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.

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[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.

[AliMan]

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.

That's what I'm always telling to my close friends and companions, to avoid storing their valuable cryptocurrency assets in exchanges. But most importantly, if you'll able to verify yourselves on your respective exchange accounts so you could appeal to their support group when this worst situation occurs. Keeping at safe storage like hardware wallets, and paper wallet can be the most efficient ways to provide security on our holdings.

[nelson4lov]

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.

The safest options right now to store crypto right now is via:
— cold wallet storage
— if it demands frequent usage, a hardware wallet should be should.

Apart from Metamask, I don't think most crypto wallets for self-custody have the best security to protect against attacks from a hacker. I recently lost funds to a hack in trust wallet — this was a wallet that I barely accessed, not actively and barely nobody knew I own crypto at that address but it still happen. It might be your key and still get stolen.

[Vaskiy]

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.

Holding on exchanges is always risk involved, and using a reputed platform reduce the risk. One such incident happened with Binance where hackers stole $40 Million from Binance Cryptocurrency Exchange. During that time Binance made a review and found the security issues from their side and made changes to its security system. Further it paid the users from the reserve whose funds got stolen on the hack.

[stompix]

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.

Guarantee? Lol.
Coincheck was 6 years old when it got hacked and went bankrupt, Cryptopia 5years before the collapse, Bitfinex itself hit the users with a 36% on all funds to cover for the losses.
Guarantee? Again, lol!

Apart from Metamask, I don't think most crypto wallets for self-custody have the best security to protect against attacks from a hacker.

Metamask is one of the most vulnerable wallets you can choose from hundreds of alternatives and you are claiming it's the safest? As for the other part, ironic, isn't it?

I recently lost funds to a hack in trust wallet — this was a wallet that I barely accessed, not actively and barely nobody knew I own crypto at that address but it still happen. It might be your key and still get stolen.

As far as I know, keeping funds in trust wallet is as safe as safety gets. Although it is a binance-owned company, their wallet offers top of the class security.

[darewaller]

Maybe for Australian have trusted with their local exchange and we don't know what the problem there

That is the most probable answer for questions of why people still use exchanges as their wallet. I am also still holding my exchange tokens in my local exchange itself. Because, it is like I trusted my local exchange then I invested into their own tokens and I will sell off them once I get into my target prices hence I do not prefer withdrawing them as it may not have any value if my exchange will not continue in good shape.

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

I remember about the binance's incident but not aware of kucoin's. These days I prefer kucoin as they still not insisting KYC but news about their past security breach makes me worry about my funds with them.

[noorman0]

Cryptocurrencies are still relatively new, as for local government regulations dealing with crypto companies will not be static and will continue to be updated (tightened) as long as the government continues to review its use, especially those that are possible for crime. I would also not be surprised to hear of cases where an exchange that has even been operating for years will have its license revoked as soon as new regulations are issued.

This regulatory uncertainty should be a threat for crypto users to use centralized services as necessary, not rely on them.

[kanayaTabitha]

Seperating between investment money and trading money is a must, we should have much trading wallet in several exchanges because there are many coins that we invested and not available for all coins in one exchange, but don't place all the money into the exchanges.
Personal wallet is a must if we want to invest for a long time in crypto, more over if we had big amounts of investment we should have offline wallet.

[Ararbermas]

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.

correct! Even it required kyc it doesn't matter in my personal opinion as long as your money is in a safe place that's good enough.. because nowadays we cannot trust any exchanges or platforms when it comes holding any assets..so much better to pick or choose which is trusted platforms and can guarantee the safety of our money wherein to assure everything will gonna be alright, indeed its very common problem so it's skeptical to trust nowadays..

[so98nn]

I have divided the portfolio for this very reason on to two stuff, one is exchanger and the other is wallet. Obviously, the weightage on the wallet is way higher as compared to the exchanger. The reason why I am keeping some amount on the exchanger is to avoid transfer fees, quick trades, and day trading. You never know when some coins would go crazy and you may need to have some bits handy to buy them so that much liquidity has to be there on the exchangers. Some of you might say it takes nothing to transfer from wallet to exchangers, but believe me those transfer fees, buyer and seller fees, exchanger fees it all adds up to the little profits towards good trade.
But obviously it is golden rule never keep too much at exchangers and if not trader then no need to keep single penny on the same.

