Two Australian exchanges collapsed recently, remember to withdraw your bitcoin - page 2.

Botnake

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Quote from: Ararbermas on December 15, 2021, 01:30:13 AM

Quote from: blockman on December 13, 2021, 03:30:34 AM

It is also best to remember to stick with the most reputable exchanges so that you have a guarantee that they won't just go out anytime without notice.
Because they are registered locally and they have a mandate to inform each of their users of what they're going to do like closure.

correct! Even it required kyc it doesn't matter in my personal opinion as long as your money is in a safe place that's good enough.. because nowadays we cannot trust any exchanges or platforms when it comes holding any assets..so much better to pick or choose which is trusted platforms and can guarantee the safety of our money wherein to assure everything will gonna be alright, indeed its very common problem so it's skeptical to trust nowadays..

Even if you put your bitcoin in a reputable exchange, it's not enough guarantee that it won't be compromise in the next days to come. Just an advice, never put huge amount of bitcoin in an exchange that you don't have the full access. Or just put a small amount needed for that certain trade and the rest of your bitcoin should be in your own cold storage wallet. Bitcoins are safer if you keep it on your own wallet with your own private keys. This is to avoid future events that are even unexpected to happen.

so98nn

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I have divided the portfolio for this very reason on to two stuff, one is exchanger and the other is wallet. Obviously, the weightage on the wallet is way higher as compared to the exchanger. The reason why I am keeping some amount on the exchanger is to avoid transfer fees, quick trades, and day trading. You never know when some coins would go crazy and you may need to have some bits handy to buy them so that much liquidity has to be there on the exchangers. Some of you might say it takes nothing to transfer from wallet to exchangers, but believe me those transfer fees, buyer and seller fees, exchanger fees it all adds up to the little profits towards good trade.
But obviously it is golden rule never keep too much at exchangers and if not trader then no need to keep single penny on the same.

Ararbermas

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Quote from: blockman on December 13, 2021, 03:30:34 AM

It is also best to remember to stick with the most reputable exchanges so that you have a guarantee that they won't just go out anytime without notice.
Because they are registered locally and they have a mandate to inform each of their users of what they're going to do like closure.

correct! Even it required kyc it doesn't matter in my personal opinion as long as your money is in a safe place that's good enough.. because nowadays we cannot trust any exchanges or platforms when it comes holding any assets..so much better to pick or choose which is trusted platforms and can guarantee the safety of our money wherein to assure everything will gonna be alright, indeed its very common problem so it's skeptical to trust nowadays..

kanayaTabitha

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Seperating between investment money and trading money is a must, we should have much trading wallet in several exchanges because there are many coins that we invested and not available for all coins in one exchange, but don't place all the money into the exchanges.
Personal wallet is a must if we want to invest for a long time in crypto, more over if we had big amounts of investment we should have offline wallet.

noorman0

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Cryptocurrencies are still relatively new, as for local government regulations dealing with crypto companies will not be static and will continue to be updated (tightened) as long as the government continues to review its use, especially those that are possible for crime. I would also not be surprised to hear of cases where an exchange that has even been operating for years will have its license revoked as soon as new regulations are issued.

This regulatory uncertainty should be a threat for crypto users to use centralized services as necessary, not rely on them.

darewaller

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Quote from: ?? on ??

Maybe for Australian have trusted with their local exchange and we don't know what the problem there

That is the most probable answer for questions of why people still use exchanges as their wallet. I am also still holding my exchange tokens in my local exchange itself. Because, it is like I trusted my local exchange then I invested into their own tokens and I will sell off them once I get into my target prices hence I do not prefer withdrawing them as it may not have any value if my exchange will not continue in good shape.

Quote from: cryptoaddictchie on December 12, 2021, 11:19:10 PM

good news that some exchange compromise such as Binance and Kucoin managed to keep it safe and even return funds of those affected.

I remember about the binance's incident but not aware of kucoin's. These days I prefer kucoin as they still not insisting KYC but news about their past security breach makes me worry about my funds with them.

stompix

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Quote from: blockman on December 13, 2021, 03:30:34 AM

It is also best to remember to stick with the most reputable exchanges so that you have a guarantee that they won't just go out anytime without notice.

