Get your coins out of Coinify ASAP

[DaveF]

Just a friendly warning.

Coinify: https://www.coinify.com/
is owned by Voyager: https://www.coinify.com/news/voyager-digital-acquires-coinify/
who just imploded and declared bankruptcy https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/

So if you have any money there and can still get to it, now would be a VERY good time to get it out.
Stop reading this, don't reply, just withdraw and then come back here to talk about it.

-Dave

[1714041992]

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[1714041992]

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[1714041992]

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[BitcoinGirl.Club]

who just imploded and declared bankruptcy https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/

It's so sad. I hope their clients get the coins back. Another example of not trusting a service with the coins where you do not have access of your key. Now it's time to wait how many scam accusations or users who are damaged by this event are coming forward. The bear market (safe to say because we had a drop from $68K to $69K) played a vital role for it if I am not wrong.

[Upgrade00]

The safest place to have your coins saved in all markets, but mostly in a bear period is in your non custodian wallet.
A non custodian wallet is as easy to navigate as any one out there, and if you have any difficulties, you can always ask here. If you are not an active trader, saved transaction cost to and from an exchange is quite negligible.

The bear market (safe to say because we had a drop from $68K to $69K) played a vital role for it if I am not wrong.

Drop to $19k you mean.
Would have been fun to actually drop higher tho  

[PrimeNumber7]

Coinify: https://www.coinify.com/
is owned by Voyager: https://www.coinify.com/news/voyager-digital-acquires-coinify/
who just imploded and declared bankruptcy https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/

Most likely, Coinifly is not going to allow withdrawals as of the time of the bankruptcy filing if the bankruptcy filing is going to affect the operations. So it is likely too late to withdraw.

[Jatiluhung]

Luckily I don't have it there anymore. there was something that required pulling everything out and moving it a few weeks ago. but i don't know about this problem. luck came to me.

ah right I just remembered. that some of my friends still keep their assets there. maybe now i will hurry to tell my friend. I hope it's not too late for my friend.

[mk4]

Heads up to the readers: get your funds out of exchanges if you don't actively them to prevent unnecessary problems.

Also, grab a hardware wallet.

https://cryptosec.info/exchange-hacks

[yazher]

Oh too bad for him and this is some serious matter to the people who have some assets there because they won't gonna get their crypto if things became more complicated later on. That's why if we gonna put all these kinds of news together, the result is always the safe place to store your crypto assets is in your hard wallet where you all have the means to control any wish you perform. As for the others who until now have some huge amount of crypto in the exchanges, they really need to consider reading this and thinking of a plan on what to do if ever they will experience the same situation.

[cryptoaddictchie]

Drop to $19k you mean.
Would have been fun to actually drop higher tho  

For those who exited and sold on top yes it is. But there are some who bought on top and they are literally doing some panic selling and even these higher VC institutions are now being liquidated one by one.

I have friends who are literally always on bad mood due to a very high entry and now when some wishes it thr price to collapse more his reaction is like his ready to snap you :/

[darkv0rt3x]

Thanks for the warning. However, people will still use custodial wallets just because it's simple but one of the key points of Bitcoin is exactly to have full control over our coins which brings full responsability back to us and this is many times a problem because you need to have some knowledge to be able to be responsible for your coins and many people don't want this responsability.

[darkv0rt3x]

who just imploded and declared bankruptcy https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/

It's so sad. I hope their clients get the coins back. Another example of not trusting a service with the coins where you do not have access of your key. Now it's time to wait how many scam accusations or users who are damaged by this event are coming forward. The bear market (safe to say because we had a drop from $68K to $69K) played a vital role for it if I am not wrong.

[off topic]
Bitcoin is not a democracy. Take a read on this 4 articles from Bitcoin Magazine. They are a bit long but they make quite a few good points on why Bitcoin is not a democracy! We are being proventhat democracies as we know them are not the best for the people.

Part 1
https://bitcoinmagazine.com/culture/how-bitcoin-abolishes-democracy

Part 2
https://bitcoinmagazine.com/culture/bitcoin-is-not-democratic-part-two

Part 3
https://bitcoinmagazine.com/culture/bitcoin-is-not-democratic-part-three

Part 4
https://bitcoinmagazine.com/culture/bitcoin-is-not-democratic-part-four
[/off topic]

@BitcoinGirl.Club please don't take this as a bad criticism. It's the other way aroun, it's supposed to be a constructive criticism!

[Franctoshi]

Just a friendly warning.

Coinify: https://www.coinify.com/
is owned by Voyager: https://www.coinify.com/news/voyager-digital-acquires-coinify/
who just imploded and declared bankruptcy https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/

So if you have any money there and can still get to it, now would be a VERY good time to get it out.
Stop reading this, don't reply, just withdraw and then come back here to talk about it.
-Dave

Thanks for sharing this vital information , Many exchanges and lending platforms are going bankruptcy as a result of the shrinking liquidity by Fed, So they need to pull that rug after printing about 20% more money in existence just in one year. more and more companies are going to be put down to their Knees if they continue in shrinking liquidity by raising rates.
This companies needs more customers in order to stay in business.

last week in a news CZ said about 50 exchanges are in talks with him for acquisition,  who knows if a major exchange is not among aside Celsius, Three Arrows capital and Voyager that are already in trouble. this time is the time you should get your cryptos off exchanges if you haven't, if you're a day trader ensure you withdraw your funds after trading.
 