[Botnake]

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.

correct! Even it required kyc it doesn't matter in my personal opinion as long as your money is in a safe place that's good enough.. because nowadays we cannot trust any exchanges or platforms when it comes holding any assets..so much better to pick or choose which is trusted platforms and can guarantee the safety of our money wherein to assure everything will gonna be alright, indeed its very common problem so it's skeptical to trust nowadays..

Even if you put your bitcoin in a reputable exchange, it's not enough guarantee that it won't be compromise in the next days to come. Just an advice, never put huge amount of bitcoin in an exchange that you don't have the full access. Or just put a small amount needed for that certain trade and the rest of your bitcoin should be in your own cold storage wallet. Bitcoins are safer if you keep it on your own wallet with your own private keys. This is to avoid future events that are even unexpected to happen.

[tvplus006]

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

It is this solution to the problem associated with hacking, when Balance and KuCoin took all the losses, fully compensating for the losses of their participants, inspires confidence among market participants in CEX. Nevertheless, you do not need to be dependent on the decision of the clerk, who will have to make a decision to compensate or not for the next hacking of the exchange, and keep only those funds that you need for daily trading on the exchange.

[cryptoaddictchie]

Nevertheless, you do not need to be dependent on the decision of the clerk, who will have to make a decision to compensate or not for the next hacking of the exchange, and keep only those funds that you need for daily trading on the exchange.

Of course not. But I just adding that kind of solution as part of trust to those exchanges. Somehow I know the risk of it cause there is a chance that they might not return it due to heavy losses or for some whatever reason. But you are right, not gonna need to put more than what you trade on a cex and keep it on non custodial wallet.

[Anonylz]

As long as you have no access to private keys, nothing is safe, whoever thinks keeping funds in exchange is much safer than in personal wallet should better think again, anything happened to the exchange you will also be affected and even if the exchange volunteer to pay all affected users it will take some time and you will be left out of making profit for the time duration.

[jrrsparkles]

Only who trades more often will keep their cryptocurrencies in the exchange wallet because they can't simply withdraw, deposit back again for every trade since withdrawal cost for Bitcoin starts from $20 even with the lowest fee structure but the remainder is for the people who uses exchange as their wallet should move even if the withdrawal fee is a burden for them if they don't want to lose all their assets.

[perfect999]

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.

Very, very important, but some people never know that at all. I don’t know how many times that we would have to say this before some people are going to learn that exchanges are not a good place for storage, you should only keep the money you’re using for trading on an exchange and that’s all.

And after you are done trading and you have gotten your profit , you should simply move the money to your main storage wallet. That’s just it for me. People have lost money due to keeping it in centralized exchanges. If it’s not that the exchange is getting hacked, then it would end up being that their business has collapsed, which in either ways would affect their customers or users.

[ranaprime]

Everyday lots of news arrived in the market most of them are fake. If anyone listen all the news I think it will be difficult for him to trade. Of course you have to understand which should be legit and which are can be rumors. There are so many exchanges around the world some of them are fallen in trouble. This is a temporary problem.I think the market will go back to the previous position.

[Ziskinberg]

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.

This becomes the real sentiment when we feel that our funds are safe in exchanges as we never know as this situation arrives and they have no time to inform us (depositors) which it has no time to withdraw. We can claim such a refund but can't force them to give it back instantly as the company itself is in a struggle.
If that we use an exchange that is just for a trade, not for holding. Even staking isn't a good idea since it wasn't our control as well but the exchanges.

[Quidat]

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.

This becomes the real sentiment when we feel that our funds are safe in exchanges as we never know as this situation arrives and they have no time to inform us (depositors) which it has no time to withdraw. We can claim such a refund but can't force them to give it back instantly as the company itself is in a struggle.
If that we use an exchange that is just for a trade, not for holding. Even staking isn't a good idea since it wasn't our control as well but the exchanges.

You would only realize that you are wrong when you are already experiencing problems or you had already bee fucked up with those exchangers which its an inevitable thing since platforms could really neither face off some hacking,bankrupt,regulation issues which would really result into lost of funds and this is why whenever you do make out deposits on an exchange then consider out the risk.
Its never been a good idea on storing up your coins on an exchange but if its just for the intent of trading then be wise
on when to pull it out very often.

