Another not your key not your coin story

[hd49728]

The saying "not your keys not your coin" has hurt them badly. Luckily it is only temporary problem but it should teach them valuable lesson. Keeping cryptocurrencies on exchanges no matter what kind is bad idea. It is very important to control private keys to really own cryptocurrencies. Exchanges should be used for buying and selling not for storing cryptocurrencies. It is very important difference to understand and it can prevent a lot of trouble in future.

That saying in fact can be very helpful for them to change their bad practice to better one and avoid loss.

They got losses, because they ignored that saying and thought that risk won't become loss with their bad and risky practice. It's their responsibility, not of that saying or people who said this loudly with good intention to help others.

It's your money, in bitcoin, and it's up to them to store their bitcoin safely with non custodial and open source wallets.

[Kelward]

The first important lesson that I learnt on this forum when I joined as a newbie was "not your keys not your coins, and it has remained with me ever since. Exchanges should be for the purpose of exchanging your coins, not to hold them, if anything negative happens to the exchange, your coins will be in jeopardy. A lot of people jump into crypto holdings without knowing how the crypto space works, I believe that most people that keeps their coins in exchanges are people who have not taken their time to ask questions or research about none custodial wallets. I hope that this story will a lesson for many who don't know about the importance of keeping their coins in a none custodial wallet.

[Callido]

Permit me to say, local based exchanges are not just a thing for many investors using myself as a copy. I prefer exchanges that are widely used across countries, i feel it is much safer than locals. The exchange left them without a choice, whenever they choose to release the coins is decided by them, this is the worst scenario that should happen to any investor holding large sum of currencies in her portfolio right now. No longer stories to many, talked about decentralization and owning premium access to our coins whenever we want and cancel out this CEX control over what not supposed.

This is a lesson to whoever, knowing that exchanges are centralized and if given the opportunity can forcefully take what belongs to any one as an investor.

[CryptSafe]

This story is funny though and sometimes when things of this nature begin to happen to an exchange, you should know that the exchange has some challenges that they are encountering and are managing and do not want it to scare their customers and would work measures by delaying withdrawals so that their customers do not make them go bankrupt because if that happens, that is the genesis of their downfall. Funny enough, the information still leaks out and causes panic withdrawal hence they limited or restricted withdrawal to that date for their customers.

It is quite unfortunate that people still trust CEX with their assets forgetting that once they put their assets under the custody of CEX, they have no authority over it anymore, and if anything happens, their funds and assets are all gone. This is the mistake people still make in this very era. It is high time people start taking the "Not your keys, Not Your Coin" slogan seriously.

[Huppercase]

This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.

But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.

https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals

The narrative of not your keys not your coins will remain a big phrase to swallow for people yet it remain one the best security measures anyone can take. If I'm not trading on any exchange, my funds don't has any businesses sleeping with over on the exchange, I will request for a deposit immediately and even if I wanted to buy a coin, immediately I'm done buying, I send it out to my external wallet, I will hold it there until it's ripe for my profits and then deposit back since I use the network with the lowest fees as possible.

Now this is another lesson for the users in the exchange, I hope that they have learn a great lesson. If the exchange eventually comes back online, I hope they take out their funds and withdraw their things. However, there are some people that will not listen, they might keep using the exchange as their normal wallet or move their funds from that exchange to another one and we all know none of this exchanges looks save as a wallet, personal wallets remain the best.

[Die_empty]

This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.

But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.

https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals

There is something that the management of the exchange is not telling its customers. If they wanted to comply with some regulatory laws, they would have informed their clients before now. A one or two-week grace period should have been given to customers to withdraw their funds if they wanted to do that before it stopped withdrawals. This impromptu stoping of withdraws indicates that something is wrong with the exchange. It is either they don't have enough funds to keep running or they are going bankrupt.

We have to wait for the expiration of the deadline before concluding what has happened. This is a reminder that we shouldn't put huge funds in any centralized platform. But some people like learning the hard way.

[Ndabagi01]

This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.

But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.

https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals

Even when it is clearly that the customers are scared of losing their money as the exchange may face some bankruptcy, they are still assuring their customers of their funds being saved and nothing will happen to them after the upgrade they’re planning on. Banking on the years of premium services they’ve rendered to the Indian people as a weapon to support their claim. We have heard of bigger exchanges that faced bankruptcy such as the case of FTX whom happen to be one of the top exchanges in the world. If such can face such setback then every other can also be faces with such. I believe a word is enough for the wise. Exchanges are not where to keep and save your money but just as the name implies to exchange your coins to fiat and if you’re a trader, can use some part of your money to trade on the exchange only. Still many days left to when withdrawal will be allowed, hopefully no negative outcome will be the result after waiting.

