Corrupt people in crypto

[MarjorieZimmermanGinger]

A lot of bad incidences happened in crypto community this year including:
1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

This is not so surprising for us, because in the future it is also possible that the same thing will happen again in other exchanges. Therefore trusting the exchange is better for short term trading only.

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives

We prefer to call them persons!!!
Trust in crypto will never correlate to the fraud they commit, if people understand that exchanges are not safe places to store assets.

My question?
What other alternative do you mean by storing assets in a personal wallet, because there are almost no other alternatives in the crypto space that people can use to store assets, other than in private exchanges or wallets. Or do you have any other better alternatives we can try.

What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

Very simple in my opinion!!!!
Start storing assets in your personal wallet, use the exchange only when you make transactions, so the security against fraud will be much less, thus when fraud cases occur involving exchanges, we do not own assets on their exchange.

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[Minecache]

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The solution you give is both simple and extremely effective; why don't people do the same as you and go looking for more trouble? We don't have to do anything, we don't have to determine who should enter the market and who shouldn't enter the market. The only thing we need to do is stay away from those toxic things, everything will be fine.
Currently, there is no other option for traders, but as long as they withdraw all their funds at the end of the business day, they are safe, don't trust exchanges and use them only when needed.

[Paul Pogba]

It's really sad because scam and corruption cases in cryptocurrencies are getting massive, top exchanges that have a high reputation like FTX are also scams, they freeze consumer assets for more than $3 billion, from now on we have to be careful with crypto, it's better to invest in top coins and use dex exchanges.

[MarjorieZimmermanGinger]

The solution you give is both simple and extremely effective; why don't people do the same as you and go looking for more trouble? We don't have to do anything, we don't have to determine who should enter the market and who shouldn't enter the market. The only thing we need to do is stay away from those toxic things, everything will be fine.
Currently, there is no other option for traders, but as long as they withdraw all their funds at the end of the business day, they are safe, don't trust exchanges and use them only when needed.

The FTX case teaches us many things, which become the basis when someone starts to seriously place assets in a safe place, from the past I only used the exchange when transacting, the rest was stored in my personal wallet. I did this long before the FTX case developed in the media, because I have an understanding that Exchange is like a halfway house and not ours, only we can protect assets, in the right way and have a certain level of security.

Even though there are many exchanges nowadays that have a good reputation and can be trusted, but for me keeping assets is much safer in my personal wallet, because we never know what will happen to the exchange in the future.

[krishnaverma]

It's really sad because scam and corruption cases in cryptocurrencies are getting massive, top exchanges that have a high reputation like FTX are also scams, they freeze consumer assets for more than $3 billion, from now on we have to be careful with crypto, it's better to invest in top coins and use dex exchanges.

Or simply store coins on hardware wallets as suggested by members here.

[bettercrypto]

There is nothing more we can do with people who are greedy for money and savage with it. If there is a way to get money, there are always these kinds of people, to be honest. The right thing that we need to do as communities in this industry is to be more cautious and avoid these kinds of scandals that have come out here in cryptocurrency.

Let these events be a lesson to most of us, especially in the last FTX scandal, but at least sbf is already in jail as far as we know, and all the victims of sbf will be given proper justice.