[TelolettOm]

No one will think that saving assets in exchange is secure. However, if we are still using them as trading assets, we cannot leave exchanges because we need those assets for trading and earning profits in the exchanges.
But you are right, not your keys if they are in the exchanges.
That is why I personally will always consider about the top exchanges to put my assets there and also for trading. Why? because top exchanges with high reputations may have lower risks of being collapse or others. Although it of course doesn't guarantee because top exchanges can be also attacked or hacked. But at least they will be responsible. And once if they are collapsing, they will commonly give us chance to withdraw our assets, that is why we must utilize the chance.
Well, all decisions will require risks, higher or lower, that is our choice for us.

[Ryker1]

Well sad to say that most centralized exchange now has been being compromised and it is prone to hacking, this reminds us that storing your coins on an exchange is not a good idea. The best thing to do after having trading is just to pull out your coin and transfer it into your non-custodial wallet which is very safe. The good thing to know that these two exchanges let their user withdraw the fund and did not turn into an exit scam which is most shady exchanges did. Do you think is this a sign that traders should use a decentralized exchange?

[kanayaTabitha]

Many exchange issues with hacking and I am never trusted with this opinion because they have more safety secure with their exchange site and impossible some exchange could be hack, just an ideas from developer how to make member trusted with their reason but in the fact they stole member money with hacking reason. Better see how assets have by the owner if their exchange hack, will his assets keep increase up or not.

The exchanges security is already highly protected but we know no system is safe because the hackers could be the security person that has more experience and more knowledge about how to hack the system and it will happen.
Exchange's hack is sometimes happen, but there are also the bad guys pretending to be hacked but they took away the money for theirself.
So the best thing that we can do is securing our money by carefully surfing on the internet with our assets.

[tvplus006]

The exchanges security is already highly protected but we know no system is safe because the hackers could be the security person that has more experience and more knowledge about how to hack the system and it will happen.
Exchange's hack is sometimes happen, but there are also the bad guys pretending to be hacked but they took away the money for theirself.
So the best thing that we can do is securing our money by carefully surfing on the internet with our assets.

It is easier for a hacker to find a vulnerability in a contract and then sell millions of dollars worth of coins than to hack a cryptocurrency exchange. The leading exchanges employ good specialists who ensure smooth operation. Obviously, with their knowledge, they could do the same quality work on hacking exchanges.

[suzanne5223]

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.

This becomes the real sentiment when we feel that our funds are safe in exchanges as we never know as this situation arrives and they have no time to inform us (depositors) which it has no time to withdraw. We can claim such a refund but can't force them to give it back instantly as the company itself is in a struggle.
If that we use an exchange that is just for a trade, not for holding. Even staking isn't a good idea since it wasn't our control as well but the exchanges.

You would only realize that you are wrong when you are already experiencing problems or you had already bee fucked up with those exchangers which its an inevitable thing since platforms could really neither face off some hacking,bankrupt,regulation issues which would really result into lost of funds and this is why whenever you do make out deposits on an exchange then consider out the risk.
Its never been a good idea on storing up your coins on an exchange but if its just for the intent of trading then be wise
on when to pull it out very often.

Security advice is to never store cryptocurrency on an exchange for a long term but still sound unwell that most cryptocurrency exchange cannot provide adequate security which will prevent online theft from funds on their platform and the last time I checked exchange attacks always happen during the ATH price season which I believe always impact the market price.
Meanwhile, if this issue persists all the insecurity in crypto exchange will make the Fed intervene and it may affect the decentralization of crypto if care is not taken.

[eaLiTy]

~
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 experience does one need to understand that keeping your coins in exchanges are not the safest option in the cryptocurrency space. I know there are people who still holds coins in Tier 1 exchanges but the risk is really high as we have seen the top exchanges getting in trouble and once that happens it is a battle when you will get back your coins.

Only move coins to exchanges if you are planning to take a position, if not it is always safe in your own standalone or hardware wallet.

[Kasabus]

Well sad to say that most centralized exchange now has been being compromised and it is prone to hacking, this reminds us that storing your coins on an exchange is not a good idea. The best thing to do after having trading is just to pull out your coin and transfer it into your non-custodial wallet which is very safe. The good thing to know that these two exchanges let their user withdraw the fund and did not turn into an exit scam which is most shady exchanges did. Do you think is this a sign that traders should use a decentralized exchange?

