I think bear markets are always the best time to take your Bitcoin out of centralised exchanges, less so in a bull market then there are opportunities for trading to increase satoshi value. Even today I hear of concerns over Coinbase - generally considered one of the most reliable and trusted of exchanges - because they have now cancelled their referral scheme, no doubt because they can't afford it anymore.
It seems that the Proof of Keys day in January aka "not your keys, not your Bitcoin" could do with being moved to Summer for now, based on recent events such as 3AC, BlockFi and Celsius.
Topic: Get your coins out of Coinify ASAP (Read 414 times)
As these insolvency issues tend to have a ripple, domino effect which knocks down things in the path, IMHO it would be very wise to heed the advise of Dave F and get any holdings out of Coinify before it's too late. Why take the chance to see whether they will be affected or not?
It is possible but under the current circumstances it is better to not take an unnecessary risk, if anyone has some money in that exchange then it is time to get that money out of it, maybe nothing happens and the exchange keeps working as usual for a very long time, but no one with money at that exchange can afford to take the risk of the worst case scenario happening and then lose access to their coins for who knows how long.
I can't say much about the situation and what's going to happen, but I can say that it's definitely something that we would all be crazy about if it isn't allowed and people are right to be mad about it, and if they could "somehow" take it out, they should.I mean even if it could continue to operate, and there is no operational problems and you could withdraw normally, it's still normal to expect people to withdraw after hearing such a news, it's not a shock. I believe if they are claiming to be bankrupted, then they are probably getting ready for something like this to happen in response as well, that shouldn't be really a weird situation for them at all.
The biggest issue is that it is no longer in their hands. They filed for bankruptcy protection. The courts and others now have a lot of control over what happens. Coinify can be a separate owned entity that is 100% solvent and profitable. But if the judge or whoever decides to close it or sell it or change the way it operates pending a deep audit or whatever else then that is what happens. It can also be a self fulfilling prophecy. Even if Coinify is fine, now that people begin to stop using it because of this it will start to shrink and loose clients and money and then......
I wasn't looking at the situation from that perspective [thank you for the detailed explanation]... None of these scenarios look good.- Someone posted a "small update" for Voyager users a couple of days ago, but I'm not sure if I should classify it as good or bad news [I'm disregarding the title].
Why betray the very idea of Bitcoin, which is to be your own bank? Is there a point to even investing in Bitcoin if all you do is the same as you did with your fiat?
Unfortunately, most of the new investors don't have the slightest clue about such things... They tend to associate BTCitcoin with the phrase "to the moon" [SMH]!I wonder what really is happening on Crypto space.
Mismanaged platforms are looking for a new path at the expense of their users [unfortunately].If this is true, it is likely that Coinify is unaffected by the bankruptcy filing.
After reading @DaveF's comment, I'm going to retract the latter part of my previous comment. Most likely, Coinifly is not going to allow withdrawals as of the time of the bankruptcy filing if the bankruptcy filing is going to affect the operations. So it is likely too late to withdraw.
I looked around but couldn't find anyone that recently complained about withdrawal issues on Coinify [it's worth noting that it's the exact opposite for Voyager's users], so perhaps there's still some hope.The effect of Voyager's bankruptcy filing on Conify depends largely on the legal structure and relationship between the two entities.
Most likely, Coinifly is not going to allow withdrawals as of the time of the bankruptcy filing if the bankruptcy filing is going to affect the operations. So it is likely too late to withdraw.
I looked around but couldn't find anyone that recently complained about withdrawal issues on Coinify [it's worth noting that it's the exact opposite for Voyager's users], so perhaps there's still some hope.The effect of Voyager's bankruptcy filing on Conify depends largely on the legal structure and relationship between the two entities.
In this bear market, it is very dangerous to hold your crypto assets on any exchange or investment site, many companies are starting to suffer and some have declared bankruptcy so they certainly will not be able to return the money to people, this is really sad, the best thing is to stop trading and investing for now and hold the coins In wallets, it is preferable to have a hardware wallet because it is more secure.
that is true. not only coinify but all the other exchanges even the the top ones. it is always better to store your coins in your own wallet with your own keys. but for those who need constant reminder, yes, this is a good warning. some people just leave their funds in exchanges for convenience. but you will pay for that convenience if you are too late to get out of your funds.
