- Non custodian
- Open source
- Popular or reputable
- Jay -
Topic: Your favourite exchange can be nowhere to be found - page 3. (Read 373 times)
You do not have an exchange wallet, you have an account with an exchange that owns all the wallets. The exchange can block your account at anytime and for any reason. Only use an exchange to exchange and after you are done, move your funds to your wallet which should be:
- Jay -
- Jay -
The list is actually much much longer than what you have here. The ones on your list are only those that crashed during the latest crypto winter. But there were countless others before that.
More importantly, centralized exchanges don't have to go bankrupt for you to lose your funds. They could just vanish into thin air all of a sudden. There were rug pulls and exit scams in the past. And then there's the fact that an exchange may continue running while depriving you of your own funds. That a user isn't allowed to withdraw his/her funds isn't an uncommon story. It happens every now and then.
More importantly, centralized exchanges don't have to go bankrupt for you to lose your funds. They could just vanish into thin air all of a sudden. There were rug pulls and exit scams in the past. And then there's the fact that an exchange may continue running while depriving you of your own funds. That a user isn't allowed to withdraw his/her funds isn't an uncommon story. It happens every now and then.
You did not add Bitforex to the list of failed exchanges, well they are the latest because recently they refused to allow users withdraw their funds.
It is increasingly becoming risky keeping funds in CEX and I'm glad this forum have done a great job at spreading that information and educating people about such risk. The popular "not your key, not your coins" is one of such initiative to enable people know that keeping funds where the private key is with another is like giving your money away without guarantee. Lately, the big exchanges have become the target of governments such as the US and Nigeria who are currently leading in this regards.
It is increasingly becoming risky keeping funds in CEX and I'm glad this forum have done a great job at spreading that information and educating people about such risk. The popular "not your key, not your coins" is one of such initiative to enable people know that keeping funds where the private key is with another is like giving your money away without guarantee. Lately, the big exchanges have become the target of governments such as the US and Nigeria who are currently leading in this regards.
Since its advisable to keep funds on our own noncustodial wallet then leaving on exchange is solely based on someones preference. You got it mate, some of these are high tier exchange before like FTX but experience a disaster trimming of funds. Only trust few with reliable and trusted one backed up funds like Binance or maybe OKX.
Before you feel so comfortable and relaxed with your favourite exchange wallet know their were some people's favorites exchange like that of yours that is nowhere to be found.
As for those that are new with no idea about exchanges that went bankrupt in the past. Don't be so comfortable with the exchange you are dealing with to keep your digital assets. Exchange being popular and big is not assurance that it is safe and last forever. Crypto exchanges are unpredictable and anything can happen.
This is a friendly reminder to those that may have forgotten or not aware of crypto exchanges that went bankrupt or crashed down and nowhere to be found.
list of failed exchanges & companies well known due to bankruptcy
FTX
FTX's implosion was the biggest and most spectacular crypto downfall in 2022.
BLOCKFI
Crypto lender BlockFi was the first crypto company to follow FTX into bankruptcy. BlockFi had several ties to FTX, BlockFi has previously said it had 450,000 users and intends to ask a bankruptcy judge to allow some of them to withdraw funds.
THREE ARROWS CAPITAL
The crypto hedge fund Three Arrows Capital (3AC) was a major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May 2022.
VOYAGER DIGITAL
CELSIUS NETWORK
Another crypto lender brought down by the Terra and Luna collapse, Celsius Network began its U.S. bankruptcy case in July on rockier footing than Voyager.
mempool should not be a reason to choose exchange to keep bitcoin over good non custodialwallet
As for those that are new with no idea about exchanges that went bankrupt in the past. Don't be so comfortable with the exchange you are dealing with to keep your digital assets. Exchange being popular and big is not assurance that it is safe and last forever. Crypto exchanges are unpredictable and anything can happen.
This is a friendly reminder to those that may have forgotten or not aware of crypto exchanges that went bankrupt or crashed down and nowhere to be found.
list of failed exchanges & companies well known due to bankruptcy
FTX
FTX's implosion was the biggest and most spectacular crypto downfall in 2022.
BLOCKFI
Crypto lender BlockFi was the first crypto company to follow FTX into bankruptcy. BlockFi had several ties to FTX, BlockFi has previously said it had 450,000 users and intends to ask a bankruptcy judge to allow some of them to withdraw funds.
THREE ARROWS CAPITAL
The crypto hedge fund Three Arrows Capital (3AC) was a major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May 2022.
VOYAGER DIGITAL
CELSIUS NETWORK
Another crypto lender brought down by the Terra and Luna collapse, Celsius Network began its U.S. bankruptcy case in July on rockier footing than Voyager.
mempool should not be a reason to choose exchange to keep bitcoin over good non custodialwallet
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