I guess its always good to use a decentralized exchange since its non accessible by the government but the problem is if it happens that there will be unexpected troubles in the future, you'll find it hard to trace the exchange and withdraw your coins. This is the reason why most of the exchanges we have right now are centralized so that if there will be future problems that will occur, the certain exchange will still have to contact us and inform about the current problem so we are still given chances to withdraw our cryptos. That's the  advantage of having centralized exchanges.

[doomloop]

I know there are people who still holds coins in Tier 1 exchanges but the risk is really high as we have seen the top exchanges getting in trouble and once that happens it is a battle when you will get back your coins.

The reputation of exchanges got nothing to do with the protection of out assets. Hence, whether it will be tier-1 or tier-5, we should always develop the habit of withdrawing our cryptocurrencies immediately after closing the trades. I do see people are developing their own reasons to keep on holding cryptocurrencies within exchanges but at the end of the day they are the only bearer who are going to suffer if anything like hacking happens hence no reason is not going to help anyone.

This is the reason why most of the exchanges we have right now are centralized so that if there will be future problems that will occur, the certain exchange will still have to contact us and inform about the current problem so we are still given chances to withdraw our cryptos.

Why that is not possible with decentralized exchanges? Because, I remember some dex are providing optional registration along with email ids and and other details hence they also may contact if any emergency happens.

[Issa56]

Have been telling lot's of people to stop leaving their coin not only bitcoin, you don't have to leave all your coins in your exchange wallet and from my research I notice that most people that are always leaving there funds on exchange are the newbies. After buying a coin make sure you transfer the coin back to your custodial wallet address and make sure you don't share your private key with anybody or store your private key where anybody can have access to it to avoid hack because for few day's have been receiving complain from my friends that there wallet is been hacked, you have to secure your private key.

[el kaka22]

It is easy to predict that some places will not be as good as imagined, they may collapse, bankrupt, hacked or whatever, even could be just pure old scam and that's it as well and we will not be able to take out our money in most cases. This is crypto, if you are not careful enough and you do not have any legal basis whenever something goes wrong, then you should not keep your money in any of these exchanges. I keep hearing about tens of millions of dollars gone because one exchange collapsed and I never really understand why would people keep their money in those places?

For example, I have ZERO dollars worth money in any exchange right now, not that it is like that all the time, I have some time to time but right now it is zero. I just have a wallet that I send all of my money into and that is all that I need without anything extra, you should try that as well.

[Silberman]

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.

This becomes the real sentiment when we feel that our funds are safe in exchanges as we never know as this situation arrives and they have no time to inform us (depositors) which it has no time to withdraw. We can claim such a refund but can't force them to give it back instantly as the company itself is in a struggle.
If that we use an exchange that is just for a trade, not for holding. Even staking isn't a good idea since it wasn't our control as well but the exchanges.

You would only realize that you are wrong when you are already experiencing problems or you had already bee fucked up with those exchangers which its an inevitable thing since platforms could really neither face off some hacking,bankrupt,regulation issues which would really result into lost of funds and this is why whenever you do make out deposits on an exchange then consider out the risk.
Its never been a good idea on storing up your coins on an exchange but if its just for the intent of trading then be wise
on when to pull it out very often.

Agreed, only those that are full-time traders should consider leaving their coins in an exchange for a long time, after all traders do not really have too much of a choice, but someone that is mostly an investor or just an occasional user of cryptocurrencies must always have their coins in a wallet they control in an exclusive way, I know that some people think this is a pain, but since it is impossible to know when an exchange can be hacked or implement KYC policies then it is better to avoid them whenever possible.

[Sihab76]

Many exchange issues with hacking and I am never trusted with this opinion because they have more safety secure with their exchange site and impossible some exchange could be hack, just an ideas from developer how to make member trusted with their reason but in the fact they stole member money with hacking reason. Better see how assets have by the owner if their exchange hack, will his assets keep increase up or not.

You are 100% right because the security arrangements of an exchange are the responsibility of the authority of that exchange. But how can an exchange's security system become the focus and be hacked. This is just an idea because the authorities blame the hacking by killing people's money.