Bitcoin Forum

The month of November 2022 happens to be one of the most unfavorable months for the cryptocurrency industry as an accumulative total amount of $4.88 billion worth of crypto was lost in November alone and this staggering amount has resulted in a panic that has forced the price of many cryptocurrencies to crash while stable ones like Bitcoin have battled with the force of the attack to maintain a good price up till this very moment.

Mojar Bad event in November 2022:
1: FTX bankruptcy scam.
    This situation was when FTX declared the exchange bankrupt in court and halted customers' withdrawals and $1 billion worth of   cryptocurrency in varius customer accounts were lost while FTX reported a loss of $380 million through an exploit of the exchange by hackers, this number was declared and after clients withdrawal was halted.
2: Genesis reported $2.8 billion loans balance of customer lock when the halted the withdrawal feature on the platform on November 9th,
     Genesis reason for halting customer withdrawals was on the basis of having $170 million worth of crypto on FTX exchange was  locked even though that amount is not even up to 20% of the total customer balance.

Lesson for the future
Even though this incidents among others have affected the adoption and usage of cryptocurrencies negatively the fact still remains that cryptocurrency was not directly involved in all of this most especially coins like Bitcoin but the actors in this incident is exchange and other third party actors who are all centralized.
We should know as a newbie that we can still be 100% secure if we never store our money and assets on a third platform such as exchange.

How to remain secured:
The first thing to do is to have a cold wallet or good online wallets that give you wallet keys that can be used by only you to control your crypto portfolio that are held in the wallet.

https://m.savi.xyz/newsdetails?category_id=crypto&news_id=e2ca81a955ceaf30ddd59724aacddb23&country=cb&language=en&news_entry_id=57758d87221208en_cb&utm_source=crypto-browser-android&utm_medium=corner_push

Those events that lead to bankruptcy arr probably due to heavy and overleverage of their platform. Leaving some users broke due to the process. Its one of the most mistakes of all that funds should not be stored heavily on centralized platform.

November indeed is one of the worst month but surely it will not be the same on the following to come could be worse or yet can experience a bullish recovery.

This is not new because we also experienced this catastrophic losswhen Terra UST and Luna falls due to attack on their stable coin protocol. A lot of DeFi went bankrupt same as Genesis that results to freezing on account of customers without certainty on when they will refund their money.

It’s intriguing how SBF try to save company that went down due Terra Luna incident and then they experienced the same loss.

Worst for holders/users who keeps there money on FTX since they got nothing as they can't pull out their funds in that exchange and they are totally been scammed by them. But for investor maybe November is best month since from this they bought cheap bitcoins and other alts which they are in good profits even if they sell it right now.


Lot's of people lost their money on this incident so this really remind us not to trust anyone regardless how big they are since there are still chances that we lose our money just like what happen on those controversial incident happened this year.

Financially, the Terra/Luna fiasco caused up to $80 billion in damage, while in the case of FTX they are talking about $20 billion, although it may be a much larger amount. Be that as it may, both events each in their own time caused significant shocks in the crypto market and introduced a large amount of mistrust, the results of which we see today. Of course, Bitcoin is not to blame for the fact that someone has a disastrous idea, and what is even more tragic is that so many people believed in all this, as well as the fact that they entrusted their money to some spoiled kid who was not capable of running a chicken coop, let alone a company with such a serious business.


A completely incomprehensible attempt on his part, because why save something that cannot succeed no matter how much money you invest in it. While the whole thing looked promising (to some), many members (myself included (https://bitcointalk.org/index.php?topic=5392777.msg60092872#msg60092872)) were very skeptical of the idea.

Various bad events have happened in the cryotocurrency industry lately and a lot of investors, have lost huge amounts not only in FTX but also in the crash of Luna coin and other bad events.
Ops you did well to remind us about security and wallet which are the two most important things to hold if you don't want to fall victim to fraud on the internet.
Quite a lot of money has been stolen through the dark web which has given the entire cryptocurrency market a bad name, but that being said Bitcoin adoption continues to receive other positive performance and adoption.

