Keep your money off exchange, in this crisis moments hold Bitcoin for safety

[Ojima-ojo]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.



Friendly reminder not your key, not your coins!

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[ajiz138]

The exchange is not a safe place even though you have verified with KYC including the documents etc., I think the safest place is indeed our own wallet under our own control.

Previously about the FTX exchange that crashed and in the end went bankrupt all customer funds could not be withdrawn, all could learn from this experience even long before there were also cases of similar things but somehow some of them still believe in centralized exchanges it is clear this is like a bank that can freeze anyone's funds at any time.

Binance has been heavily on FUD even though that wouldn't be a downfall, but we should be wary of the whole exchange let alone keeping assets there reminding it helps them a little bit to get out of the exchange.

Just now my friend panicked when he saw about the Binance news but he has realized and moved all bitcoin assets into a private wallet which he holds the key himself.

[Dunamisx]

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved

We must not forget that our coins aren't stored on the wallet, hut we have them stored on the blockchain, but the type of wallet used determines us having access to the unblocking keys to our bitcoins on blockchain or not, some of these exchanges have the keys in their custody so that they can have priority control over your wallet than you the bearer.

Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.

I wouldn't advise someone to go on break on buying altcoins than to stop and put an end to what can risk loosing everything, and as for bitcoin, you can invest now and buy the dip not necessarily have to wait till halving or bullrun before you can buy.

[Upgrade00]

It was always imperative to keep your funds off centralized exchanges and under self custody. Bitcoin was designed to operate without the need for third parties or trusted networks, all you needed to do was verify;
• Verify the signature of the wallet you intend to use,
• Verify the codes of platforms you use,
• Nodes then, would verify transactions made, before pushing them on for confirmations.

If one is going to be their own bank, then you have to take responsibility for the actions you take.

[khaled0111]

exchanges have the keys in their custody so that they can have priority control over your wallet than you the bearer.

Custodial exchanges / crypto services don't have priority control over your coins, they have full control over them. Actually, they aren't even your coins if you keep them on a custodial wallet and to ove them you need permission from the exchange / real owner.
Exchanges must be used only for trades not for storing and, in this uncertain times, better avoid them at all costs.
BTW, ~$1b have been withdrawn from binance in the last 24 hours! source

[Stepstowealth]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted?

[sheenshane]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted?

It's Trusted because it's an open-source wallet.
But the problem is, fees are based on third-party providers, and also no desktop version which is if you are using a mobile phone it could be prone to hacking.  So, it's not totally safe but this depends on how you will use this platform.  If you'll ask me, a hardware wallet is more secure than this Trust wallet.

But remember that all non-custodial wallet doesn't have the option to recover wallets via customer support.   You're the one who is responsible for your wallet, once it will be lost, it will not recover.

[Outhue]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted?

Do this if you aren't satisfied

Import your trust wallet recovery seed into another wallet, your assets will still be present, that's what it feels like to use a trusted crypto wallet like Trust wallet, even if Binance crumbled right now all funds on Trust wallet are safuu.

[Odusko]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted?

Do this if you aren't satisfied

Import your trust wallet recovery seed into another wallet, your assets will still be present, that's what it feels like to use a trusted crypto wallet like Trust wallet, even if Binance crumbled right now all funds on Trust wallet are safuu.

Online wallet like trust wallet can be considered safe since it offers your the privilege of recovering your funds with the wallet private keys in case anything happen to your old wallet, but then I will not trust the statement of coins being safuu may be right but at some points.
Outhue trust wallet or other online wallet can not be 100% secured, so the best you should do is to get and offline wallet e.g cold hardware wallet that way you control everything that goes on around your wallet and how it interacts with the blockchain network.
The ops may be right, but we should also know that, we can't do away with exchange in totality but we can only minimize our risk.

[Renampun]

...

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.

bitcoin will repeat its history, right now we are in a bearish phase and it has happened many times before halving. at the end of 2023 - 2024 - the next halving will occur, at that time the price of bitcoin will go up and even be expected to touch new ATH. so now this is a golden opportunity to buy and further increase the amount of investment in bitcoin.

Friendly reminder not your key, not your coins!

FTX gave me bad memories, the Bitcoin that I kept there, until now is still stuck in my FTX account, and the account still can't be accessed. I will never store bitcoins in CEX again, even if I use an exchange, it's only for short trading and exchanging my crypto assets to my country's currency (local CEX), #not your key not your bitcoin.

[Pmalek]

The exchange is not a safe place even though you have verified with KYC including the documents etc.,

It's even a less safe place if you have undergone KYC verification. Not only does the verification not help one bit in securing your coins, but the exchange now holds your identity documents as well. This is valuable data that could be hacked, sold, or leaked online.   

Just now my friend panicked when he saw about the Binance news but he has realized and moved all bitcoin assets into a private wallet which he holds the key himself.

So the only reason your friend moved his coins to a personal wallet is because of the negative news he read about Binance? How hard is it to create a non-custodial wallet and be the sole owner of ones crypto? If the news about Binance was positive or if positive news gets released tomorrow, will your friend move his crypto back into Binance's custody or the custody of some other CEX?

