Two Australian exchanges collapsed recently, remember to withdraw your bitcoin

[nullama]

December 07, 2021: Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators

November 05, 2021: ACX's parent company Blockchain Global collapses owing $15M

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

[1715257081]

1715257081

[cryptoaddictchie]

This is true. Thanks for the reminders that any coin or tokens held on exchange still can be compromise. That's why doing trading is fine there with hr funds you just needed on that activity. If someone got some pretty big btc coins then you should keep it on a hardware wallet or any wallet that worth trusting to store them.

But good news that some exchange compromise such as Binance and Kucoin managed to keep it safe and even return funds of those affected.

[adaseb]

What is it with all these Australian and New Zealand exchanges collapsing all the time. If you guys were here around 2017 you will remember Cryptopia? That exchange was also either Australian or New Zealand and it also went under. And it was a big blow to crypto because it has lots of small cap alts listed.

This is why you never keep large amounts of crypto on any exchange unless you are trading them. If you are not then either withdraw to Bank account or withdraw it to your cold storage.

[Strongkored]

It's never safe to leave large funds on an exchange, no matter how much they trusted at this time there will be times when they can be hacked and down so that our funds are also lost, I still remember with mintpal they did an update but things got slower, lucky I was still able to withdraw funds there around 0.07 - 0.1 BTC was not a big amount at that time but it becomes quite significant now because the price of BTC rose high, not only exchanges but also all third parties, where we don't have access to PK.

[ice18]

Recent is from Bitmart hack for $150m and now 2 CEX collapse, this is a bit scary to users of Cex exchanges who has huge funds and use to store crypto mostly in Cex, It must be better to use Dex for security reasons, many criminals are targeting crypto exchanges now and we are not so sure how strong security features of Cex exchanges has or always pull out huge amount of money after trading.   

[blockman]

It is also best to remember to stick with the most reputable exchanges so that you have a guarantee that they won't just go out anytime without notice.
Because they are registered locally and they have a mandate to inform each of their users of what they're going to do like closure.

[michellee]

We learn that when we send our coins in the exchanges, no matter what the coins, that will not be our coins anymore because we do not keep that coins in our wallets. If somehow something happens to that exchanges, we can not do anything except wait for the refund from the exchanges to take responsibility for the loss of the funds to their members. If you care about your coins, you should withdraw the coins from the exchanges and not use all of your coins to trade or other things so when something worst happens, you still hold your coins and can do other things.

[Theones]

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

In crypto the biggest issue is if you lose your coins once, there is no way to recover them back. I personally lost huge amount of BTC from my electrum wallet and cant recover them. If your coins are on reputable exchange like Binance then they will give you back your coins. In case of Bitmart recent hack, they are giving back customers there money.

https://cointelegraph.com/news/bitmart-pledges-to-reimburse-hack-victims-as-crypto-community-voices-support

[Lucius]

The best way for people to learn the importance of keeping their private keys seems to be to lose them in incidents like this - if someone still decides to use crypto exchanges again as storage, then they don't deserve any sympathy when the same thing happens to them again. People forget that these exchanges are run only by people, and they are very susceptible to the temptation to perform an exit scam, which is often the case.

I thought people would learn something from what happened with Mt.Gox or Quadriga, but the fact that millions of BTC are on exchanges today speaks that they have not yet learned.

[sheenshane]

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

How many people still didn't know this golden rule of Bitcoin, the line that I bolded above was perfectly right.  Bear in mind that it should be always to have full control of our crypto assets over the key.

How many exchanges have been shutting down this year, especially those not well-known crypto exchanges, I'm suspected that just because of the heavy regulations implemented by the governments to push traders to have a KYC.  But good thing, I heard none of them becomes an exit scam exchange, most of them have an announcement to withdraw the fund quickly.

Centralized exchanges it seems started collapsed, then, who will be the next?

[EdenHazard]

That's the reminder that we should aware of everytime.

for the newcomers it's something that they never crossed in their mind to see its highly trusted exchange could went MIA aka collapsed, scam.
they might get awaken with this scandal but moreover we as an old player keep reminding this to everyone around.
it's indeed rare case these days ... not like the old days back in time in 2014 where there plenty exchange available like cryptsy etc that we couldnt identify.
sometimes it feels like regulation is needed.

[tranthidung]

People probably were taught about it, Not your keys not your coins. If they did not know about it, their mistake is acceptable.

However, if they were taught about it but simply ignore that lesson, ok if they get lost, they deserve it.