Guarantee? Lol.
Coincheck was 6 years old when it got hacked and went bankrupt, Cryptopia 5years before the collapse, Bitfinex itself hit the users with a 36% on all funds to cover for the losses.
Guarantee? Again, lol!

Quote from: nelson4lov on December 14, 2021, 05:59:09 PM

Apart from Metamask, I don't think most crypto wallets for self-custody have the best security to protect against attacks from a hacker.

Metamask is one of the most vulnerable wallets you can choose from hundreds of alternatives and you are claiming it's the safest? As for the other part, ironic, isn't it?

Quote from: nelson4lov on December 14, 2021, 05:59:09 PM

I recently lost funds to a hack in trust wallet — this was a wallet that I barely accessed, not actively and barely nobody knew I own crypto at that address but it still happen. It might be your key and still get stolen.

Quote from: ?? on ??

As far as I know, keeping funds in trust wallet is as safe as safety gets. Although it is a binance-owned company, their wallet offers top of the class security.

Vaskiy

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Quote from: blockman on December 13, 2021, 03:30:34 AM

It is also best to remember to stick with the most reputable exchanges so that you have a guarantee that they won't just go out anytime without notice.
Because they are registered locally and they have a mandate to inform each of their users of what they're going to do like closure.

Holding on exchanges is always risk involved, and using a reputed platform reduce the risk. One such incident happened with Binance where hackers stole $40 Million from Binance Cryptocurrency Exchange. During that time Binance made a review and found the security issues from their side and made changes to its security system. Further it paid the users from the reserve whose funds got stolen on the hack.

nelson4lov

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Quote from: nullama on December 12, 2021, 10:35:22 PM

December 07, 2021: Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators

November 05, 2021: ACX's parent company Blockchain Global collapses owing $15M

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

The safest options right now to store crypto right now is via:
— cold wallet storage
— if it demands frequent usage, a hardware wallet should be should.

Apart from Metamask, I don't think most crypto wallets for self-custody have the best security to protect against attacks from a hacker. I recently lost funds to a hack in trust wallet — this was a wallet that I barely accessed, not actively and barely nobody knew I own crypto at that address but it still happen. It might be your key and still get stolen.

AliMan

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Quote from: nullama on December 12, 2021, 10:35:22 PM

December 07, 2021: Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators

November 05, 2021: ACX's parent company Blockchain Global collapses owing $15M

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

That's what I'm always telling to my close friends and companions, to avoid storing their valuable cryptocurrency assets in exchanges. But most importantly, if you'll able to verify yourselves on your respective exchange accounts so you could appeal to their support group when this worst situation occurs. Keeping at safe storage like hardware wallets, and paper wallet can be the most efficient ways to provide security on our holdings.

palle11

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It is true that keeping your coins in an exchange feeling that you have secured there is a mirage and unrealistic hope because anything can happen with the exchange. But in this matter, the exchanges collapsed and not that they were hacked, so except they are hacked, if only for collapse they can find a way to start repaying of people's fund.

Silberman

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Quote from: nullama on December 12, 2021, 10:35:22 PM

December 07, 2021: Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators

November 05, 2021: ACX's parent company Blockchain Global collapses owing $15M

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

I do not use any of those exchanges but this is a good remainder for the people that still do not understand that keeping your coins in an address you control is key and if you do not do it then sooner or later something like this could happen to you, unfortunately despite our warnings I think there will be a lot of people that will simply dismiss this as being alarmist and think this will never happen to them as they have their coins in an exchange with more reputation, but this can happen at any time to any exchange, so if they keep doing that they better prepare themselves to accept the consequences of their actions.

redsun114

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Quote from: nullama on December 12, 2021, 10:35:22 PM

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

I do not think people do have different reason for why they do keep their bitcoins on exchange itself and definitely it is not about security:

1. Active traders who hate paying network fees for every transactions or everyday may prefer to hold their bitcoins on exchanges itself.