It's Trusted because it's an open-source wallet.

Trust Wallet is not an open-source wallet. It used to be many years ago, but it isn't anymore. It's non custodial but not open-source and verifiable.

[Russlenat]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.



Friendly reminder not your key, not your coins!

This should be done even before when there’s still no FTX drama and the likes. Because no matter, centralized exchanges will never be good for long term deposits, instead we have to move our funds into our own private trusted wallet. That way, our funds will never be compromised once centralized exchanges will break out and will be involved into another scandalous event that will steal everything we have. The fact that it’s not your keys, not your coins, so we should start trusting our own bank by having our own hardware wallet that is free from any online interventions.

[Sanitough]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.



Friendly reminder not your key, not your coins!

As much as we want to hold our bitcoin safely and free from all hackers and scammers, then it’s a must that we should start avoiding centralized exchanges because they can’t be reliable in the long run. The previous events should have been our best reminders that centralized exchanges are still prone to hacking and scamming no matter how reputable they seem. That is why saving our funds with our own wallet is the best way not to fall for future scamming events within centralized exchanges.

[Ryker1]

Well, people will learn when they have an experience if they have heard the news that the FUDs will spread.
From the start, we should avoid centralized exchange or adopting projects that are regulated in our government --because it is genuinely irrelevant that the decentralized currency was accepted on a centralized platform possibly they have control over our money.
This is the use of bitcoin, the financial freedom that no one controls your money. However, you can use those exchanges but in exchanging fiat, that is it.

[BlackBoss_]

Important Announcements has Reminder: do not keep your money in online accounts

In time when a Tier 1, top 3 exchange like FTX collapsed within a week and many centralized lending companies filed for bankruptcy, do not keep your cryptocurrency in online accounts is a risk management.

These companies can collapse or survive and move forward well but we don't know about their future at the moment. Take care of our cryptocurrency is a safest thing to do.

Cryptocurrency Security Checklist
Bitcoin and cryptocurrency wallets: The definitive guide

[harapan]

It's Trusted because it's an open-source wallet.

Trust Wallet is not an open-source wallet. It used to be many years ago, but it isn't anymore. It's non custodial but not open-source and verifiable.

I knew it has something to do with Non custodial wallet but wasn't sure enough to get him corrected,what happens if Binance gets down today.

I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?

The crash of other Cryptocurrencies, Mt Gox, FTX, FTX. Us, Binance if possible, would never be the crash of Bitcoin, wonder why people fail to understand that part of it.

[Little Mouse]

I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?

First of all, it's a wallet. What it has to have a downfall? It's a product/service we use without paying anything (I think some data is collected). If Binance goes bankrupt, people may stop using the Trust wallet but that doesn't change the fact that "Only you have control over the funds". The wallet can be closed source (afaik, it's open source), but since it's non-custodial, you have nothing to worry about unless a hacker gets control of your phone and steal your assets. However, it's always best to not use a hot wallet. A hardware wallet is the best, you have to spend little money to be your own bank.

[pooya87]

I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?

First of all, it's a wallet. What it has to have a downfall? It's a product/service we use without paying anything (I think some data is collected). If Binance goes bankrupt, people may stop using the Trust wallet but that doesn't change the fact that "Only you have control over the funds". The wallet can be closed source (afaik, it's open source), but since it's non-custodial, you have nothing to worry about unless a hacker gets control of your phone and steal your assets. However, it's always best to not use a hot wallet. A hardware wallet is the best, you have to spend little money to be your own bank.

Trust wallet is closed source and that is the problem. Don't let their account on GitHub fool you, they do not publish the source code for their wallet. That means you do not know what the wallet is actually doing. If Binance decides to scam its users some day and run away (insolvency or whatever) they could have introduced a backdoor in their wallet to have access to users' keys and steal their coins any time they want.
This is the problem with using closed source software for as a cryptocurrency wallet.

[Little Mouse]

Trust wallet is closed source and that is the problem. Don't let their account on GitHub fool you, they do not publish the source code for their wallet. That means you do not know what the wallet is actually doing. If Binance decides to scam its users some day and run away (insolvency or whatever) they could have introduced a backdoor in their wallet to have access to users' keys and steal their coins any time they want.
This is the problem with using closed source software for as a cryptocurrency wallet.

I see, I wasn't sure as they made some confusion. They have been misleading their users? I have no little idea about these matters. I was reading another thread on the same issue. This is very possible that they may create a backdoor since claim it as a hack 
Well, I'm not a user of either of these multi-coin wallets anymore for a long time since I got my hardware wallet.

[worle1bm]

The centralised exchanges have the full access of your coins as they have custody of your keys which means funds are theirs not yours and they can fool you anytime so if we still trust them with safety of our coins we are at risk of losing that moment only.Now we have open warning from theymos as well as important announcement to guide newbies and those who think these exchange are safe heaven and can't be hacked that not your keys not your coins.But it depends on how we take this statement seriously or not because once lost you will not get your funds back so have your funds in your custody.