Warning! 16 Blockchains can freeze your coins!

[NotATether]

Although this contradicts to some extent the principle of decentralization

I dare go a bit stronger than saying "to some extent": those coins are not decentralized at all. They could just as well be running a local database.

"Bank" is the correct term. My local database would never close my accounts, nor would it report my transactions to the government.

[Ayebabara]

Op thanks for bringing this to the newbies boards for use to know. Many people like to use BNB to send coins because it is more cheaper than others but the danger has just been displayed by you to help us. That means we should be careful when using this services.

[Crypt0Gore]

Op thanks for bringing this to the newbies boards for use to know. Many people like to use BNB to send coins because it is more cheaper than others but the danger has just been displayed by you to help us. That means we should be careful when using this services.

Exaggeration.

That's all I see in this board, what do you mean by we should be careful about using BNB? How many innocent people have been blocked out for no reasons by BNB team? This is exaggerated.

I am not a fan of CZ but that doesn't mean I shouldn't be truthful about this discussion, BNB can freeze accounts and thanks OP for bringing this to us, what waa not included is that freezing occurs anytime, if this isn't the case why should one be carful? Unless they are criminals.

Let's turn the discussion around, if you lost 1000 BNB and you can see who moved the BNB out of your address wouldn't you want BNB team to help you freeze the fund before it moved too much around?

[Cookdata]

Op thanks for bringing this to the newbies boards for use to know. Many people like to use BNB to send coins because it is more cheaper than others but the danger has just been displayed by you to help us. That means we should be careful when using this services.

Bnb isn’t cheaper, maybe withdrawals from the exchange offer zero fees but that service doesn’t extend to other exchanges because they are not Binance exchange. When you make withdrawal with any chain especially if it’s a stable coin, you get charge the same fees, some exchanges charge 1.3 or 1.5 usd for Tron and BSC since they are the popular and most used chain and Usdc with Usdt are the two most useless smart contract that lock users funds. Be careful where you get your stable coins.

[khiholangkang]

I wonder what they thought Bitcoin was all about since it was the FIRST…Bitcoin shouldn’t even be regarded as crypto because the crypto space itself is full of centralization.

with this information it will certainly be much safer for me not to hold in the long run, especially in bearish markets…

So what do you plan on doing in bull market, hold it?



The only thing that feels safe is not to engage with it that much either short term or long term, Bear or Bull market..
How long you hold it doesn’t change anything, it can be frozen anytime..

A bull market is different, all projects are relatively safe because they get liquidity for the turnover of money, and yes before selling targeting the selling price is not bad for those who want it.

yes so far it is quite safe, nothing is frozen, at least get a little cake from the bull market on the alt, the amount is quite enough to buy a simple bike with the capital of a few hotdogs, of course short term, no idealism here.

[bit_stacker]

Op thanks for bringing this to the newbies boards for use to know. Many people like to use BNB to send coins because it is more cheaper than others but the danger has just been displayed by you to help us. That means we should be careful when using this services.

Why should we use BNB? As far as I know, your assets can be blocked, read here:

“Although Trezor Suite doesn't natively support BNB, you can still connect your Trezor device with third-party wallets that do support BNB. “
I think it means they can track you and easily can block your funds


If you want to pay very low transaction fees and not be afraid of your assets being blocked, Litecoin is the best option for people that have many transactions and want to pay low transactions fee
Personally I use Electrum and Electrum-LTC since 2014. I was member of blockchain.info but my bitcoins stolen from my wallet and blockchain support couldn’t help and now they want kyc…

[nakamura12]

Well, if they really want to buy those crypto is that they shouldn't put all their funds in one go if they don't want to miss out something. For me, if found out that there's a possibility for the blockchain to be freezed is that I won't use it for far too long to avoid having problems. I don't fully remember what blockchain it is but it was frozen and people having problems making a transaction but it won't proceed as it was frozen, I think it was BNB if I am not mistaken so I rather exchange it sooner I finished what I am doing with the crypto I used.

[m2017]

Important warning to everyone who is using a bunch of coins on different blockchains, many of them can be frozen!
This issue has bee investigated and confirmed by Bybit’s Lazarus Security Lab and some include some major blockchains including BNB chain.

Binance BNB Chain has hardcoded rules that enables them to freeze all your coins, but it's not only binance chain, it's also CHILIZ, VIC, XDC and VECHAIN.
Hardcoded freezing for those chains is built directly into the blockchain code, but there are others that have configuration-based freezing, and others with potential to freeze coins.
Full list is shown in image bellow, but there is a chance that other blockchains have something similar that is not discovered yet.

Have there been any precedents for coin freezing on the aforementioned blockchains? I understand that, according to research by Lazarus Security Lab, this is possible, but to date, there have been no practical examples of freezing, correct? Although this doesn't rule out the possibility that someone might be among the "lucky ones" affected by this freezing in the future.
 

At this point holding anything in altcoins or stablecoins is a big risk, especially long term.
You should swap that crap to Bitcoin and hold it in your own non-custodial open source wallet.

Holding bitcoin during a market downturn (like now) also carries the risk of losing value. This is in the short term.

In the long term, of course, you're absolutely right, and only bitcoin is HODL. It's unclear what will happen to the project (altcoins or stablecoins) over time, and not just because of the risk of them locking up the coins. In any case, they don't give you full control over their assets.

[avp2306]

Well, if they really want to buy those crypto is that they shouldn't put all their funds in one go if they don't want to miss out something. For me, if found out that there's a possibility for the blockchain to be freezed is that I won't use it for far too long to avoid having problems. I don't fully remember what blockchain it is but it was frozen and people having problems making a transaction but it won't proceed as it was frozen, I think it was BNB if I am not mistaken so I rather exchange it sooner I finished what I am doing with the crypto I used.

Its really concerning to know that those coins had tendency to freeze the asset of their holders.

Its good that OP shared that list since it can make aware those people that its not good to hold them for long term.

So if the case that they acquired those coins much better to exchange it directly and take their profits. If they want to hold better to choose Bitcoin because they provably won't experience those risk mentioned by OP and we know that this is most trusted coin compare to those alts mentioned.

[PrivacyG]

I don't fully remember what blockchain it is but it was frozen and people having problems making a transaction but it won't proceed as it was frozen, I think it was BNB if I am not mistaken so I rather exchange it sooner I finished what I am doing with the crypto I used.

You are probably remembering the Binance rollback from years ago.  Any Blockchain a centralized entity has authority over is useless and like LoyceV said before, it is nothing more than a data base I or you can have too.  Convince enough people that it is worth any thing and there you have a competitor for all these 16 other Blockchains.