Your coin is safe but depending on the way which you use to store it, we all know that exhnage wallet is one of the least secured method of storing your cryptocurrency which most newbies don’t know about. The best way which you can secure your your coin is by using offline wallet because they are not connected to the internet which means you are free from hack, the safest place which you can secure your coin is where you are in control of your coin which means having full control over your coin, before you can have full control of your coin you must have your private key.
We all know that cryptocurrency exchange is very important because is a platform where buying and selling of coins take place, but we should also know that coins are not suppose to be stored in your cryptocurrency exchange wallet because your fund is at risk whenever something happens to the exchange your funds will be at risk. I notice most Newbies always prefer storing their coin on exchange wallet address because they believe is a convenient place which you can store your coin. Actually, we all know is the easiest place where we can store coin, after buying you don’t have to send the coin out and whenever you want to sell you can easily sell it back but what about the risk associated with it, if you are not careful you can lose all your fund in the exchange if anything happens to the exchange just because of your laziness. The best thing is that after buying a coin from exchange, immediately transfer the coin from the exchange to your offline wallet address and make sure you secure your private key.
If you are a day trader I believe it’s a better you keep your funds on exchange but if you are a mid-term or long term holder them make sure you transfer your coin to your offline wallet.
SOME CRYPTOCURRENCY EXCHANGE HACK THAT HAPPEN, CAUSE OF THE HACK AND THE AMOUNT LOST.
DATE EXCHANGE CAUSE OF HACK AMOUNT STOLEN (USD)
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, 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
2017, January 14-17 Cryptopia Unknown $16 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;
https://cryptobriefing.com/should-you-store-crypto-exchange/CONCLUSION
We should all be aware that our funds are not safe in our exchange wallets, therefore if you have a coin, make sure it is stored in an offline wallet and that your private key is always backed up.
