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Author Topic: This is why you shouldn't trust a Centralized Exchange!  (Read 777 times)
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January 18, 2020, 07:16:58 PM
Merited by Ferris419 (1), CryptopreneurBrainboss (1)
 #1

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

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January 18, 2020, 07:18:49 PM
 #2

Of course they can be hacked or scammed at any time that is why you should use wallet for storing cryptos not an exchange.

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January 18, 2020, 07:32:21 PM
 #3

actually not only in a centralized exchange but with any exchange that has millions of dollars in assets is also one of them, because fraudsters are always after valuable items.

therefore, for anyone, never store your assets for too long in the Exchange, because it is very risky against hacking.
Be a wise user, use exchanges according to your needs.

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January 18, 2020, 07:47:21 PM
 #4

Binance exchange is exceptional, this exchange is safe than any others exchange. I know Binance exchange got hacked but they did all funds back, who's lost investment. Latoken isn't a good exchange but legit, once withdraw time was 10 hours. Ultimately bcnex exchange got negative feedback from me even this exchange raised enough funds by ICO.
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January 18, 2020, 08:07:30 PM
 #5

That really sucks, if an exchange having problem with withdrawal lke that which I think is, they are running out of balance that means they have used the money from all their users for something and they probably lose that money. I know that we shouldnt trust centralized exchange but we can't deny the fact that we also need it. that's why only use it temporarily and choose the popular ones.

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January 18, 2020, 08:38:40 PM
 #6

I think bcnex has not been hacked or funds stolen it is either their mismanagement or bad intentions that is causing the withdrawal issues, first they locked the withdrawals for 20 days which was never seen before thing even in centralized exchanges and now after 20 days when they have opened withdrawals there have been complaints of delays, they may be checking or testing it that things are normal and doing everything manually but im sure if they do not normalize things by tomorrow even their longterm supporters will also start calling them scam. So i hope they will be proactive enough to resolve these issues today otherwise things do not look good.

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January 18, 2020, 08:42:39 PM
 #7

That really sucks, if an exchange having problem with withdrawal lke that which I think is, they are running out of balance that means they have used the money from all their users for something and they probably lose that money. I know that we shouldnt trust centralized exchange but we can't deny the fact that we also need it. that's why only use it temporarily and choose the popular ones.
I think it's not just the exchange but we should be extra more careful when handling our crypto to any exchanges. Never store any amount or at least big amount on any exchanges because when things like hacking occurred there's no way we can recover those stolen crypto. Bitcoin and cryptocurrency exist because it is designed to be held by us or be our on bank instead of relying too much to a centralized exchanges.

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January 18, 2020, 08:48:20 PM
 #8

Binance exchange is exceptional, this exchange is safe than any others exchange. I know Binance exchange got hacked but they did all funds back, who's lost investment. Latoken isn't a good exchange but legit, once withdraw time was 10 hours. Ultimately bcnex exchange got negative feedback from me even this exchange raised enough funds by ICO.

No exchange is exceptional, Binance didn't get any coins back from the hackers but were luck they had reverses that could take care of Investors funds. Those reserved were set aside in the previous year from new coin listing and exchange profit. Don't not trust any exchange, all are after their profit and not your safety. The hacks aren't only the problem of centralized exchanges but since they have control over your coins they can restrict the movement of your fund therefore withholding your freedom of your money just like banks.

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January 18, 2020, 08:53:54 PM
 #9

True that it's not advisable to use centralized exchanges to store your crypto assets. This has been advised for so many times but sadly there are still people that doesn't understand the importance of it.
Cobinhood also has a statement regarding their closure and withdrawals will be back by Feb. 10.



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January 18, 2020, 08:58:01 PM
 #10

Scam and hacks, are too major reasons why centralized exchanges are questionable, that's true. But we keep using them to trade because for now decentralized exchanges still have a very long way to go in order to replace centralized exchanges (I sincerely doubt if it's ever possible anyway). BCNEX withdrawals above 50$ can't be paid, it goes to pending state without a cancel option. It's clear that everything is not right with this exchange. Most times we preach "do not keep funds in centralized exchanges" but in the real sense, many people are caught up unawares when they trade on the exchange and they get affected.
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January 18, 2020, 09:31:44 PM
 #11

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

damn, sorry to hear they are paying you guys out so slow, but honestly, who da fuk is "BCNEX"? i have never heard of them...    
Im guessing also that they are not a registered company anywhere, do people even know what kind of people are behind it? :/
its kinda a guarantee with those new exchanges sadly, honestly man, 1/2 of these exchanges that popped up in last year or two are just collecting deposits till they have enough and can fake a reason to exit scam : /
if your hodling ETH, why not just use coinbase? you CAN trade coins there too you know...