Because "Not your Keys Not your Crypto"

[Bitstar_coin]

Drop to $19k you mean.
Would have been fun to actually drop higher tho  

For those who exited and sold on top yes it is. But there are some who bought on top and they are literally doing some panic selling and even these higher VC institutions are now being liquidated one by one.

I have friends who are literally always on bad mood due to a very high entry and now when some wishes it thr price to collapse more his reaction is like his ready to snap you :/

It is definitely not a good feeling for some people who entered the market at top expecting the price to go even higher but instead the bear season came and change things. You should educate him more about the bull and bear season, getting upset over every mention of market dipping even lower won't help him health wise,  every season has an expired date, bear period will expire at some point no matter how severe it may look, what he need is patience.
This type of news is a constant reminder that exchanges are not the best place to store your asset.

[Don Pedro Dinero]

It's non-stop. There have been a lot of problems with exchanges lately. In the end I don't know if people are going to learn and keep their own coins with their own keys or what. For trading it is clear that you have to put your coins in a platform but it should be the minimum time necessary, make your trades and withdrawals, and even then you risk that in that time the exhange breaks you or announces that pause/cancel withdrawals.

Thanks for sharing this vital information , Many exchanges and lending platforms are going bankruptcy as a result of the shrinking liquidity by Fed,

I do not agree with this. They go bankrupt because of mismanagement of their finances and mismanagement of risk, that while the price was rising, all these companies were doing well, but managing a company well means being prepared also for bear markets.

[Leviathan.007]

Futynetly I'm not a customer of this platform but still, I thank you for your waning and informing people about this. However, according to my experience from declaring bankruptcy of exchanges, they usually will suspend any withdrawal to their customers otherwise anyone would withdraw the money and they would have bigger problems, so I'm not surprised if they suspended all of the withdrawals till now, regardless of all that we again should say the famous warning about all the exchanges to do not hold and invest any assets on these platforms and hold where you can get access to your private keys otherwise you will face this these problems.   

[snipie]

It is like a domino effect.
Voyager was having good revenues apparently so they expanded and acquired Coinify. Meanwhile, Voyager has money in Three Arrows Capital which collapsed lately and was unable to pay back Voyager which declared also bankruptcy..
Three Arrows Capital owes money to Genesis too. There is also rumours about Babel Finance which has difficulties on liquidity..
Chaotic events continues right now and everyone should move his unused funds to a "secure place he owns"

[passwordnow]

It is like a domino effect.

True.
And everyone should really be aware of where they're keeping their coins. It's much better if it's on a cold wallet or in a hardware wallet or anywhere where you're holding the key.
As much as we trust the exchanges where we trade, it is still a must that we should be wary of events like this and we know how and where to keep our funds safely.

[Taskford]

It is like a domino effect.

True.
And everyone should really be aware of where they're keeping their coins. It's much better if it's on a cold wallet or in a hardware wallet or anywhere where you're holding the key.
As much as we trust the exchanges where we trade, it is still a must that we should be wary of events like this and we know how and where to keep our funds safely.

Aside from being aware on where we store our coins we should also need to know the updates of financial status of the owner and the company because for being  updated we will know on where their platform heading the same like this. And good to see a warning same like this because it could raise awareness from people who's sleeping and let their money hold on Coinify and other platforms.

[SFR10]

So if you have any money there and can still get to it, now would be a VERY good time to get it out.

Thank you for the warning... I'm surprised their offers still pops-out on Trezor Suite ^{[the same thing probably applies to Ledger Live and other HW brands that use their services]}!

Most likely, Coinifly is not going to allow withdrawals as of the time of the bankruptcy filing if the bankruptcy filing is going to affect the operations. So it is likely too late to withdraw.

I looked around but couldn't find anyone that recently complained about withdrawal issues on Coinify ^{[it's worth noting that it's the exact opposite for Voyager's users]}, so perhaps there's still some hope.

[DaveF]

So if you have any money there and can still get to it, now would be a VERY good time to get it out.

Thank you for the warning... I'm surprised their offers still pops-out on Trezor Suite ^{[the same thing probably applies to Ledger Live and other HW brands that use their services]}!

Most likely, Coinifly is not going to allow withdrawals as of the time of the bankruptcy filing if the bankruptcy filing is going to affect the operations. So it is likely too late to withdraw.

I looked around but couldn't find anyone that recently complained about withdrawal issues on Coinify ^{[it's worth noting that it's the exact opposite for Voyager's users]}, so perhaps there's still some hope.

The biggest issue is that it is no longer in their hands. They filed for bankruptcy protection. The courts and others now have a lot of control over what happens. Coinify can be a separate owned entity that is 100% solvent and profitable. But if the judge or whoever decides to close it or sell it or change the way it operates pending a deep audit or whatever else then that is what happens. It can also be a self fulfilling prophecy. Even if Coinify is fine, now that people begin to stop using it because of this it will start to shrink and loose clients and money and then......

-Dave

[goldkingcoiner]

The fact that people continue to let someone else hodl their coins for them is so puzzling to me. Why, why is it so hard to put the coins into a wallet that you own yourself? Why betray the very idea of Bitcoin, which is to be your own bank? Is there a point to even investing in Bitcoin if all you do is the same as you did with your fiat? It just does not make sense to me.

Whether a huge exchange with a lot of users or some small exchange owned by a shady no-name, its all the same in the end. You are putting trust into someone other than yourself.

It always comes back to bite you, always.