[AYOBA]

This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.

This news has spray to several places, because I also ever across this type of news before when but the problem of some people’s is that they don’t know how to store their coins in exchanges and the main problems of somes is that they will go and store their coins in the exchange that they don’t have any experience about.

But I think this will be a lesson for every users here that are not handle their private key or phrase well, because that’s what is make a lot of people to lose their assets when ever they store their coin in any of their exchanges they can definitely lost them all without recovery them back.

[Sim_card]

I feel after the discomfort that these customers using this exchange feels within these two weeks of prevention from withdrawal or the exchange activities is on suspension, it will teach them a lesson for them not to keep their funds with a third party. I hate it when I don't have access to my coins whenever I want it. I feel insecure. Exchanges should be treated as a market place.

[knowngunman]

The frustrating part aside the loss of funds his when they suspend withdrawal for particular assets without the owners knowledge leaving the owners stranded, last week there was a suspension of Notcoin withdrawal from top exchanges like binance, bybit and KuCoin due to large withdrawals of funds as there was some campaign the holders were participating on. This raised more concern that is the coins on exchanges actually real or just numbers

This sound strange to my ears thou. I think they normally notify their customers about every development taking place within the exchange be it coin removal, delisting, suspension and maintenance so the customers on their own interests can take action prior to the time the event would take place. I do receive mail messages concerning some of these but I careless to pay attention or read the content of the mails since I'm not affected by their notice. Has anything changed?

By the way, regardless of whether they send notice or not regarding suspension or withdrawal of any assets, it's completely unsafe keeping your assets with exchange. Even the so called big exchanges can be target of attack and hack and your asset may be gone for good because even if they recover, they won't possibly pay all the affected customers talk more of compensation. It's advisable to send quantity of assets to use at a time to exchange and never make it your permanent storage for your coins for convenient and security purposes.

[satscraper]

This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.

But someone told people should convert their coins to a delicate gradation and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.

https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals

Once more occasion of the folly of man relied on a bit of luck at centralized exchange.  I advocate to use those exchanges that are from  p2p class. One of them ^{which, BTW, my favorable}  is bisq. The latter also has its own delicate gradations but ^{at least} I firmly know that no body there has the power to force me convert my BTC into  Indian rupee.

[Bitcoin Smith]

Aside from "not your keys, not your bitcoins". Another rule of the thumb is to stick to reputable exchanges—I'm not saying they're safe or anything but at least, they're less likely to pull shit like this as oppose to obscures. Or at least if folks must use lesser known platforms for whatever reason/s, don't do big amounts so you can minimize the risk.

The problem comes from the social media influencers who accept small amounts and promote anything as legit without any due diligence especially in our country and their massive following support and influence significant amount of people. Also government has no regulatory body to oversee such things which is why newbies often end up picking shady ones over the reputed crypto platforms.

Educating ourselves is the only way to combat thing, but people doesn't really encourage and participate in any of such events they simply follow what an influencer tell them to do and end up losing their own money.

Let's see what they will come up with on 28th Jan to delay it further.

[asarfiar]

These exchanges will definitely be a challenging subject for beginners unless they seemingly negotiate their way out of this centralized exchange. Many think that this fund will act as a regulator for their protection but in reality this is completely different. Here, many people create fraudulent activity cycles to trap fraud which later turns out to be a frustrating situation for many people and due to this concern, a large number of people from the right wing fall victim to fraud.

Since coins are digital, it is clear that we cannot keep it permanently to ourselves. These coins are transferred in a process and you can provide its token as ownership.

[coupable]

That’s an interesting situation! It really emphasizes why holding your own keys is so important—centralized exchanges come with risks. Hopefully, Mudrex resolves the issue quickly, but it’s a good reminder to prioritize self-custody when possible.

Last year, India suspended nine of the world’s largest exchanges, including Binance. The reason was clearly that these companies’ activities were not in line with local laws in India, and that these exchanges could resume their activities once they had rectified their legal status. There are reports that one or two exchanges have resumed their activities in India in return for complying with the laws and paying a fine, but the majority of the exchanges have not returned to the Indian market.
No one knows what is happening with Mudrex now, and I would not be surprised if these exceptional measures were taken under pressure from the authorities. Because nothing justifies the suspension of withdrawals for a long time unless people are forced to use the site with poor services due to the lack of alternatives. I hope that the worst that we all thought after reading the news does not happen.