It is like a domino effect.
Voyager was having good revenues apparently so they expanded and acquired Coinify. Meanwhile, Voyager has money in Three Arrows Capital which collapsed lately and was unable to pay back Voyager which declared also bankruptcy..
Three Arrows Capital owes money to Genesis too. There is also rumours about Babel Finance which has difficulties on liquidity..
Chaotic events continues right now and everyone should move his unused funds to a "secure place he owns"
Voyager was having good revenues apparently so they expanded and acquired Coinify. Meanwhile, Voyager has money in Three Arrows Capital which collapsed lately and was unable to pay back Voyager which declared also bankruptcy..
Three Arrows Capital owes money to Genesis too. There is also rumours about Babel Finance which has difficulties on liquidity..
Chaotic events continues right now and everyone should move his unused funds to a "secure place he owns"
Let us not forget the on going situation with Celsius and the lot of people who are expecting for them to give the money back,Celsius is particulary a serious case considering how popular was/is among those hunting for crypto interest. In my humble opinion those over 10% APY on one's crypto should have been something like a red flag of Celsius glambing with their clients money.
At this current state of the market better have the satoshis under complete control.
Thank you for the timely update. This requires timely intervention as soon as possible. Waiting any seconds may result to delay and loss. I wonder what really is happening on Crypto space. It is quite unfortunate that exchanges now are becoming something else other than the initial purpose it was meant for. I would advise against holding assets on exchange anymore as it seems not safe these days. Better still holders should save or keep their assets in their native wallet which they have access to and are sure of the safety of their Crypto assets.
@BitcoinGirl.Club please don't take this as a bad criticism. It's the other way aroun, it's supposed to be a constructive criticism! 
It's fine.Honestly speaking, I do not understand politics, the political definition of democracy. For me democracy means power to be in peoples hand, not to a group of people but everyone. Bitcoin serves this for me. Running a full node is supporting the full bitcoin network. As long as your note is alive and safe, bitcoin exists.
last week in a news CZ said about 50 exchanges are in talks with him for acquisition, who knows if a major exchange is not among aside Celsius, Three Arrows capital and Voyager that are already in trouble. this time is the time you should get your cryptos off exchanges if you haven't, if you're a day trader ensure you withdraw your funds after trading.
For many reason some people or actually people who are not concerned about security, keep their coins in exchanges. You need the coins on exchange to place the limit buy or limit sale, sometimes it takes long time. We need more decentralized exchanges. Until we have large adoption for the decentralized exchanges we will need to depend on the centralized exchanges unfortunately.
I wonder what impact all this news spurt we are seeing lately is going to have on the ecosystem. If we are going to be optimistic, we could think that people will learn and save their own coins. But I doubt that this will be the case for the most part.
In addition, I think this will bring stricter regulations and a negative influence on the price, because let's think that all these entities helped BTC to reach 1T of market cap and 2T counting altcoins as well.
In addition, I think this will bring stricter regulations and a negative influence on the price, because let's think that all these entities helped BTC to reach 1T of market cap and 2T counting altcoins as well.
In this bear market, it is very dangerous to hold your crypto assets on any exchange or investment site, many companies are starting to suffer and some have declared bankruptcy so they certainly will not be able to return the money to people, this is really sad, the best thing is to stop trading and investing for now and hold the coins In wallets, it is preferable to have a hardware wallet because it is more secure.
The fact that people continue to let someone else hodl their coins for them is so puzzling to me. Why, why is it so hard to put the coins into a wallet that you own yourself? Why betray the very idea of Bitcoin, which is to be your own bank? Is there a point to even investing in Bitcoin if all you do is the same as you did with your fiat? It just does not make sense to me.
Whether a huge exchange with a lot of users or some small exchange owned by a shady no-name, its all the same in the end. You are putting trust into someone other than yourself.
It always comes back to bite you, always.
Whether a huge exchange with a lot of users or some small exchange owned by a shady no-name, its all the same in the end. You are putting trust into someone other than yourself.
It always comes back to bite you, always.
So if you have any money there and can still get to it, now would be a VERY good time to get it out.
Thank you for the warning... I'm surprised their offers still pops-out on Trezor Suite [the same thing probably applies to Ledger Live and other HW brands that use their services]!Most likely, Coinifly is not going to allow withdrawals as of the time of the bankruptcy filing if the bankruptcy filing is going to affect the operations. So it is likely too late to withdraw.
