Another reason and proof to keep funds in your wallet not in an exchange

[tech30338]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

[bitmover]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

l

Your post title is misleading and wrong

You wrote "store your wallet in an exchange", which is wrong and don't make sense.

You should use "store your funds in your wallet,  not in an exchange."

[tech30338]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

l

Your post title is misleading and wrong

You wrote "store your wallet in an exchange", which is wrong and don't make sense.

You should use "store your funds in your wallet,  not in an exchange."

sorry for the typo , I have retype the subject , thank you for correcting me , I'll try to do better next time.

[MusaMohamed]

so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.

The advice is not enough.

Wallets to use should be
- Open source
- Non custody (self custody)
It is better if you use multisig wallet, cold storage wallet, air gap wallet or hardware wallet.

Reminder: do not keep your money in online accounts.
[LIST] Open source hardware wallets.

[Don Pedro Dinero]

Well, leaving aside the poor phrasing of the original title, in this particular case it seems that the hack, if it is confirmed to be a hack (as Coinex is still investigating it) is a small part of the reserves they have, and claim:

that users “will receive 100% compensation for any loss due to this breach."

Something similar also happened recently with the Stake casino case. So yes, there are many reasons not to use a CEX, the main one being privacy, but leaving your funds there is playing with fire because in this case there were only a few funds, but if there are many, the company may have problems to compensate you for the loss. I only see it as understandable to leave them there if they are funds that you trade with but many people leave them there like they leave money in their bank account.

[AprilioMP]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

There are many types of wallet options for storing coins. Those with experience suggest open source wallets among the many existing wallets to use.

Hardware wallets are known to be more secure storage although I haven't used them. Users who usually make transactions regularly are more ideally suited to using a software wallet.

We have often read news about exchange hacks, so their advice against storing exchange assets is something that can be justified.

[Tiger420]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

It's always essential to prioritize the security of your cryptocurrencies. Storing them in a hardware wallet or a secure software wallet like Electrum is a wise choice to maintain full control and reduce the risk associated with centralized exchanges (CEX). Thank you for sharing the news about the Coinex hack; it serves as a reminder of the potential risks.

[BlackHatCoiner]

You should not trust any exchange. Even the most popular are caught to doing the most horrible practices, like fractional reserve system, horrible security, market manipulation, exit scams, and generally there is lack of regulation, so anything you do can be turned against you. The only time I can find some rationale behind using such companies, is when you want to buy / sell / trade shitcoins.

You should be using no-KYC, peer-to-peer exchanges to trade fiat for bitcoin otherwise. (And obviously do self-custody with your bitcoin)

[cryptoaddictchie]

i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.

If so then its unfortunate for them. I didnt use this exchange eversince so i dont really know how tight their security was but often seeing them at social media post.
People should only pick a topnotch exchange as we dont know when they will experience some breach like this and choose an exchange with high level security. Having funds on exchange isnt bad cause we know traders stay their money there but for own good only money or funds that can be risk should put in there.

[Fiatless]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

Lack of knowledge about wallets is the reason why some people keep money in exchange. The first person who introduced me to cryptocurrencies introduced me to a centralized exchange. It took personnel studies for me to know that decentralized wallets exist. Keeping funds in a crypto exchange is more riskier than keeping it in a traditional bank. They will always give you reasons why exchanges are important but nothing is as good as having full control over your finances. CoinEx has claimed that the funds lost from this hack will not affect customers' deposits because the funds they have in their reserves can compensate all the victims.

[Dunamisx]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.

You don't have to wait till any of these happen to your bitcoin abd you loose everything before you make a step to make use of the best way to stay safe, considering security and privacy here are the best recommendations you can have as means to store your bitcoin for your safety.

Here are the recommendations for wallets security and privacy
Bitcoin Core
Passport
Electrum
Sparrow Bluewallet
Samourai Wallet

Using an exchange is not safe enough for you except you only uses such to exchange your coins and return your capital or assets back to you personal wallet, you also have to learn how to keep your private keys safe.

[DeathAngel]

You would think after so many hacks & untrustworthy actions by third party custodians, that people would no longer store their crypto anywhere other than a device or seed, paper wallet etc that is only controlled or accessible by them.
Sadly you can not force people to take the reasonable precautions to avoid this type of thing. It will keep happening whilst people continue to be dumb enough to leave their coins/tokens on exchanges.

[dr.hopkins]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

Absolutely agree with you on the importance of securing our assets! I've been using XGo, and one feature that really stands out is XGoID. It simplifies managing multiple wallet addresses into one easy-to-use identifier. This adds an extra layer of convenience and security to my crypto holdings.

