Plan a more safer 2023, Merry Xmas

[Outhue]

Auditors don't know how to do their jobs right, if not why are all the crypto exchanges that are 100% Audited messing up? Having funds they don't really have.

It shows that Auditors don't know how to audit exchange platforms, some part of guarantee should come from the Auditors side, anyway

Self custody of your crypto is an absolute must for everyone that are using crypto ..

As we are heading into a new year remember that centralized exchanges can't clean up their mess forever, no one keeps your keys better than yourself, do not trust even the #1 crypto exchange.

Always have your coins in your wallet and when you can afford a hardware wallet do not hesitate to order for one.

[Upgrade00]

Auditors don't know how to do their jobs right, if not why are all the crypto exchanges that are 100% Audited messing up? Having funds they don't really have.

If they may be doing the exact job they were contracted for; giving the public a faux sense of security.

Such auditing firms operate like many of the trust ratings website, and they both can be paid to give a not so accurate report to sow how safe the platform is - If you won't trust a centralized exchange, why would you trust the report of a centralized platform, on the said exchange?

[Accardo]

Your topic misled me to expect a content that reads about the Xmas season. However, the auditors could be working closely with the centralized exchanges to help them boost their market presence. Exchanges are under serious competition and would do anything to target more customers. And the internet market of today is about numbers. The exchanges claiming to hold the bigger amount of bitcoin in reserve could attract investors and newbies attention. So, its not new that people should stay a mile away from keeping funds on exchanges. Merry Xmas. 

[Charles-Tim]

As we are heading into a new year remember that centralized exchanges can't clean up their mess forever, no one keeps your keys better than yourself, do not trust even the #1 crypto exchange.

Exchanges do not even keep any key for anyone, they generate the key for themselves and use it to store users coins. As for the exchange users, they deposit on the exchange, the exchange represent their coins with just numbers and store their coins (the customers coins) using their private key (the exchange private key). Which literally means that the coins belongs to the exchange on blockchain and the exchange have the full control over it. It also means that the exchange users do not have full control. Not only money misappropriation and bankruptcy is possible, exchange hack and freezing of users account or coins are also possible.

[mk4]

A better question is — are most platforms even getting audited properly? Or better yet, are they even getting audited in the first place? I'm guessing that 90% of platforms don't.

[cryptoaddictchie]

If it does by a known auditing firm and influential one then majority would be please and reassure of the exchange being audited. However does the work shows how good what they did during auditing? Maybe yes in verbal or some show but its always better to see it first hand that the platform would be safe and secured by means of a lot of things.

[Eternad]

Auditors don't know how to do their jobs right, if not why are all the crypto exchanges that are 100% Audited messing up? Having funds they don't really have.

Does this auditors credible because CEX don’t published that they are being audit until now since the start of FTX issue. In fact auditors is declining the audit on Binance Proof of Reserve since Binance lacks some documents to complete the legal audit. CEX doesn’t have proper audit because they don’t allow it. They just hire random audit services just for a show and not for legal compliance.

CEX will be safer if there’s really a legit audit company that will check on them.

[Frankolala]

The auditors are only trying to claim that they are doing their job which they don't do properly,instead they bargain with the exchange to high the figure of coins in their custody to gain trust on customers and newbies.

Look at that if binance that doesn't have all the qualification for auditing how will they do this,it shows that they are only deceiving people to put their money in an unsafe platform as I guess the exchanges do pay them to manipulate the figures of assets during auditing which is a total scam. The truth still remains,not your keys not your coins

[palle11]

As we are heading into a new year remember that centralized exchanges can't clean up their mess forever, no one keeps your keys better than yourself, do not trust even the #1 crypto exchange.

Always have your coins in your wallet and when you can afford a hardware wallet do not hesitate to order for one.

This is the part that is easy to understand because the other part of auditor wasn't really connecting with the whole body, content and meaning to your post. Anyway, nice to remind users here on the right thing to do regarding the coins they have. Maybe some have the habit to procrastinate about moving their coins from the exchange to at least their own wallet and I hope they will have a new year resolution to do that and take a step to see that they adjust their coins to proper wallet to avoid crashing with an exchange like it happened to some people while FTX crashed.

[Ojima-ojo]

A better question is — are most platforms even getting audited properly? Or better yet, are they even getting audited in the first place? I'm guessing that 90% of platforms don't.

Yes 90% of exchanges never get audited and even if the remaining 10% are audited it doesn't guarantee anything because auditors are just external centralized body that is after their own business and there will easily work at the exchange operators' discretion.

A better alternative is for centralized exchange to be regulated and audited by a government agency but even that is not still a guarantee for the safety of assets.

The best option is to do your research and keep large funds off the exchange.

[The Cryptovator]

I no longer believe in audits or exchanges. Assume Audit is completely perfect, and after Audit, exchange funds and defraud us. What would be our action to take? We will suffer rather than exchange anything. As a result, it is best to keep your funds in a non-custodial wallet or to purchase a hardware wallet. You will gain nothing by blaming others when you are the victim.

