Founder of Exchange "Loses" Private Keys

[cryptovlek 2597]

How convinient to lose the keys of the exchange and not have backup. I know that in Africa things like this are not let happen and in the case of this CEO it would be very difficult to hide. It is something that not too many investors in this exchange will just let go.

[P A Ashif 2409]

How can this happen. If the founder or maker of the exchange don't have the key then probably the user must have. At the time of wallet creation the exchange provides the key. I am saying this because I have some private keys of my wallet. 

Is it like some exchange keep the private key and help the user to recover the wallet if he lost the password. 

[wassim19 645]

It is a large sum to be wasted so easily, and he must search for the key well and remember all the places he visited because it is not his own money but invested money, so he must find a solution quickly so that the right of people is not lost

[Fixfin 2569]

I think that there was a ban of cryptocurrency in Zimbabwe. Perhaps someone found a way to exit and declare the private keys lost as an excuse. I don't know if this happened but I know this is a bad excuse and shouldn't be so easy to just avoid paying the 33 Bitcoin like that.

[Mella 3680]

It is very irresponsible from this person that owned an exchange in a country where Bitcoin was able to save lives from the terrible effect of hyper inflator. He should be responsible to pay back all the people that invest in his exchange because it is a poor country in africa tha needs the Bitcoin back to their owner.

[duncun007 3577]

On 11/17/2020 at 3:34 PM, setifien said:

Normaly, exchanges are moderated by several persons (each one has his own missions based on his qualifications) but in some small exchanges, one person can do the work since there is not much work to do

it would be insane to have your money on an exchange owned by just one man, because if anything happened to this guy and the exchange and all the money on it would be at risk.

[hansf9 27]

On 11/7/2019 at 10:40 PM, williamz902 said:

According to a recent news report, a founder and CEO of a Zimbabwean exchange has lost the keys to the private wallet which contained 33 BTC worth of user funds. You can read more about the story here: https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

Owners of big exchanges are now trying to steal the money of their users with a smart way. You will also see many exchangers are being victim of hacks and we are losing our money.. Who know if they are really hacked or not?

[annayks 2314]

It is very bad to know about this. It happened in a country were Bitcoin could help so much but the government had it also banned during that time and this Ceo probably found an excuse and wasn't even held these Bitcoins. It is bad for centralized exchanges to have to trust a man for the private keys. Hold your keys and own your coins.

[scofield64 943]

A very sad news indeed, the founder has made a great mistake, he/she suppose to have backup for the private keys. I really feel bad for the users of that exchange. 

[Sarahden111 1231]

I think that this matter is one of the drawbacks of central platforms, where information is concentrated in one place or with one person, and any mistake from him causes heavy losses, and therefore decentralized platforms are better in this respect. In general, the central platforms have an insurance fund to compensate the losers from their users when there are cases of hacking or theft

[zhoutong 2188]

The issue with the private keys for some exchanges is a big one. We had quadrica lately where funds are lost as the private key is also lost and okex that the founder again holds the private keys and the withdrawals will be allowed a month later. It is not good to have this approach for crypto with one man holding everything.

[jackycrypto485 1055]

This is a really unfortunate story, but it is surprising that he loses the private keys for 33 BTC of the users 'money in the exchange, this is indeed a strange and bad thing and a disregard for the users' money, the CEO of this exchange must be an irresponsible and unreliable person. It is a pity that the users will lose their money because these exchanges certainly will not compensate them.

[ShiNorton 906]

Oh what would happen to the clients crypto?  He had to care private key!  I've put wallet private key in the secure place so that no people steal it from that place. I suggest people to be sensitive. 

[MoralStories 1127]

If he has lost the private keys that doesn't effect the users they should be paid back from which funds, it doesn't matter but they must be poor people who are earning there but the finds are freezed.

[Rozy 1918]

This is very irresponsible action , he is trusted on that money so he should keep the key in a safe place and make sure that no one can reach it. I think when people are trusted and they are careless about other's money they should be jailed for their actions.

[Sairaranjha 674]

Very sad .it is a  bad news.he should try to find his key.other wise he loss a big amount.he made a big mistake.he  have to learn from his mistake .

28 minutes ago, Rozy said:

This is very irresponsible action , he is trusted on that so he should keep the key in a safe place and make sure that no one can reach it. I think when people are trusted and they are careless about other's money they should be jailed for their actions.

 

[godislovefll 1880]

On 11/7/2019 at 12:40 PM, williamz902 said:

According to a recent news report, a founder and CEO of a Zimbabwean exchange has lost the keys to the private wallet which contained 33 BTC worth of user funds. You can read more about the story here: https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

The very great irresponsibility of this person, because as he can lose something so valuable, or perhaps it is manipulation to steal, now here we have a possible cause of why some people lose the trust of some exchanges.

[yulitzacalvete 1366]

On 11/7/2019 at 12:40 PM, williamz902 said:

According to a recent news report, a founder and CEO of a Zimbabwean exchange has lost the keys to the private wallet which contained 33 BTC worth of user funds. You can read more about the story here: https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

It is unfortunate to see these things happen and that they are part of an exchange, so much responsibility that those who possess their private keys must have and this causes many to lose confidence in the exchanges.

[jappy 1129]

This is something that can happen 1 single person can not handle so much money from other people is an irresponsible act that this guy did, on the other hand it is something that always has to have backup of passwords anywhere outside the internet.

[Malik Abdullah 376]

This is really bad happened to this person. How sad that he loose this private key of this wallet when he had lots of bitcoins in it. He should keep his key safe and make some copies of his key. If he has backup than he will easily recover hy wallet.

[Khetam 328]

On 11/18/2019 at 1:36 PM, Akbor said:

It is not a good news. how a founder can loss the private key. as he is the owner of the exchange he must have two back ups for the exchange private key. the owner of the asset is the members of the exchange .they may loss their asset if the key cant be recovered . but it is unbelievable  to me. but if it happened then the owner should find out the key.

That's sad at the same time. Yes, and I agree. How does a key owner lose their key? He should have created backups or any passwords that no one else should know. This is sad and at the same time incredible. 

[Quickbee 26]

One of the worst things that can happen to a Crypto currency holder is the loss of his private key.  The loss of private keys of the founder of exchange is shocking. Hope he recovers it as soon as possible.

[Malik Abdullah 376]

This is very sad for this person. Lots of people loss their private key because they cannot take of their key. If they lose their they then they cannot recover their wallet again. They must keep some copies of their key. I also suggest you to take care of your keys.

[Nupeboy 627]

Yes this is a very sad news am sure that this will be a lesson to all of us because this shows that we have to take very good care of our private key so let's be careful 

[Michar1 1693]

It is something that I think could happen to anyone since it would happen, but actually in an exchange where all funds are secured it is something that could not be accepted, since it would be an accident but big, imagine all those bitcoins , lost and that they can never be recovered anymore, it is something that in a certain way looks strange, it is that you cannot believe this news, but well something that is usually assumed is that you must have enough evidence of where to place, the private keys of your wallet, something that I prefer is to keep them in a safe place and that I believe they will never be lost.