If newbies are only learning about cryptocurrency investment now, they may be fortunate enough to purchase at a discount compared to individuals who purchased last year. And regardless, when it comes to the price of bitcoin, what happened in November pales in contrast to what happened in 2018 and the years before.

Sad for newbies that left their savings in FTX. Now that they are aware that their investments are constantly at risk in exchanges, the other newbies should understand this. Not your keys, not your coins.

People should have learned from the lesson of Mt Gox and newbies should start their Bitcoin journey with learning Bitcoin history. Smart people learn from mistakes of others, the rest learn from their own mistakes.


You are right that Bitcoin is not directly affected, but unfortunately it is affected indirectly. If crypto ecosystem has such a negative reputation, then Bitcoin also suffers, because to outsiders Bitcoin and crypto are the same.

November was that bad for people who did not follow advices. The focal points of the losses of November Crypto-currency loss was based on FTX but first if you had avoided centralized exchanges the case won’t be so.

I don’t think it’s should take an FTX drama to learn other than potential loss of fund on centralized exchange you would also have privacy compromise issues too. And some discreet details of your can get to foul hands.

November was tagged the worst month in the article because the scam event that happened last month went so viral that a plethora of people knew about it. Every month they is a cryptocurrency Ponzi scheme or Scam that use huge offers to deprive victims off their hard earned money. October was a bad time too for the Bitcoin Sheikh victims who got deceived with 20% returns and were promised by Da Silva that he's got expert traders that'll make his promises possible. The Brazilian who spearheaded the crime Fransisco Da Silva and his team Signed out with more than $700 million dollars made out of cryptocurrency. And other uncountable scams that happend on the month of August. So calling a specific month a worst moment for cryptocurrency like such things only happen on November doesn't curtail the truth that these ill treatments are done by humans not months. So these people decide the appropriate time to defraud people, its not time that takes the action.

I think we can't claim it is 100% secure. There is still a chance of losing crypto assets although we store them in private wallets (online or offline wallets).
If someone loses the private keys or passwords to access the wallets, we lose all the crypto assets there.
So, we must be careful to keep the passwords or private keys to access the wallets. Don't only keep it on the computer/laptop, or store it in online places, but keep also the security data in offline places.

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Dude, according to the content of your thread, the title should be 'a lesson for newbies on the FTX case'.

November was indeed a terrible month for cryptocurrency investors especially this who kept their coin in exchanges,this brought a distrust on cryptocurrency but I will say it should bring distrust on exchange platforms not on BTC because btc is built on a decentralized system instead the people who have invested in btc gave a third-party right over their investment. As a newbie in the forum,I have always learnt here to keep my btc in a cold storage wallet,which I only have access to.. Newbies should take note that when you keep your btc in an exchange,you are throwing away you investment.
Some of these exchange platforms came out to scam people of their investment,they will come in disguise as exchanges but the moment they see that more customers have trust them,after accumulation of the customers assets,they will shut down and come up with flamsy excuses because customers can't do anything to them.

There is a good expression: "What doesn't kill us makes us stronger." Maybe you should look at the events in November from the other side. How many beginners have realized their mistakes? How many people have withdrawn their funds from centralized exchanges to their wallets? This is a very good lesson for those who considered themselves untouchable.
But I agree with Cryptoaddictchie we don't know the future, so we need to learn from what happened and move on.

I never think November is the worst month for crypto newbies especially if they want to invest in crypto. I mean they came at the right time as the price of crypto has dip a lot over the last 1 year, in fact it is very possible they could make a lot of profit in the long term if they started investing during last November.

But of course there is a valuable lesson to be learned from this mess especially they need to keep their eyes open about the risks that exist in the crypto space especially when they trust a centralized exchange 100% without a doubt of the bad possibilities. Of course they will learn and then they will also know that a centralized exchange is not a safe depository wallet in the long term. Luna and FTX should be the reason why they can't 100% believe in crypto and something centralized. There is always a risk even if they invest in bitcoin but don't know how to store it safely.

