Two Australian exchanges collapsed recently, remember to withdraw your bitcoin

[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.

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[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?