Two Australian exchanges collapsed recently, remember to withdraw your bitcoin - page 3.

sheenshane

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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.

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.

How many people still didn't know this golden rule of Bitcoin, the line that I bolded above was perfectly right. Bear in mind that it should be always to have full control of our crypto assets over the key.

How many exchanges have been shutting down this year, especially those not well-known crypto exchanges, I'm suspected that just because of the heavy regulations implemented by the governments to push traders to have a KYC. But good thing, I heard none of them becomes an exit scam exchange, most of them have an announcement to withdraw the fund quickly.

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

Lucius

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The best way for people to learn the importance of keeping their private keys seems to be to lose them in incidents like this - if someone still decides to use crypto exchanges again as storage, then they don't deserve any sympathy when the same thing happens to them again. People forget that these exchanges are run only by people, and they are very susceptible to the temptation to perform an exit scam, which is often the case.

I thought people would learn something from what happened with Mt.Gox or Quadriga, but the fact that millions of BTC are on exchanges today speaks that they have not yet learned.

Theones

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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".

In crypto the biggest issue is if you lose your coins once, there is no way to recover them back. I personally lost huge amount of BTC from my electrum wallet and cant recover them. If your coins are on reputable exchange like Binance then they will give you back your coins. In case of Bitmart recent hack, they are giving back customers there money.

https://cointelegraph.com/news/bitmart-pledges-to-reimburse-hack-victims-as-crypto-community-voices-support

michellee

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We learn that when we send our coins in the exchanges, no matter what the coins, that will not be our coins anymore because we do not keep that coins in our wallets. If somehow something happens to that exchanges, we can not do anything except wait for the refund from the exchanges to take responsibility for the loss of the funds to their members. If you care about your coins, you should withdraw the coins from the exchanges and not use all of your coins to trade or other things so when something worst happens, you still hold your coins and can do other things.

blockman

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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.

ice18

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Recent is from Bitmart hack for $150m and now 2 CEX collapse, this is a bit scary to users of Cex exchanges who has huge funds and use to store crypto mostly in Cex, It must be better to use Dex for security reasons, many criminals are targeting crypto exchanges now and we are not so sure how strong security features of Cex exchanges has or always pull out huge amount of money after trading.

Strongkored

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It's never safe to leave large funds on an exchange, no matter how much they trusted at this time there will be times when they can be hacked and down so that our funds are also lost, I still remember with mintpal they did an update but things got slower, lucky I was still able to withdraw funds there around 0.07 - 0.1 BTC was not a big amount at that time but it becomes quite significant now because the price of BTC rose high, not only exchanges but also all third parties, where we don't have access to PK.

adaseb

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What is it with all these Australian and New Zealand exchanges collapsing all the time. If you guys were here around 2017 you will remember Cryptopia? That exchange was also either Australian or New Zealand and it also went under. And it was a big blow to crypto because it has lots of small cap alts listed.

This is why you never keep large amounts of crypto on any exchange unless you are trading them. If you are not then either withdraw to Bank account or withdraw it to your cold storage.

cryptoaddictchie

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This is true. Thanks for the reminders that any coin or tokens held on exchange still can be compromise. That's why doing trading is fine there with hr funds you just needed on that activity. If someone got some pretty big btc coins then you should keep it on a hardware wallet or any wallet that worth trusting to store them.

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

nullama

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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.

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