2. For staking benefits or for arbitrage reasons, some people do prefer to use exchanges as their wallets.

Basically, even do not go for cold storage, I guess it would be better to go for mobile or desktop wallets by avoiding exchanges and web wallets for keeping bitcoins.

Oilacris

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Quote from: Johnyz on December 14, 2021, 03:57:20 PM

Quote from: ?? on ??

Blockchain wallet is very convenient and profitable, and it gives certain guarantees.

But not for exchange wallet, its didn’t give any guarantee that your funds will be safe with them and can be liquidate in full even if there’s a hacking incidents, well even if Binance did pay everything I’m still doubting to hold big funds on exchanges. Hackers are also growing, they also adopt new technologies so I know we might see more hacking incidents in the future so if you want to be more safe, put your money on a wallet that you have control not on any exchanges that might put you on a bigger risk later on.

Reputation and popularity is important consideration but dont give out 100% confidence and trust on them.You wouldnt know until it do happens and we should not wait on letting ourselves get caught with those moments.

It had been told for how many times that keeping funds on exchange is never been recommendable specially if we do talk on big amounts.

Come to think that risk is still there when dealing with known and popular exchangers then how much more to thos who arent?

Johnyz

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Quote from: ?? on ??

Blockchain wallet is very convenient and profitable, and it gives certain guarantees.

But not for exchange wallet, its didn’t give any guarantee that your funds will be safe with them and can be liquidate in full even if there’s a hacking incidents, well even if Binance did pay everything I’m still doubting to hold big funds on exchanges. Hackers are also growing, they also adopt new technologies so I know we might see more hacking incidents in the future so if you want to be more safe, put your money on a wallet that you have control not on any exchanges that might put you on a bigger risk later on.

irsykes

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It is right we must use wallet to save our money. I only put money that i use to trade in exchange and keep the rest in blockchain wallet. I know it is almost same with exchange but i can't use hardware wallet and not download software wallet in my computer.

Lucius

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Quote from: sheenshane on December 13, 2021, 10:38:17 AM

Centralized exchanges it seems started collapsed, then, who will be the next?

The problem is that licenses for this type of business in some countries can be obtained by anyone, and it is not a job that can be done by anyone. If you build something on bad foundations, sooner or later it will collapse. In addition, it is difficult for me to understand that some people have confidence in completely unknown exchanges without any reputation - but it is obviously a matter of trusting domestic rather than foreign companies, which is not a good decision in this case.

Centralized crypto exchanges (those that have existed for a long time and have a solid reputation) will certainly not disappear just like that, but will expand more and more due to the growing interest in cryptocurrencies.

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Quote from: nullama on December 12, 2021, 10:35:22 PM

December 07, 2021: Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators
November 05, 2021: ACX's parent company Blockchain Global collapses owing $15M

Problems with exchanges are not new to this space and moreover exchange hacks are most common but what is "collapse" here? Is this kind of failure of business model? I do always suspect about most exchange hacks as some exchanges like bittrex are able to keep serving us for years without any issues but why not for others, it is too complicated to copy such a security measures. This way, "collapse" sounds like a new way of announcing bankruptcy.

Quote from: nullama on December 12, 2021, 10:35:22 PM

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

This has been suggested across at every part of this forum and for people who are all still ignorant then no one could do anything about that.

tranthidung

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People probably were taught about it, Not your keys not your coins. If they did not know about it, their mistake is acceptable.

However, if they were taught about it but simply ignore that lesson, ok if they get lost, they deserve it.

Not your keys, not your coins
Hacked Exchanges since 2011Another exchange was hacked but it is not surprised me at all

EdenHazard

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That's the reminder that we should aware of everytime.

for the newcomers it's something that they never crossed in their mind to see its highly trusted exchange could went MIA aka collapsed, scam.
they might get awaken with this scandal but moreover we as an old player keep reminding this to everyone around.
it's indeed rare case these days ... not like the old days back in time in 2014 where there plenty exchange available like cryptsy etc that we couldnt identify.
sometimes it feels like regulation is needed.

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