Another day to fear centralized exchanges, not your keys not your coin

[Asiska02]

It’s so unfortunate that people keep losing lots of money to all this centralized exchanges. When they come new, they do everything possible to lure customers to themselves and make their services transparent and enticing to those customers. Most of them exit scam after getting what their main aim was and achieved it successfully. But why do they continue to get away with this when it has been reiterated several times not to keep money in centralized exchanges? or maybe it’s affecting other customers who are not aware of this and not on this forum. It’ll be so sad for a member of this forum to be a victim of this after all the disclaimer about it said in this forum.

I wouldn’t think twice that their move to convert all customers BTC into PTK tokens without informing them is just a way to get away with the scam and giving them false hopes of them returning their money back to them. If this perpetrators are not unknown, drastic action needs to taken on them because not everyone can live a normal life again after losing an huge amount to such scandal.

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[alastantiger]

they lunch a Patricia token(PTK)[2] pegged to USDT with a whitepaper[3] which is not listed on any exchange, if they have the USDTbank in the first place, they wouldn't launch another shitty stablecoin. Not only did they stop there.

Reading the article, they claimed that Patricia Token (PTK), a native token, aims to address users' balance issues but we know that that is total bs. They jumped the right line of communication of giving their customers the choice of using their token or withdrawing their money. I hate it when exchanges do, they bring bad name both to the fintech and crypto space. They are giving legislators and regulators more evidence to push towards the regulation.

[Z390]

This is one of the biggest price to pay for using any crypto exchanges that aren't very successful and reliable in this space, what is Patricia because I have never come across such exchange before,  even if I did I don't see any reason why I will want to use such crypto exchange, we have Coinbase and Binance, there are some that are under these two, like Kucoin and Okex, there are more good options.

Anything can happen to any crypto exchange at any time, hacks and breaches could happen but the most important thing is the target exchange, are they reliable enough to stand on their feet when falls happen? Binance do have damages funds aside, in case peoples fund get stolen, they are ready to take the blame and also the responsibility.

Not every crypto exchanges can do this, and mind you, why keep your assets on a crypto exchange? It's your fault if you are a victim.

[348Judah]

If you are still making use of a centralized exchange and you think this is not enough warning to convince you hold your coins on your personal wallet then read this https://bitcointalk.org/index.php?topic=5416383.msg61083357#msg61083357 but after going through this and yet you're not satisfied with why you should have your keys with you to claim your coins from the blockchain, then you're on your own to risk having same experience with the users of Patricia or FTX scams that took away millions worth of assets, we will keep increasing the awareness in letting the people realize the benefits of being decentralized and in knowing that not your keys is not your coins.

[Alpha Marine]

Looking at things further, I doubt if the hack story is even true. I guess they needed to come up with a great excuse for mismanagement of customer's funds.
Yes, I think they mismanaged the funds. The founder of that exchange is just a lower version of Sam Bankman-Fried.
All they're doing now is damage control. They can't come out to say the funds were mismanaged so they have to come up with a more suitable excuse.
The sole act of converting every asset people have on the exchange to the Patricia token without approval by the owners of the asset shows that it is a fraud.