• Not your keys, not your coins
• Hacked Exchanges since 2011Another exchange was hacked but it is not surprised me at all

[justdimin]

December 07, 2021: Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators
November 05, 2021: ACX's parent company Blockchain Global collapses owing $15M

Problems with exchanges are not new to this space and moreover exchange hacks are most common but what is "collapse" here? Is this kind of failure of business model? I do always suspect about most exchange hacks as some exchanges like bittrex are able to keep serving us for years without any issues but why not for others, it is too complicated to copy such a security measures. This way, "collapse" sounds like a new way of announcing bankruptcy.

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

This has been suggested across at every part of this forum and for people who are all still ignorant then no one could do anything about that.

[Lucius]

Centralized exchanges it seems started collapsed, then, who will be the next?

The problem is that licenses for this type of business in some countries can be obtained by anyone, and it is not a job that can be done by anyone. If you build something on bad foundations, sooner or later it will collapse. In addition, it is difficult for me to understand that some people have confidence in completely unknown exchanges without any reputation - but it is obviously a matter of trusting domestic rather than foreign companies, which is not a good decision in this case.

Centralized crypto exchanges (those that have existed for a long time and have a solid reputation) will certainly not disappear just like that, but will expand more and more due to the growing interest in cryptocurrencies.

[irsykes]

It is right we must use wallet to save our money. I only put money that i use to trade in exchange and keep the rest in blockchain wallet. I know it is almost same with exchange but i can't use hardware wallet and not download software wallet in my computer.

[Johnyz]

Blockchain wallet is very convenient and profitable, and it gives certain guarantees.

But not for exchange wallet, its didn’t give any guarantee that your funds will be safe with them and can be liquidate in full even if there’s a hacking incidents, well even if Binance did pay everything I’m still doubting to hold big funds on exchanges. Hackers are also growing, they also adopt new technologies so I know we might see more hacking incidents in the future so if you want to be more safe, put your money on a wallet that you have control not on any exchanges that might put you on a bigger risk later on.

[Oilacris]

Blockchain wallet is very convenient and profitable, and it gives certain guarantees.

But not for exchange wallet, its didn’t give any guarantee that your funds will be safe with them and can be liquidate in full even if there’s a hacking incidents, well even if Binance did pay everything I’m still doubting to hold big funds on exchanges. Hackers are also growing, they also adopt new technologies so I know we might see more hacking incidents in the future so if you want to be more safe, put your money on a wallet that you have control not on any exchanges that might put you on a bigger risk later on.

Reputation and popularity is important consideration but dont give out 100% confidence and trust on them.You wouldnt know until it do happens and we should not wait on letting ourselves get caught with those moments.

It had been told for how many times that keeping funds on exchange is never been recommendable specially if we do talk on big amounts.

Come to think that risk is still there when dealing with known and popular exchangers then how much more to thos who arent?

[redsun114]

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

I do not think people do have different reason for why they do keep their bitcoins on exchange itself and definitely it is not about security:

1. Active traders who hate paying network fees for every transactions or everyday may prefer to hold their bitcoins on exchanges itself.

2. For staking benefits or for arbitrage reasons, some people do prefer to use exchanges as their wallets.

Basically, even do not go for cold storage, I guess it would be better to go for mobile or desktop wallets by avoiding exchanges and web wallets for keeping bitcoins.

[Silberman]

December 07, 2021: Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators

November 05, 2021: ACX's parent company Blockchain Global collapses owing $15M

Reminder that the bitcoin you hold at exchanges is not yours. Withdraw your bitcoin from exchanges while you still can.

Some people think that their bitcoin is safer at an exchange than in their own custody. As you can see from these recent news, that's not true at all. "Not your keys, not your bitcoin".

Learn how to keep your bitcoin safe in cold storage instead of keeping it in exchanges.

I do not use any of those exchanges but this is a good remainder for the people that still do not understand that keeping your coins in an address you control is key and if you do not do it then sooner or later something like this could happen to you, unfortunately despite our warnings I think there will be a lot of people that will simply dismiss this as being alarmist and think this will never happen to them as they have their coins in an exchange with more reputation, but this can happen at any time to any exchange, so if they keep doing that they better prepare themselves to accept the consequences of their actions.

[palle11]

It is true that keeping your coins in an exchange feeling that you have secured there is a mirage and unrealistic hope because anything can happen with the exchange. But in this matter, the exchanges collapsed and not that they were hacked, so except they are hacked, if only for collapse they can find a way to start repaying of people's fund.