges are not supposed to hold your funds and you are not supposed to hold centralized crypto, if you are rekt through doing that, it is your own error, and if potential investors research well they would know the right thing to do, as long as BTC remains safe, secure and decentralized, there is nothing wrong with the general crypto market, but with some specific centralized crypto and services.

dimonstration

hero member

Activity: 2744

Merit: 702

Dimon69

Uniswap is a DEX which means no one is storing there token in there and not related if your main subject is not your keys not your coins against using centralized exchange.

FTX recent hacked is not a breach but rather a planned insider job to exit some money on there dying business. FTX is already fallen when the hacked is already occured somI wouldn’t say that it’s the main cause for there downfall but rather the shady deal of there CEO.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Crazy decisions? I'm getting more now! I haven't bought a single coin in 2020 and 2021 and this is the first in a long time that I feel like bitcoin is cheap again. 2018 and 2019 was for me a time of accumulation, 2020 was weird I didn't do anything at that time. I was rather focused on the pandemic, my family and stuff, 2021 was for me a year of spending when I bought some things, traveled, had a lot of fun and 2022 was from the start a waiting game. I didn't want to do anything rush and I had enough money to go by so I stayed away from the market and looks like it was a good decision.

I've been here for many years. Not since the beginning, but I've seen ICO boom, IEO, DEFI, NFT and all that, and believe me, this 17k bitcoin is cheap. I won't tell you that it won't be cheaper in the coming months, but it's going to get much more expensive in 2024, and people will be making threads asking "Should I buy now at $80k or wait for another bear market?".

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

Quote from: Iroh on November 13, 2022, 10:23:02 AM

It has been reiterated countless times on the need to keep and store your coins off exchanges as it has been proven a couple of times about how unsafe exchanges are, and with the latest drama involving FTX, the point is proven once again.

These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022

These breaches are just some as recent as two years.
Exchanges such as those listed above would promise top notch security and encourage people to do business with them and when breached, it’s same people who would be at the receiving end.

These hacks and breaches in these exchanges does not fare well for the crypto market as it could get existing and potential new investors jittery.

So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

I know how it feels when you are one of those that are being hacked, especially big amounts when storing to these exchanges. Even some of the famous personalities I’ve personally known in the Philippines aren’t exempted from it like they are losing a lot. Despite their big losses, they just choose to be strong and just keep moving forward and learn from it.

Last April 2022, I was hacked $12k+ from both my Metamask and Trust Wallets combined because of not doing my due diligence which ends me accidentally clicked the fake PDF malware and got siphoned to the hacker’s wallet after. It is my biggest loss to be honest, and not from the bear market where I am doing DCA with BTC and ETH and all are losses. But I chose to move forward rather than doing crazy or having suicidal thoughts, because I know my future is still bright and here I am today standing strong and keep doing what I love.

Esther C

newbie

Activity: 45

Merit: 0

Quote from: Iroh on November 13, 2022, 10:23:02 AM

It has been reiterated countless times on the need to keep and store your coins off exchanges as it has been proven a couple of times about how unsafe exchanges are, and with the latest drama involving FTX, the point is proven once again.

These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022

These breaches are just some as recent as two years.
Exchanges such as those listed above would promise top notch security and encourage people to do business with them and when breached, it’s same people who would be at the receiving end.

These hacks and breaches in these exchanges does not fare well for the crypto market as it could get existing and potential new investors jittery.

So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

This is actually a valid message because more people than I thought use FTX and have been plunged into confusion and sadness. Not just that. Bitcoin being lower than $17,000 has made people have second thoughts. So with the recent news surrounding FTX right now and crypto in general, more people have begun to panic. Say NO to suicide. We’ll bounce back from this.

Iroh

sr. member

Activity: 742

Merit: 275

It has been reiterated countless times on the need to keep and store your coins off exchanges as it has been proven a couple of times about how unsafe exchanges are, and with the latest drama involving FTX, the point is proven once again.

These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022

These breaches are just some as recent as two years.
Exchanges such as those listed above would promise top notch security and encourage people to do business with them and when breached, it’s same people who would be at the receiving end.

These hacks and breaches in these exchanges does not fare well for the crypto market as it could get existing and potential new investors jittery.

So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

Topic: Don’t make any crazy/suicidal moves in this bear market (Read 704 times)