An Example of Not your Keys Not your coins

[coinerer]

When we deposit our crypto to an exchange they are fully under the control of the exchange and our exchange account only has a fake balance that you can never transfer without the exchange's permission. So in this case if the exchanger refuses to give you the money then in that case you will not be able to recover the money in any way So it must be true not your key not your coins. So a non-custdial wallet must be used to keep crypto safe and for self control

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[LogitechMouse]

I guess the next time I will put my coins into an exchange, I will read those long paragraphs in the terms and conditions part.
This is an example of "Not your keys, not your crypto" scenario but this is more of a "Learn to read Terms and Conditions" scenario.

What Celsius did is an eye-opener to us who are putting some funds on the lending platform that whatever happens, always and always read the terms and condition. Let's be truth here. Many of us (including me) aren't reading those long paragraphs and we are just clicking that small box below that says we are agreeing even though we didn't read the whole Terms and conditions/services.

It's good to me that I didn't ever put my coins into lending platforms like Celsius. I just don't know but I guess me being very picky is a blessing in disguise for me.

[Ndabagi01]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

Look what happen with celsius. When the Celsius users reach the court to demand their bitcoin back, the judge told that people have already given their legal right on their bitcoins and not no one can claim any bitcoin from Celsius.

Clicking a button to accept to the terms of a service is not only peculiar to exchanges, this is common everywhere. It’s time people begin to read thoroughly the terms and conditions a service is bind to in order to avoid an occurrence of this type of case. So sad that these people gave their savings to an exchange and couldn’t spend some time to know the rules the exchange runs on, indeed a total negligence by them. If these can happen to an exchange wallet where one keeps his/her funds then it can happen anywhere.

[buwaytress]

Not quite sure the Tweet says what exactly happened and I am pretty sure, if it did, it was because of some kind of user agreement all clients signed up to. Cannot blame them as I accept plenty of ToS myself just to user services, but must say am much more careful when it comes to money.

In any case, that is not so much an example of not your keys but no keys, no access. Applies to almost every centralised service, really.

[Yatsan]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

Look what happen with celsius. When the Celsius users reach the court to demand their bitcoin back, the judge told that people have already given their legal right on their bitcoins and not no one can claim any bitcoin from Celsius.

Clicking a button to accept to the terms of a service is not only peculiar to exchanges, this is common everywhere. It’s time people begin to read thoroughly the terms and conditions a service is bind to in order to avoid an occurrence of this type of case. So sad that these people gave their savings to an exchange and couldn’t spend some time to know the rules the exchange runs on, indeed a total negligence by them. If these can happen to an exchange wallet where one keeps his/her funds then it can happen anywhere.

We are all guilty of just checking terms and agreements. Things should be read in the first plsce but I guess this won't make hacking certain especially if you are with the 'right' exchanger. Some exchangers such as Binance, ibeen existing for years in this industry and complaints was never regarding hacking incident, except for delays with some transactions. Our negligence should not be passed towards exchangers. In the first place, it is our responsibility to be cautious of our actions especially if it is involving money. Do's and dont's should always be our top priority to avoid unfortunate things to happen on your asset, right?

[Alpha Marine]

Some of these companies purposely make their terms and conditions so long so that it will be too much for people to read.
They also put these terms and conditions in ways that people that read them don't understand.
In the past, I don't read the terms and conditions of a site or app until a couple of years ago. Now I take my time to read it from beginning to end. I learned my lesson the hard way in the first place I worked immediately after college and I vowed it would never happen again.

[famososMuertos]

Signed paper generally mitigates any rights to the signer.  It is the norm within society to have an order.  The Internet is the savage *I accept* of endless clauses that are complex or not, but that almost always end in the gray area.

But in many other countries, including the United States itself, sometimes your universal rights to request leniency for a just cause are not unprotected for the simple fact that a clause wants to limit your rights or hide to allow scams.

So it is a good example for the famous phrase but it also reminds us that it is an unbalanced legal system that could do more in these cases for ordinary people and not always protect the interests of companies  that protect themselves in verbiage of some clauses.

[crwth]

I'm really sad for those people who have been exposed and lost their BTC because of an exchange going down. It's really important to know what you are signin in off with centralized exchanges but it's kind-of unproductive because if you do not sign or agree to it, you won't be able to use it, so it's just a sure way to lose your BTC if something happens.

This is really hard for people who have really made an effort to buy their BTC and just lose everything because of a shady exchange.

[Leviathan.007]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

It seems like the story of scams by the exchanges will never end and every day we hear about a new case and we see new people losing their hard-handed money just because they hold their bitcoins on the exchanges, and this case is just another example of this old story of not your keys, not your coins, Also regarding the agree button mostly people will just click on it without of even read whole text even if the agreement is about how the exchange is going to react in these situations I hope people pay attention to the agreement before passing it because that's just like singing an agreement in the real world.

[GreatArkansas]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

It seems like the story of scams by the exchanges will never end and every day we hear about a new case and we see new people losing their hard-handed money just because they hold their bitcoins on the exchanges, and this case is just another example of this old story of not your keys, not your coins, Also regarding the agree button mostly people will just click on it without of even read whole text even if the agreement is about how the exchange is going to react in these situations I hope people pay attention to the agreement before passing it because that's just like singing an agreement in the real world.

This is also tough for everybody, especially for traders. Using cryptocurrency exchanges seems also become important for every people that use cryptocurrency.
So for me, this also kind of issue in the future will still exist. This is also given for all the cryptocurrency exchanges at all, it's not only about the term of services per cryptocurrency exchange because in most exchanges once you already deposited your Bitcoin, but you have also already given them access to your Bitcoin.

