Topic: Reminder Everyone: If You Don't Have The Keys, Then It's Not Your Crypto (Read 645 times)

If you use a top exchange, your bitcoins will be found. Once my 500 dollar TRON coins disappeared. The support team helped me. This can take a very long time. My coins were returned to me after a month. When choosing an exchange, you need to be very careful.

Hi gentlemen of this beloveth forum, I wanna remind you guys to try as much as possible to never leave your bitcoins or any other crypto on an exchange except you are ready to loose them.

I just lost 78.82 usd worth of bitcoins I left on one of our local exchangers here, the exchange was not hacked, nothing happened, i just logged in this morning to discover that my bitcoin are no where to be found, I quickly navigated to the withdrawal history section to see if my account have been hacked and the hacker withdrew it, but surprisingly, there was no new withdrawal history except for the ones I've previously made which the last one was about 3 weeks ago, my bitcoins disappeared just like that.

I thought of withdrawing this coin a day before but decided not to bcus I knew I will be using them soon, so to avoid paying a withdrawal fee and in 2 or 3 days time, pay transaction fee to deposit them again, i decided to leave them there, now they are gone and i cant even trace where or how they went out.

I contacted support and they claim they are investigating the issue but whatever the result turns out to be, i dont have any hope of ever seeing my 78.82 usd in bitcoin again, bcus I think they know the worst am gonna do is stop using their exchange and as well discourage people around me from ever using them.

So the point of this message/post is if you value your coins, always keep them in a wallet you have the keys.

In my opinion, you can not just blame this on exchanges, men must trade also. You need to let us know the name of the exchange. Normally, without private key, then the bitcoin is not directly ours and not our own on bitcoin blockchain. That is why it is very good to use a very reputed, trustworthy, reliable and a very safe exchange, trading is not easy or nearly impossible on wallets, that is why people prefer to use exchanges to trade.

Binance Dex exchange still provide customers with private keys, which can be a good alternative, but this kind of exchange have low trading volume.

Exactly my point, this is exactly what happened to me with cryptopia, though I don't blame myself much cus i was kind of new to crypto then, but I won't say I don't regret it, I stored every of my coins on cryptopia as long as they are listed on the exchange, I heard of exchanges been hacked but I never knew it would soon get to cryptopia's turn, so I never bothered until it happened, that was how i lost everything I had on that exchange till today.

Binance also hacked as well so there is no hack proof exchange yet and could be never possible as well so people have to take responsibility of their coins and store on a hardware wallet or paper wallet for long term, desktop and HD wallet for short term.

Choose exchanges only when we are going to trade that coins in the near future.

You are right about the DEX exchange which has a small daily volume which has the advantage of being able to fully control our assets.  but centralized exchanges or large exchanges such as Binance, Bithumb, Bittrex and many more, have security that is constantly being improved so that it is not easy to hack.  It is very risky, but as users we also have to be vigilant and not put all the assets on one exchange, you also have to have a secure private wallet such as using a hardware wallet and the like.  security is the responsibility of the asset owner.

Sorry for your loss but I suppose this could serve us all a lesson to consider using a DEX instead, though I think those DEX's may have low daily volume and prices aren't as attractive as compared to centralized exchange. Imho.

Huh, which exchange was that? If the bitcoins disappeared from your account, that probably was a glitch or a bug maybe since no one withdrew it from your account. Since I am almost sure the coins don't stay on the "wallet" you are given. Look at the transactions, you will see once the coin reaches to the wallet address given to you buy the exchange, it gets moved to another wallet. So, even if the wallets private key has been compromised and the hacker moves the coins,  the balance change shouldn't be reflected on your account since the change will take place only if you withdraw from your account (which according to you no one did). I think the exchange you have joined is fake or a scam exchange.

Hi gentlemen of this beloveth forum, I wanna remind you guys to try as much as possible to never leave your bitcoins or any other crypto on an exchange except you are ready to loose them.

I just lost 78.82 usd worth of bitcoins I left on one of our local exchangers here, the exchange was not hacked, nothing happened, i just logged in this morning to discover that my bitcoin are no where to be found, I quickly navigated to the withdrawal history section to see if my account have been hacked and the hacker withdrew it, but surprisingly, there was no new withdrawal history except for the ones I've previously made which the last one was about 3 weeks ago, my bitcoins disappeared just like that.

I thought of withdrawing this coin a day before but decided not to bcus I knew I will be using them soon, so to avoid paying a withdrawal fee and in 2 or 3 days time, pay transaction fee to deposit them again, i decided to leave them there, now they are gone and i cant even trace where or how they went out.

I contacted support and they claim they are investigating the issue but whatever the result turns out to be, i dont have any hope of ever seeing my 78.82 usd in bitcoin again, bcus I think they know the worst am gonna do is stop using their exchange and as well discourage people around me from ever using them.

So the point of this message/post is if you value your coins, always keep them in a wallet you have the keys.

Everything digital isn't really yours, so there's no reason to worry. Just accept it.

It's good for you. But the reminder you give to us is a fact. I already encountered that problem before and lost my altcoins in different exchanges. So the best recommendation is to keep our bitcoin or altcoin in a much safer place than keeping it on exchanges that might endanger our crypto-currency.
The reason why I'm keeping my crypto in exchanges before saves a lot of transaction fees. However, saving fees solution is not worth it if your account is affected by hacking incidents.

Update

I got a mail from them this morning, they apologized and asked several of us affected to be patient, that the issue was caused by a glitch in their system, they claim they are currently working on fixing the problem and should give them between 50 to 72 hours to restore our balances.

Now I know I wasn't the only one affected as they clearly said it affected several of their users. So I wait patiently for them to ruturn my bitcoin and I run away from them forever  

Update

I got a mail from them this morning, they apologized and asked several of us affected to be patient, that the issue was caused by a glitch in their system, they claim they are currently working on fixing the problem and should give them between 50 to 72 hours to restore our balances.

Now I know I wasn't the only one affected as they clearly said it affected several of their users. So I wait patiently for them to ruturn my bitcoin and I run away from them forever   

~snip~