The danger of leaving your money on an exchange!

[johant123 1559]

(Posting this on the section for beginners on purpose, because I want to warn them)

 

Here is another case of the owner of an exchange losing the private key that gives access to a large stack of Bitcoins, probably not even belonging to himself. The timing is most unfortunate (for everyone else) because the exchange owner was under investigation already;

 

https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

 

This link was shared here in the forum earlier, but the comments from many of the members really scare me! Many seem to believe that the owner really lost access, and was a very careless and unlucky man. Well ... that is possible, in theory .... but ...

 

I think there are two things going on here:

- isn't it very convenient that the owner loses the keys when the funds are under investigation?

- this shows that your funds are never really yours, unless you have the private key of your wallets!

 

The most important lesson, in my opinion: never ever leave large sums of money in an exchange, or in a custodial wallet! And don't believe someone just on his sad story ... it may well be a fraud!

[Michael0606 861]

If we must be aware, investigating and collecting information to shield ourselves against the dangers of Inter and Cryptocurrencies, since we are all at the mercy of thefts, and scams so we must know how to identify the enemy to enter the field of Cryptocurrencies, on the internet nothing  it's safe so take precautions.

[Mohssine 1725]

Yes you right, internet is full by scammers so we have to be careful for anything we need to do , because we can lose our money for an scammer exchange, before doing any thing you have to cherche about this exchange.

[George10 9932]

Its a mistake to leave our money on exchange sites or treat them like wallets where to store crypto because anything can happen what if they are hacked or tries to close down without prior notice, just my point of views thanks.

[Honny143 13612]

We are educated I agree but we can't search before we invest money in exchange, that's the reason we face scams because  now a days we can't trust without any information, I can't understand peoples like this fraud exchanges, because in online so many legit exchange are available like yobit binance kucoin and so many.

[Whited35 15285]

You should not leave your hard earned money on the hot wallet of the exchange sites for a long time. Hot wallets are not generally more secured than the hardware or the offline wallets. Always keep your funds in the cold wallet or in the hardware wallet. 

[tienda 8776]

Yes I agree with you and you are right, we need to be attentive and careful about our money or our coins because we have exchanged our money to coins, so when we use website exchange and we hold on them our coin is very risk, is not that we dont trust such website like Yobit or Binance...etc no, the problem is if they will receive an attack from hackers they will loss anything also our coins.

[Zaino34 0]

You are right, my friend. I do not prefer to leave my money in exchange and stock sites, especially after the increase in the number of fraudsters, and I prefer to put my money in reliable and safe portfolios instead.

[Zerocrisis 266]

11 hours ago, johant123 said:

(Posting this on the section for beginners on purpose, because I want to warn them)

 

Here is another case of the owner of an exchange losing the private key that gives access to a large stack of Bitcoins, probably not even belonging to himself. The timing is most unfortunate (for everyone else) because the exchange owner was under investigation already;

 

https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

 

This link was shared here in the forum earlier, but the comments from many of the members really scare me! Many seem to believe that the owner really lost access, and was a very careless and unlucky man. Well ... that is possible, in theory .... but ...

 

I think there are two things going on here:

- isn't it very convenient that the owner loses the keys when the funds are under investigation?

- this shows that your funds are never really yours, unless you have the private key of your wallets!

 

The most important lesson, in my opinion: never ever leave large sums of money in an exchange, or in a custodial wallet! And don't believe someone just on his sad story ... it may well be a fraud!

There are very reliable exchanges that have very high security systems, but the reality is that hackers are technology geniuses that force security levels to increase, so i think that you should not put all your eggs in one basket.

[Nezar 7169]

I agree with you with what you say. We must completely move away from storing large amounts of money inside trading platforms or portfolios connected to the Internet because they are always at risk of theft. Therefore, if anyone wants to store large amounts of money, he must use wallets that are not connected to the Internet.

[Ch Ayyan 9781]

You make really good  and informative  topics . It save alot of people  to save  from  scammers. It is true  if we leave  big amount  on exchange there is few chances  to lose  it.

[Shahud 1319]

as we know many people use exchange to store the money but it is risky to store in the same because it is having chances of getying attacked by hackers.so better wo store it in a hard ware wallet 

[Maroua 1159]

This dangerous thing in the world of internet fraud and theft, so we have to put passwords very difficult, and also we should not keep all of our information to enter the sites in the pages but we write it on our booklet,

[bliznec 22267]

You need to save your passwords and private keys and thereby not lose them. The simplest thing is that, for example, there is a function on the banner, which consists in connecting your phone to the account. This is very convenient and I want the exchange Yobit to do the same, by phone. 

[Brand1 1336]

This is true, it is very dangerous to leave large sums of money inside the stock exchanges, because errors can happen at any time, so if you have a lot of money you have to put it in very safe wallets that are not connected to the Internet.

[iloveyobit 6599]

I think the platforms always try to increase their level of protection in order to avoid any attempts at penetration, but yes it is better to transfer part of your capital to an external portfolio.

[Raqeebzy 6456]

Exchange sites are different from wallets and shouldnt be treated as one. We all know hackers and spammers are everywhere hoping to defraud people but we should also not give them helping hands by doing some kind of things in inappropriate ways. The safety of our coins comes first and most important. 

[Hanan951 841]

That is true but we need to choose an insureed platform thay will return our money if anything bad happen and in general using wallet more better if we don't trade in some days .

[guatazoo 7150]

Its very risk for storing your crypto's to an exchange, because sometimes the exchange might be hacked or the exchange would be shutting down in your country while you are not informed.

[Wazman 10]

This topic is nice, yes the only way now to educate people and create awareness on how to protect earnings.

[lharost 1526]

On 3/25/2020 at 1:48 AM, johant123 said:

The most important lesson, in my opinion: never ever leave large sums of money in an exchange, or in a custodial wallet! And don't believe someone just on his sad story ... it may well be a fraud!

Exactly right, you can use exchanges and do your trades as much as you want but don't count on exchanges to be your bank, because it is possible for them to get hacked and you lose your money.

[Mandagi 16]

Nice piece of writing and advice. It's really unsafe to leave large sums of money in an exchange. The person in charge of the exchange can actually do and undo and later come up with excuses to backup his wrong doings. Let's be guided though.

 

E-money exchangers list

[jamesvince 2389]

May be our funds are safe if we used only good and top level exchanges of crypto market because these exchanges are really big if they hacked then they can bear their loss ownself but if we used small level exchanges then small exchanges if hacked then they closed their exchanges. And our funds are stealed.

[tariqul 566]

We don't have to store our money for a long time on exchange site. Money can be hacked . Hackers are always careful to hack money and we can forget our password and information for various reasons and in this case we will not be able to collect money.if exchange site scam our all money finished.

[Virgil dijk 1431]

Yes this is true this days there are lot of fruaders in the crypto world so we have to be really careful and just don't trust anyone story so quickly, and we shouldn't keep a large money in an exchange which isn't trusted, we have many trusted exchange like yobit where we can store our coin and it will be safe.