[HONDACD125]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.

Hardware wallet is best option for holding long term coins.I don't understand how people still believe to hold coins in the cex after FTX and other exchanges incident.Cex is only useful for fast trading and other p2p use.I withdrawn all fund to the hardware after FTX incident and hope my fund is secure even if any exchange collapse.

Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

This is not the first time of centralized exchange hack. before coinex many big exchanges Binance, Kucoin , upbit and hotbit hacked. I remembered only hotbit exchange because that time I hold some fund there. Here is list of big exchanges hacked

1: Mt. Gox (2011) $8.75m
second time(2014) $615m

2: KuCoin (2020) $281m

3: Upbit (2019) $45m

4: BINANCE (2019)$40m

5: Bitfinex (2016) $60m

Data taken from source: https://crystalblockchain.com/articles/the-10-biggest-crypto-exchange-hacks-in-history/

[Kamasylvia]

Its just wrong on first place , why would you store your valuable asset on exchange , most exhanger are centralized anyways so its not make any sense that you would store an Unregulated asset onto it .

doesnt matter how convenient and safe , no one really knows when security breach and other something goes wrong happen. The only right answer was ur own wallet , you get your own private key and full access and control on your own asset .

[Taskford]

Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.
Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

Don't stress yourself about this since you can do simple actions with that.

Just put the amount which you can afford to lose if you trade regularly transferring your balances on daily basis might cause you a lot since transaction fees change and you might pay expensive if you do your daily activity.
But if you are not a regular trader then its fine to withdraw since there's no problem holding your balance on your personal wallet for long time and you can make sure its stored on safe place.

[Issa56]

Its just wrong on first place , why would you store your valuable asset on exchange ,

Lots of people are always leaving their coins on exchanges, especially newbies. I can even say a higher percentage of people are leaving their coins on exchanges, just a small percentage are always storing their coins on a non-custodial wallet. I think some people don't just know the risk of leaving their coins on exchanges, that's why they don't care about sending them out after buying them on exchanges. If a coin is left on an exchange, if anything happens to the exchange, then the coin that is in the exchange will go down with the exchange. Just imagine you are losing all your bitcoin just because an exchange has been hacked.

doesnt matter how convenient and safe , no one really knows when security breach and other something goes wrong happen. The only right answer was ur own wallet , you get your own private key and full access and control on your own asset .

Leaving a coin on an exchange is really convenient because it can be easily accessible, but we all know it's not safe, you can easily lose your coin, so why not just get a non-custodial and protect your coin? You don't have to allow anyone to control your money for you, it's just better to have full control of your coin.

[$crypto$]

Exchanges for storing assets, will not be safe at any time. The risk of the exchange being hacked or going bankrupt is what makes it complicated to ask for your funds there.

If you want to use the exchange, use it for the short term or for your trading activities that are looking for profit there, if you have done that then withdraw it back to your wallet with your own custody.

If you are still unsure about hot wallets, then use hardware wallets to be much safer. My suggestion is Trezor.

[passwordnow]

While there's already a thread about this news: Coinex hacked, $54M stolen
This is proven that people shouldn't keep their funds in exchanges but if you do, see to it that the amount you're keeping is an amount that you won't mind losing. Aside from hacking, people who are working for an exchange that has the ability to see details behind like how much they've got for their hot wallets can also be part of an inside job where they'll have no mercy to drain users fund.

[Ever-young]

Finds it’s a little difficult to understand what you are entirely saying base on the grammar arrangement. Base on what I understood your entire content is just Warner users to be careful with centralized platforms, they should mind the kind of money they keep with them and how long those money are kept on those centralized sites using the hack of coinex to remind us about the danger of keeping funds in an exchange. Well thank you for the reminder, every with the warning which is being spread across the forum and other places regarding the way and manner user can protect their funds from hack, it still appear that most people are too lazy to take those warnings serious, it’s hard for them to just see their self being in full control over their own wealth, they trust third party to safe keep their funds for them more than they can do it them self.

With the amount of hack which we have been reading and hearing about recently, their has always been victims of many kinds, if the hack don’t happen we never we know how much and who actually have their coin stock in an exchange account, is it that those people who do this are not aware of the risk, is is it as a result of them always having an active order? Because if not for a day to day trading and watching of some favorite coins to know when to enter and when not to enter and to save one the fee of withdrawing and depositing all the time when you want to to trade, I don’t see any reason why we should leave our coins in an exchange account. Another hard way have been used to remind users of the danger which exchanges holds.