I think its the worst for the people who did not understand cryptocurrency is so volatile, for experience traders this is the best month for them, so even if your a newbie or a experience trader, you should first check the market, or ask other experience trader for suggestion, if you're getting started, it will be worse if you just jump and put big amount of money in a coin without even checking if its just a scam or a legit one.

While you consider it the worst month, I'm look at the situation with a positive mindset because it's the month that gave us more discount for pushing of Bitcoin. The whole FTX situation would had been easily avoid if you listen to the advise of not keeping your coins on exchange. I don't think anyone who didn't have funds on FTX was affected in regards to them losing access to their funds and for the decrease in the prices of Bitcoin and other altcoins. That's just the volatility of the market doing its thing and if you hold until your Bitcoin, tomorrow you'll be smiling as the price will be worth more than what it's now.

Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.

Probably his grave mistake to did that when he isnt sure of a recovery yet due to market downfall. Its like his trying to look genius or famous om the crypto realms but the truth is, market collapse cant be save by such exposure like that. Maybe he thought it will be bullish due to him but see what happened? CZ and others recognize whats cooking inside and that lead to a more serious damage to FTX.

I might be considered a self centered fellow for this but I sympathize with people greatly affected by the this bearish period. This year is actually a great year if you just started investing in Bitcoin. Imagine it been at that 60k mark it will be high for new investors but at the current 17k it is a blessing to new comers to accumulate more. Thereby getting it both as a store of value and expecting some profits.

As for the Exchange saga I think the warning has been there since, so it was a matter of time before what happened would actually occur. I just hope people actually learn from the saga and leave off making exchanges like this, their wallets and staying off shitcoins. It was a bitter lesson for some and I sympathize with everyone affected

I just hope those who lost in the whole sega will recover really quickly as the impact of what happened during the month of October down to November this has caused a lot of crises in the entire market forcing the price of most popular coins to pull down and spreading did which have had a grave impact on the crypto market.
But am sure those who were proactive escaped this situation because we should be familiar with how unsecured exchange can be and we should not leave any balance on an exchange account since there are prone to vulnerability.

Recovering quickly when that time has come, the bull market is sure to come but the bear market is still in control at the moment. Bearish momentum like now will test the resilience of investors to stay in the market and not leave it. we do have to get used to it, but we also have to have some reserves in order to make good use of the bear market. during the process of retaining assets, it is also important to review and safer to store in a personal wallet.

I think those who lost in the FTX scan were caught up in the web, since some of them where already well grounded on crypto currency-related investment and the restrictions associated with leaving your funds in an exchange wallet.

With the way recent events have resulted with the whole investigation and Sam's unwillingness to offer useful information that could help recover the lost funds and the whole situation is now becoming clearer that it was an insider exit scam and the CEO is well aware.

Most investors, have learned their bitter lessons, and am sure they will never trust an exchange or any other investment platform such as Genesis, and the rest of others.

in fact even the bankruptcy of small exchanges also occurred after FTX went bankrupt. it's like a domino effect. even some of the coins involved with FTX have had very high declines such as Solana where Ftx is holding a large number of solana coins and selling them. so panic also occurred among solana holders which caused the price of solana to fall quite deeply. But we don't know whether there was drama or not in these incidents. But what is clear is that the aftermath of the incident had a pretty good impact on us. such as several exchanges that are now competing in implementing the PoR system. the question is why these exchanges have not implemented a system of openness regarding fund management in the past.

Cryptocurrency wasn't directly affected, but the trust of people towards investing into cryptocurrency is the one that is greatly affected.
Trust can be destroyed in an instant and earning it back will take time. That's the problem. With what happened with FTX, we might see some investors who will not invest into cryptocurrency anymore and there might be some investors out there whose looking crypto as a good investment now backing out.

Overall, what happened to FTX really affected the whole sentiment of the investors towards investing into cryptocurrency and it will take time before the trust of them will be back again.

I don't have any cold wallets, but I'm lucky that I didn't experience getting hacked by these hackers. It all comes out to how careful you are with the websites that you are visiting and the things that you're doing in your computer on a daily basis. Well, take his advice that storing your coins in a cold wallet or a hardware wallet because it's the safest wallet out there.