I looked around but couldn't find anyone that recently complained about withdrawal issues on Coinify [it's worth noting that it's the exact opposite for Voyager's users], so perhaps there's still some hope.The biggest issue is that it is no longer in their hands. They filed for bankruptcy protection. The courts and others now have a lot of control over what happens. Coinify can be a separate owned entity that is 100% solvent and profitable. But if the judge or whoever decides to close it or sell it or change the way it operates pending a deep audit or whatever else then that is what happens. It can also be a self fulfilling prophecy. Even if Coinify is fine, now that people begin to stop using it because of this it will start to shrink and loose clients and money and then......
-Dave
So if you have any money there and can still get to it, now would be a VERY good time to get it out.
Thank you for the warning... I'm surprised their offers still pops-out on Trezor Suite [the same thing probably applies to Ledger Live and other HW brands that use their services]!Most likely, Coinifly is not going to allow withdrawals as of the time of the bankruptcy filing if the bankruptcy filing is going to affect the operations. So it is likely too late to withdraw.
I looked around but couldn't find anyone that recently complained about withdrawal issues on Coinify [it's worth noting that it's the exact opposite for Voyager's users], so perhaps there's still some hope. 
It is like a domino effect.
True. And everyone should really be aware of where they're keeping their coins. It's much better if it's on a cold wallet or in a hardware wallet or anywhere where you're holding the key.
As much as we trust the exchanges where we trade, it is still a must that we should be wary of events like this and we know how and where to keep our funds safely.
Aside from being aware on where we store our coins we should also need to know the updates of financial status of the owner and the company because for being updated we will know on where their platform heading the same like this. And good to see a warning same like this because it could raise awareness from people who's sleeping and let their money hold on Coinify and other platforms.
It is like a domino effect.
True. And everyone should really be aware of where they're keeping their coins. It's much better if it's on a cold wallet or in a hardware wallet or anywhere where you're holding the key.
As much as we trust the exchanges where we trade, it is still a must that we should be wary of events like this and we know how and where to keep our funds safely.
It is like a domino effect.
Voyager was having good revenues apparently so they expanded and acquired Coinify. Meanwhile, Voyager has money in Three Arrows Capital which collapsed lately and was unable to pay back Voyager which declared also bankruptcy..
Three Arrows Capital owes money to Genesis too. There is also rumours about Babel Finance which has difficulties on liquidity..
Chaotic events continues right now and everyone should move his unused funds to a "secure place he owns"
Voyager was having good revenues apparently so they expanded and acquired Coinify. Meanwhile, Voyager has money in Three Arrows Capital which collapsed lately and was unable to pay back Voyager which declared also bankruptcy..
Three Arrows Capital owes money to Genesis too. There is also rumours about Babel Finance which has difficulties on liquidity..
Chaotic events continues right now and everyone should move his unused funds to a "secure place he owns"
Futynetly I'm not a customer of this platform but still, I thank you for your waning and informing people about this. However, according to my experience from declaring bankruptcy of exchanges, they usually will suspend any withdrawal to their customers otherwise anyone would withdraw the money and they would have bigger problems, so I'm not surprised if they suspended all of the withdrawals till now, regardless of all that we again should say the famous warning about all the exchanges to do not hold and invest any assets on these platforms and hold where you can get access to your private keys otherwise you will face this these problems.
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It's non-stop. There have been a lot of problems with exchanges lately. In the end I don't know if people are going to learn and keep their own coins with their own keys or what. For trading it is clear that you have to put your coins in a platform but it should be the minimum time necessary, make your trades and withdrawals, and even then you risk that in that time the exhange breaks you or announces that pause/cancel withdrawals.
I do not agree with this. They go bankrupt because of mismanagement of their finances and mismanagement of risk, that while the price was rising, all these companies were doing well, but managing a company well means being prepared also for bear markets.
Thanks for sharing this vital information , Many exchanges and lending platforms are going bankruptcy as a result of the shrinking liquidity by Fed,
I do not agree with this. They go bankrupt because of mismanagement of their finances and mismanagement of risk, that while the price was rising, all these companies were doing well, but managing a company well means being prepared also for bear markets.
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