[Oasisman]

Normally, we don't really read the whole TOS and that's a reality. Though some might have read it, but 80% of the time, we just go ahead and start using the platform as long we are not in a restricted region. But, if you decide to put on a huge amount of crypto into that platform, you should always make sure to read and understand every detail in the TOS. That is how I think when I'm dealing with a huge amount of money anywhere other than the exchanges.

[Fundamentals Of]

Sometimes it is even pointless to read the terms and conditions because you would still click on 'I agree' anyway. Before you even tried to sign up to something like Celsius, you already have the intention of creating an account there.

With regard to Celsius, it is probably because you are planning to take a loan or to invest and grab that high annual yield. Had those Celsius users read the terms and conditions, would they have decided not to proceed? I don't think so.

It is even likely that these users won't notice that there is something wrong with the terms and conditions.

[Minecache]

I think it doesn't matter whether we read it or not, whether the clause exists or not. Because deposit in lending platforms and exchange is for profit, then I will call investment, and investment is risky. We all know that depositing money in centralized companies is always risky, even we deposit money in a bank, we say it's too risky, then why should we trust exchanges? Investing is about taking risks, so once we lose, we should ask ourselves why we are so greedy before blaming them.

I think if people made a lot of profit from it and it didn't crash, there wouldn't be posts slandering these centralized exchanges. Just stay away from us and we will be at peace, don't be greedy, give them money and then say they scammed us, they don't force us to give them money, what we do is voluntary.

[franky1]

I think it doesn't matter whether we read it or not, whether the clause exists or not. Because deposit in lending platforms and exchange is for profit, then I will call investment, and investment is risky.

yes many shady exchanges use the clause "your investment can go up or down and you can lose it all, we are not liable for loss" as their catch all clause to think they can take funds off people because users agree they can lose it all and not hold exchange liable

[Fivestar4everMVP]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

Look what happen with celsius. When the Celsius users reach the court to demand their bitcoin back, the judge told that people have already given their legal right on their bitcoins and not no one can claim any bitcoin from Celsius.

https://talkimg.com/images/2023/12/16/EcrTC.png
https://twitter.com/BitcoinMagazine/status/1610966401778421761

I saw this tweet yesterday, And i must say that this is really disheartening to to read, and like you said, 99(if not actually 100) percent of centralized exchange users dont read their terms of conditions before deciding to deposit and start trading on the exchange.

I for example, since i started my crypto journey in 2016, I can you all that i have an account on at least 40 percent of all the exchanges that currently exist and not one have i read their terms and conditions, for me, this tweet was like a warning to desist from being so ignorant of things like this.
I have decided that from now on, i will go back and read the terns and conditions of any exchange i want to use, and i will only continue using that exchange if i find nothing fishy in their terms, this is for my daily trading though, For my Bitcoins that i hold for long term purposes, this is always kept safe in a non-custodial wallet.

[posi]

Sometimes it is even pointless to read the terms and conditions because you would still click on 'I agree' anyway. Before you even tried to sign up to something like Celsius, you already have the intention of creating an account there.

With regard to Celsius, it is probably because you are planning to take a loan or to invest and grab that high annual yield. Had those Celsius users read the terms and conditions, would they have decided not to proceed? I don't think so.

It is even likely that these users won't notice that there is something wrong with the terms and conditions.

I believe that even if they read all those terms, they will click the agree button and quickly deposit money there to invest and earn interest. Since their purpose is profit, even if they read the terms a few more times, they will continue to invest in it. Most of the time, when investing, people hardly care about the risk but just try to compare the returns, where higher will be preferred. People only start looking for causes and terms when they go bankrupt and lose money.

[oaz7t]

Oh my God, that is most cruel judgment I have read up until now. Can you imagine the amount
of money that we talking about? Its 4.2 billion dollars. He was billionaire and now he can't even
access his own money. Who knows how hard he might have invested in them? What would
have been his hodling period and what not. Why would Celsius do anything like this to a user.
Are they just being greedy about the money? Because that is surely whole lot of money and
that's why they might have turned up against him with some small error of user.
After reading this, I am not even going to keep a single penny on an exchanger. Neither I do it actually. I believe in keeping bitcoins on wallet and using it right from there

[reagansimms]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

I see no fraud in this case, the exchange has attached terms and conditions attached before registering there. As a result of lazy reading third parties can avoid fraud charges against them, clicking the "I agree" button on the terms and conditions when registering on the Exchange is strong evidence that anyone loses in court for giving legal rights to their bitcoins.
On the one hand we have no other choice to register on the Exchange besides pressing the "I agree" button, on the other hand we can choose an exchange whose terms and conditions are not burdensome to either party.

[raybucks]

Always read term and condition of company while signing up especially in matter of money

And store your crypto in hardware wallet if it's in big amount

[samcoin]

It's really important to educate people about this aspect, most of people join Crypto in the bull market thinking that it's easy to make money here, but they don't think about the possibilities of losing money because of the FOMO case that's created by the media and many other entities. during the bull market, I didn't see any post on Twitter or in a public news site warning people of this aspect, I personally could have been one of those scammed people as I went to make an account on Celsius, but dropped the idea from the point I read their terms and conditions. I can feel the pain of people who lost money to this platform while they could have bought cheap Bitcoin with this money. However, it's one from a lot of lessons Crypto trader/investor have to learn.