The crash of ftx have indeed exposed so many limitations with centralized exchanges, and one of the most affected are those who have large balance holding in the various investment network of the exchange and trading accounts.

I find something funny with the whole proof of Reserve thing, since this is not the first time the feature is mentioned or implemented as we have seen this feature on some price tracking sites before now.
But the question we should ask, is how transparent are these features since the exchanges can also manipulate the balance reserve just to win customers' trust.

We have saw many small exchange easy to be scam but can't believe with bigger and top standing exchange market like FTX have been scam too and right now claimed with bankruptcy. I think have drama incident about FTX exchange bankruptcy and easy for owner leave their exchange without care what happen with their costumer or FTX member. For the future all exchange market how reputable and trusted it have regulating with countries building coming from, we can't expected with several owner of exchange market how long they can trust and if bad thing happen later we got justice law from exchange market county coming from.

This year is very bad with so many black swan events that make it is an abnormal bearish year. It is even worse than 2018 and 2019 bear market in my opinion because many people lost their money very quickly. It is totally different than 2018 and 2019 bear market when you lost your money very slowly.

I don't care about any month is a worst month or not. My strategy is buying more Bitcoin and Ethereum if a month gives me discount price to DCA. Hodlers wait for red months to DCA. Losers wait for green months to buy and they will sell in red months to hodlers.

Basically anything that you believe is safe will always have the risk of failing in the end. There have been many cases where large and trusted exchanges have been hacked, let alone small, disreputable exchanges and thousands of altcoin projects that have no clear purpose. You will never be free from risk regardless of you getting a guarantee from the owner, meaning always consider the risk for anything you believe in including bitcoin.

A centralized exchange is necessary and that has driven more visibility in crypto so far. It's fine to trust a centralized exchange to trade assets, but it should only be used as an exchange and not for storage. FTX is just a message that everything is at risk, so it's still consider the whatever risks are possible in the crypto space.

Exchange should be indeed used for what there are and not as storage to avoid the risk associated with such decisions, regardless of what have happen within this period and beyond, exchanges remain a major part of crypto currency adoption and usage.

If not for exchange there would have been limited visibility of even bitcoin and all the other coins, what we should do is to use exchange for what there are and try as much as possible to always move our balance off exchange, that way we can remain safe.

It's not over yet, hours ago I read that Binance exchange might be the next because the exchange is currently on the investigation, I don't know why this is happening because Binance exchange looks like the most transparent of them all but i may be wrong.

https://i.imgur.com/xpfVpat.jpeg

I believe CZ and his team will get over this easily but many other exchanges will face the same as we go deep into this bear market, FTX might not be the end.

Take your money off the exchange, regulations are coming for them all and if there are no bans for money loundery there will pull an exit scam on you, hack and what have you.
FTX is just the least of them the worst may still happen before the end of 2022.

Honestly, November shocked even me. I was of the opinion that it was going to be a moving month for Bitcoin. I called it Movember but it didn't move the last month. It was disappointing for me to see my projections crumble. I know there were others too who expected a bull rally in November but got the same sad awakening. I don't see (expect) price picking this December, though it's looking promising today and trading above $17k. I believe it's going to slump after a few days.

Good advice, as I have been a pro Bitcoin right from time since this year have been the most discounted year for newbies, this cycle may never come again as this happens to be the lowest discount over 2 to 3 years back and even though bitcoin have made an all time high price of $69,000+ price in the previous year.

FTX is just a market attack on centralized exchanges and those that kept their coins on centralized exchanges they are presently facing issues with the accounts but that does not have any relation with Bitcoin unless for the panic sale off which is a normal thing anytime something like this happen and there is bad news.

A lot has happened in the market since the beginning of the last quarter of the year and November is the worst-hit month among all with the ftx news and the whole of the other bad event that has affected the cryptocurrency market, but am sure this is not the worst mo the in cryptocurrency history so sure the market is going to recover pretty soon.