[sunsilk]

We've been telling people for ages that they shouldn't keep their coins on exchanges. Because with unforeseen scenarios like what's happening with mudrex, it's nothing new that we've been seeing on the community.

Too bad that no matter what these users do, convert into fiat or not, their coins are being held by that exchange and there is nothing they can do.

It seems that there's a pressing into crypto exchanges in India and people need to be careful with how much they keep in the exchanges if they're a regular customers and traders.

[Issa56]

This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.

But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.

https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals

That’s really funny. Why should an exchange stop withdrawals for no reason? They didn’t even give notice before the suspension. At least people will have withdrawn their money from the exchange before they stop withdrawal. That’s really bad, and that’s the reason why we shouldn’t leave our coins on an exchange, and as a trader we should make sure we make use of a reputable exchange when trading, and when we know we won’t be trading for some time, then we should withdraw it from the exchange.

When planning to invest for a long time or even a short time, no exchange should be trusted, no matter how reputable the exchange is. When investing, then we should leave our coin in our wallet, and we should make sure our private key is properly secured, because if you can lose access to your private key, then your coin is gone already, so it should be secured properly.

[Potato Chips]

The problem comes from the social media influencers who accept small amounts and promote anything as legit without any due diligence especially in our country and their massive following support and influence significant amount of people. Also government has no regulatory body to oversee such things which is why newbies often end up picking shady ones over the reputed crypto platforms.

Educating ourselves is the only way to combat thing, but people doesn't really encourage and participate in any of such events they simply follow what an influencer tell them to do and end up losing their own money.

Let's see what they will come up with on 28th Jan to delay it further.

That's indeed a big factor and there is so much clout chasing that people are faking stories. Pretty much why I try to always take their words with a huge pile of salt and make it a habit to cross check especially for pretty important things involving your money and/or safety. We can't control what people post. But we can however control how we react to them hence developing said habits will come a long way.

Could be the usual we have heard many times like corrupted drives lol or maybe they'll be gone already by then and this is just a stalling tactic. If they end up actually opening withdrawals though, I'm sure there will be some sort of bank run given the anxiety this has caused to people which begs the question, do they have enough resources for that.

[Mayor of ogba]

This is indeed another story about not your keys not your coin. They should be thankful that it's just temporary rather than permanent.

How are you certain that the suspension of withdrawals on the Mudrex exchange is temporary? Nobody is sure if the Mudrex team will open withdrawals on the Mudrex exchange on the 28th of January as they promised. I think something bad has happened to the Mudrex exchange, and I see the upgrade that Mudrex CEO mentioned they are running on the Mudrex exchange as a cock-and-bull story that will help them buy a lot of time to try and fix the problem on the Mudrex exchange, and if they can't fix the problem before the 28th of January, I believe withdrawals will not be open on the Mudrex exchange. People should stop keeping their assets on centralized exchanges so that they will not find themselves in situations like this.

[cryptoaddictchie]

Bybit is actually stopping their service in India but they allowing users to withdraw and that's the difference between legit and shady exchange.

Yeah seen this announcement too from Bybit. Theres not much reason to hold users fund if they arent hiding something. I assume they dont have it anymore or used the funds and waiting for some refill for that before issuing an announcement or yet another slow rug and delaying tactics to prolong the agony of Indian users.

[MusaMohamed]

How are you certain that the suspension of withdrawals on the Mudrex exchange is temporary? Nobody is sure if the Mudrex team will open withdrawals on the Mudrex exchange on the 28th of January as they promised. I think something bad has happened to the Mudrex exchange, and I see the upgrade that Mudrex CEO mentioned they are running on the Mudrex exchange as a cock-and-bull story that will help them buy a lot of time to try and fix the problem on the Mudrex exchange, and if they can't fix the problem before the 28th of January, I believe withdrawals will not be open on the Mudrex exchange. People should stop keeping their assets on centralized exchanges so that they will not find themselves in situations like this.

They can fix issues, and reopen withdrawals for users, or they can die and disappear like many dead exchanges in history.

When an issue with withdrawal occurs, it's not good signal about that centralized exchange operation, and maybe worse things will come later. We don't know about future, but it's not good signal for their business and as users, you have many reasons to be fearful about future if their exchange and your money that stucks on it temporary now.

I am sure if they reopen withdrawals for users, people will panicly withdraw money and make a bank run on Mudrex.