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January 18, 2020, 09:35:04 PM
 #12

Not just on a centralized exchange, you have to save your money and never to stay big money on any exchanges whether its decentralized or not because its not safe at all. If you can’t withdraw your money at all then that exchange is indeed a scam. You have to be more protected and know the safest thing to store your cryptocurrency, if you don’t have the private keys them its not safe to trust any wallet that you don’t have control, scammers and hackers are staying on every exchanges waiting for their time to scam us.

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January 18, 2020, 09:43:28 PM
 #13

A lot of my friends think am strange, because i do not trust any exchange either centralized or dex exchange platforms,
I only visit exchange to buy, or sell and withdraw instantly.

If i place withdrawal and it gets delayed unnecessarily, i write support immediately.

In crypto currency, i have not seen anything better than your private paper wallet.
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January 18, 2020, 09:52:44 PM
 #14

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

Any exchange can be hacked ,that is why you need to keep your cryptos in your personal wallet. There is nothing new about it. You should never treat an exchange wallet as your personal wallet.

If you had understand the concept of Proof of Key you wouldn't have created a topic here.


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January 18, 2020, 09:55:55 PM
 #15

It is not possible to disagree with you. CEXs are the most dangerous places in crypto sphere in terms of hacking and blocking of our funds. If you transfer the fund to the wrong address, never consider an option like correcting the transaction. They can do what they want with their own rules and in return we will get just an apology, but we will be removed immediately in our first mistake against them.

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January 18, 2020, 09:59:16 PM
 #16

You are right at the moment the trust level is low on centralized exchanges even the top exchanges like binance seem safe and sound but still in the back of the head most of traders and holders in exchange wallet feel the risk so when this is the level of safety at top exchanges then what we can expect from new or small exchanges.

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January 18, 2020, 10:54:44 PM
 #17

God, the team was blocking my telegram account yesterday and some people said the team is already erasing the telegram group too. Just think to always use the reputable exchange site will be much better rather than try to use the new exchange site. The liquidity on the hot wallet of bcnex is almost zero and that's crap. I guess the amounts have been stolen by the team.


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January 18, 2020, 10:59:11 PM
 #18

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

There are popular and good cex available to use and finding which among them is the best will he matter of preferences. Just don't trust easily those doubtful numbers when what you see in a particular cex, does not match the trend in other exchangers. Also, mind the transaction fees because they can pile up and cost you much if you do it wrong.

 
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January 18, 2020, 11:07:49 PM
 #19

God, the team was blocking my telegram account yesterday and some people said the team is already erasing the telegram group too. Just think to always use the reputable exchange site will be much better rather than try to use the new exchange site. The liquidity on the hot wallet of bcnex is almost zero and that's crap. I guess the amounts have been stolen by the team.

The possibility of running away from their customers is very high with how they are dealing things.
Why would the team erase their social media channel if there is no imminent exit activity?
I really don't trust new exchanges with very low liquidity and trading volume.
Better stick to your known exchanges that you have proven that you can withdraw your funds anytime you want without waiting for so long.
I still trust some exchanges but storing my coins is really a no no for me anymore.

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January 18, 2020, 11:09:59 PM
 #20

It is not possible to disagree with you. CEXs are the most dangerous places in crypto sphere in terms of hacking and blocking of our funds. If you transfer the fund to the wrong address, never consider an option like correcting the transaction. They can do what they want with their own rules and in return we will get just an apology, but we will be removed immediately in our first mistake against them.
Really true, usually centralised exchange will rules against us and put us to blame when there's a slight mistake on our end meanwhile they could get away easily if there's a massive hacking occurs just like back then on various exchange. They sometimes unreasonably locking someone's account and I've experienced it once.

 
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