this is just to notify people again that they should never leave their coins on exchanges.
Some people in crypto may make the mistake of thinking that an exchange is a safe place for keeping their cryptocurrencies because some offer wallet services and they have big names, so they write off the importance of non-custodial wallets. While some who may be new to crypto may not really know the difference between a wallet and an exchange, hence they neglect it. For the first set of persons, don't trust an exchange simply because they have a big fan base and you think nothing can happen to them...your assumptions may cost you your crypto. Always make use of non-custodial wallets! 
Topic: Not your key not your coin, your bitcoins on exchanges are not insured - page 2. (Read 344 times)
July 29, 2022, 05:20:01 PM
July 29, 2022, 05:14:14 PM
That also applies to most large investment banks and Financial services companies that hold funds for large investors... FDIC only insures individual accounts up to $250k. Consumer-oriented banks and Credit Unions are *not* required to be insured -- but of course for obvious reasons most do sign on to FDIC insurance. Even at current BTC value in USD it's not that hard to be HODLing coin worth more than that.
That said of course the Best Practice is to keep the majority of ones coins in a safe custodial cold wallet and only have 'playin' around money' on an non-custodial exchange.
That said of course the Best Practice is to keep the majority of ones coins in a safe custodial cold wallet and only have 'playin' around money' on an non-custodial exchange.
July 29, 2022, 04:58:43 PM
We have so many exchanges hacked in the past, it happens all years, this is just to notify people again that they should never leave their coins on exchanges. I do not know if this only applies to exchanges in United States, but exchange are not a place to leave your bitcoin and all other cryptocurrencies that you have, better send them all to your noncustodial wallet that you have control over your coins.
Read this news:
Deposits at non-bank entities, including crypto firms, are not insured — FDIC
It is as simple as this quote which I quoted from the news:
Do not leave your coins on exchanges and always remember that if not your key, it is not your coin.
Read this news:
Deposits at non-bank entities, including crypto firms, are not insured — FDIC
It is as simple as this quote which I quoted from the news:
Quote
The United States Federal Deposit Insurance Corporation, or FDIC, has issued an advisory informing the public it “does not insure assets issued by non-bank entities, such as crypto companies.”
Do not leave your coins on exchanges and always remember that if not your key, it is not your coin.
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