[Fiatless]

Auditors don't know how to do their jobs right, if not why are all the crypto exchanges that are 100% Audited messing up? Having funds they don't really have.

It shows that Auditors don't know how to audit exchange platforms, some part of guarantee should come from the Auditors side, anyway

Self custody of your crypto is an absolute must for everyone that are using crypto ..

As we are heading into a new year remember that centralized exchanges can't clean up their mess forever, no one keeps your keys better than yourself, do not trust even the #1 crypto exchange.

Always have your coins in your wallet and when you can afford a hardware wallet do not hesitate to order for one.

There are many reliable auditing firms that know how to do their job. But most times these firms are given the scope of their audit. Their role might be to audit only a sector or a segment of the exchange while they are restricted to auditing some areas. An example is the case of the auditing firm Mazars which fail to give Binance a clean slate because it was not sure of its proof of reserve. A few days ago the auditing firm have terminated its contract with Binance.

[boyptc]

It seems that this auditing thing is just for the sake of the public viewing when it's asked but it's not that much of a tradition for most exchanges. When someone criticizes them, they contact some third party to do the auditing and what's more fun to them, they can just bribe it to say that they're good.

That's the reality.

That's why trust no one when it's come to your money/crypto assets.

[Anguwa]

Auditors don't know how to do their jobs right, if not why are all the crypto exchanges that are 100% Audited messing up? Having funds they don't really have.

It shows that Auditors don't know how to audit exchange platforms, some part of guarantee should come from the Auditors side, anyway

Self custody of your crypto is an absolute must for everyone that are using crypto ..

As we are heading into a new year remember that centralized exchanges can't clean up their mess forever, no one keeps your keys better than yourself, do not trust even the #1 crypto exchange.

Always have your coins in your wallet and when you can afford a hardware wallet do not hesitate to order for one.

These are, in fact, a better strategy for a profitable cryptocurrency journey in 2023. We always learn from our mistakes, and I think that in the year 2022, centralized exchanges taught us some valuable lessons, starting with the Luna and concluding with the FTX scam and security issue. If there are no safer peer-to-peer transactions available where you are, keep buying in exchanges. However, once you have purchased Bitcoin in an exchange, try to send it to your personal wallet right away to prevent any issues in 2023.

[libert19]

Audits of these exchanges or of smart contracts are done by humans and it is human nature to be incomplete. Hence, audits should be taken as grain of salt.

I wouldn't call it auditors fault, end user ought to due his own diligence.

[pooya87]

Regulators don't care at all about users' security or whether the exchange is going to scam them or not. All they care about is their own pockets (ie. to receive all the taxes as they can) and to deanonymize anybody who uses a centralized exchange so that they can keep tabs on them and know where their "money" comes from and goes to, and possibly even take taxes from them too.

[akuntester1]

Auditors don't know how to do their jobs right, if not why are all the crypto exchanges that are 100% Audited messing up? Having funds they don't really have.

It shows that Auditors don't know how to audit exchange platforms, some part of guarantee should come from the Auditors side, anyway

Self custody of your crypto is an absolute must for everyone that are using crypto ..

As we are heading into a new year remember that centralized exchanges can't clean up their mess forever, no one keeps your keys better than yourself, do not trust even the #1 crypto exchange.

Always have your coins in your wallet and when you can afford a hardware wallet do not hesitate to order for one.

I think maybe the audit process done by the auditors maybe just a formality, they didn't audit it 100% as it seems.

I totally agree with you that we should store coins in our own wallets with our own keys.
It is true that to reduce the risk of loss, at this time never store our assets on crypto exchanges.

But I also hope that other crypto exchanges will be able to learn from it and be vigilant so they don't fall like the cases that have happened.
Hopefully other crypto exchanges will improve their platform to make it more comfortable and safe for us to use in the future.
Because in fact we still need crypto exchanges right?

[palle11]

Self custody of your crypto is an absolute must for everyone that are using crypto ..

It is our responsibility to safeguard our coins by ourself and no body can do that for you. Having your coins in an exchange is more risky as we have seen in the collapse of FTX. So if you leave your coins and you leave them at the exchange, it is at risk if the exchange is scammed.

[Sandra_hakeem]

When you mentioned 'auditing' as not being perfect, I was wondering what -- in God's name -- is the instigator of this whole imperfections?? Is auditing not done by humans?? (Okay, even though we've got alot of auditing machines now, are they not programmed by humans?)? Do they all have extra command on their own? No ooo, these are the questions you should get to ask yourself; anything that's done by human power, has some crummy inefficiency or imperfections as well.
About centralization; I keep saying this every other time; ofcourse we all knew the loses that some peeps had to bear from the recent, unfortunate happenings..... A well known centralized exchange collapse and went bankrupt... It's sounded as though it never happened when i heard 'em news for the first time... let's be mindful out there.

Sandra 🧑‍🦰