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Author Topic: What if Coinbase and other Wallet services take all of our coins and run away?  (Read 217 times)
traderethereum
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April 17, 2018, 04:48:04 AM
 #41

In the future there will be billions of dollars stored in Wallets, what if one day they decide to stop and shut down their services and transfer all the money to their own wallet and confirm the transactions and convert all of their coins(Bitcoin and any other Altcoins) to USD and disappear?
How can we get our money back? whom can we sue? how can we prove how much coins we had in their wallet? 

actually, it's simple. first, we cannot take our money back because they steal all of their customer's money and we don't have any chance to chase them. I don't think that we can get our money back because once they disappear, it needs a long time before they can get caught by the law but I don't think that they will be easy to catch. everything on the internet can get disappear so quick because they can move into another country without any contradiction and they can free to live in that country without thinking about any law.

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Moiyah
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April 19, 2018, 10:16:54 PM
 #42

Whoa, I cannot imagine that scenario will come and they'll take away all of our coins. But still, nothing is impossible and that even a secured exchange can be hacked.  We cannot retrieve everything if they will stole our tokens.

Whether or not Coinbase will get hacked or not, will just simply run away with your money or not, it's still best to hold your bitcoin on your own wallet whereas you control the private keys. That way, you truly have ownership to your bitcoin.

This is one of the Best thing we can do. Transferring it into our own wallet. At least, we can assured that it will not get stolen and can be stored their in a perennial time.

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HitbtcSCAM
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April 19, 2018, 10:22:27 PM
 #43

They could easily steal your money just like hitbtc.com. Anyone who keeps their money on coinbase for storage is a fool, sorry but it is true
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April 19, 2018, 10:50:03 PM
 #44

In the future there will be billions of dollars stored in Wallets, what if one day they decide to stop and shut down their services and transfer all the money to their own wallet and confirm the transactions and convert all of their coins(Bitcoin and any other Altcoins) to USD and disappear?
How can we get our money back? whom can we sue? how can we prove how much coins we had in their wallet? 

It already happened to me in the past with some exchange, so I know that in these cases you just lose your money. Of course, if Coinbase would do something like that, the problem would be of a quite different magnitude...

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August 04, 2018, 08:25:14 AM
 #45

Then the coin market would be a bad day Cry Cry Cry
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August 04, 2018, 08:39:06 AM
 #46

We cant do anything...and if they keep those between themselves only then whats the use...It wont have any value anymore if its not popular...Or if its usage reduces...Our usage of bitcoin is there profit...So I dont think they will hit their own leg with axe...So nothing to worry about that...Just worry about the banning of bitcoin by the government.
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August 04, 2018, 09:03:35 AM
 #47

Why would you want to kill the cow that are producing the milk? The bigger exchanges are making a ton of money and they

do not need to steal people's money. The smaller unknown exchanges can do this, if they start to struggle with liquidity or if

some employee exploits some loophole in their code or systems at work. So, it is not impossible and it might have happened

before. (They usually says it is a hack)  Roll Eyes

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August 04, 2018, 09:09:42 AM
 #48

MtGox has a similar situation and they booked police case and mtgox investors are getting paid now in btc now after 5 years of loss
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August 04, 2018, 10:20:37 AM
 #49

The people behind big exchanges are very public, they can't simply exit scams, because they will be wanted criminals, and it's simply not worth it even with billions in your pockets, because you won't be able to enjoy your life. Of course they could fake a hacking incident, but even that can be exposed, so big businesses are unlikely to exit scam. But there are tons of other reasons why you should never hold your coins on any types of online wallets.

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August 04, 2018, 01:05:18 PM
 #50

I really like the way you reason and this is very possible. Is coinbase a registered company and if yes I don't think they can vanish with people's fund just like that. There are several options they can take rather than committing themselves that way. They can easily claim hack and says they lost billions of dollars and that will be it. Besides other exchanges have been claiming hacks these days.

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August 04, 2018, 01:22:43 PM
 #51

In the future there will be billions of dollars stored in Wallets, what if one day they decide to stop and shut down their services and transfer all the money to their own wallet and confirm the transactions and convert all of their coins(Bitcoin and any other Altcoins) to USD and disappear?
How can we get our money back? whom can we sue? how can we prove how much coins we had in their wallet? 

That means the exchange scams and there's no way to get our wallet back.
So, for more safety, you can use decentralized exchange such as IDEX or other for safety

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August 04, 2018, 01:33:18 PM
 #52

I consider your thoughts of instances since we can't predict the future ahead certainly. But to give you some tips, be assured to hoard your valuable assets to a company with real people behind coz they nowhere to hide if ever they committed such crime so It is impossible to happen for majorities point of view.

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August 04, 2018, 01:46:37 PM
 #53

In the future there will be billions of dollars stored in Wallets, what if one day they decide to stop and shut down their services and transfer all the money to their own wallet and confirm the transactions and convert all of their coins(Bitcoin and any other Altcoins) to USD and disappear?
How can we get our money back? whom can we sue? how can we prove how much coins we had in their wallet? 

That means the exchange scams and there's no way to get our wallet back.
So, for more safety, you can use decentralized exchange such as IDEX or other for safety

That's also the reason why we need regulations especially with the market continously growing. If that happens at this point, we may get our btcs back but it'll take a long time for the retrieval process. Imagine the time the mtgox users waited.

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August 04, 2018, 02:13:08 PM
 #54

The people behind big exchanges are very public, they can't simply exit scams, because they will be wanted criminals, and it's simply not worth it even with billions in your pockets, because you won't be able to enjoy your life. Of course they could fake a hacking incident, but even that can be exposed, so big businesses are unlikely to exit scam. But there are tons of other reasons why you should never hold your coins on any types of online wallets.

And if they likely wanted to scam people, they should have done so before. So technically, it can be done by other big exchanges, but I don't think that they will do it because the risk is not worth it. Binance reported that they are closing in $1 billion already and yet they didn't do it because they can still earn a lot more than doing an exit scam. It could devastated though is such scenario happen, but I bet that every exchanges won't be tempted to do that. Unless those new exchanges aim is to scam the investors out of their money.

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August 04, 2018, 09:11:47 PM
 #55

In the future there will be billions of dollars stored in Wallets, what if one day they decide to stop and shut down their services and transfer all the money to their own wallet and confirm the transactions and convert all of their coins(Bitcoin and any other Altcoins) to USD and disappear?
How can we get our money back? whom can we sue? how can we prove how much coins we had in their wallet? 
I think van it would be the most hilarious scam project in the worldwide history because millions of people would trust them and they will just run I don't think that it is possible. To hide from all the humanity.

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August 04, 2018, 09:20:09 PM
 #56

That will be tragic and it will lead to the death of crypto because nobody will trust it any longer.

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August 04, 2018, 09:27:39 PM
 #57

In the future there will be billions of dollars stored in Wallets, what if one day they decide to stop and shut down their services and transfer all the money to their own wallet and confirm the transactions and convert all of their coins(Bitcoin and any other Altcoins) to USD and disappear?
How can we get our money back? whom can we sue? how can we prove how much coins we had in their wallet? 
😄
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August 04, 2018, 09:33:15 PM
 #58

That's impossible, coinbase is well known for their service so why they would runaway from the funds of their customers?

They can be sued by the users since they are popular in the service. Don't think these legit services are like the scammers out there, they are different.

Keeping in hardware wallet is the best , I can only have coin on exchange when I'm ready to sell it
If someone feels unsafe, this is the best choice.

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