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johant123

The danger of leaving your money on an exchange!

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Yeah you are right, we don't have to leave our moneys in exchange sites like a wallet, we all know that binance exchange site was hacked and we all have to take a lesson from that and we have to hold our coins only in our wallets.

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Yes mostly this is the risky thing place your money in an exchange because it is danger but I think it is the best if you choose trusted sites like yobit than there is no any problems I think. Just be careful.

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Yes, you are right. If you keep in your account a large amount of coin, it will be stolen. So it's not suitable for you to doing like that. Always try to make good security for your account.

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Nice suggestion mate, some members leave much money on their wallet ,I believe with what you said now we should learn lesson not to leave all our fund in a single wallet, we can share the sum in different exchange site since we can register in more than one exchange site

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On 3/25/2020 at 2:18 AM, 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!

Yes dear mate you are right we always learn from our mistakes. So try not to leave your huge amounts in an exchange. And the next thing is not to share your private key to anyone because there are many people who are scammers and try to snatch your money.

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If we choose good cryptocurrency exchange where security system is strong then i think there is no problem like if you choose yobit exchange and binance exchange you can hold your cryptocurrencies if you choose a small cryptocurrency exchanges like cryptopia their security system is not strong  hackers attack and we lose our funds in exchange

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On 3/25/2020 at 6:48 AM, Mohssine said:

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.

Online working pages are full of thefts & scammers so awareness is much needed so make sure you are safe & sound from others.

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Thank you so much for your information i have kept my btc in yobit wallet , should i move it to another wallet. But i trust yobit and till now i haven't noticed any thing suspicious about this exchange plateform. Well i have kept my private keys written in a diary so i think i won't face any issue like you have mentioned in your topic. 

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Risks of Leaving Cryptocurrency in Exchange

A brief look at the history of Bitcoin and cryptocurrencies reveals why it is dangerous to leave your crypto funds in an exchange. Since 2011, over $1.65 billion worth of crypto assets have been stolen, and the numbers are getting bigger every year. According to Hackernoon, that amounts to a jaw-dropping $12.6 billion loss when values are adjusted for inflation.

All time stolen crypto

Aside from hacks, the trouble may arise from within the exchange. Any exchange may mismanage, lose, or even participate in fractional reserve banking. You may have heard of a recent QuadrigaCX controversy, whose owner had passed away with all the private keys, allegedly losing access to $190 millions of user funds. Or maybe you've heard about the notorious Mt. Gox exchange, whose founders were oblivious of ongoing hacks that lasted for more than two years while the exchange lost 650,000 BTC.

Exchanges are enticing hacker targets because they have billions of dollars worth of cryptocurrency. Quite frequently it's much more profitable to hack a crypto exchange than a bank vault. It’s like a pot of gold at the end of the rainbow, except instead of a leprechaun they must outsmart security measures of an exchange. As a result, exchanges are incredibly prone to experiencing highly sophisticated cyber attacks.

Consider these facts:

  • Exchanges lose $2.7 million every day on average, and this figure is set to increase in the future.
  • The hacking attacks are becoming increasingly elaborate. It's a highly-rewarding activity; therefore it pays for ever-increasing time and effort spent on plotting hacks.
  • Exchanges are not cybersecurity enterprises. They run financial marketplaces first, and experience has shown they can’t guarantee top-notch security.

With large sums at stake, cryptocurrency hacks, schemes, and elaborate attacks are unlikely to go away. In the words of Moscow based cybersecurity firm Group-IB:

"In 2019, cryptocurrency exchanges will be a new target for the most aggressive hacker groups usually attacking banks. The number of targeted attacks on crypto exchanges will rise."

However, sometimes you can’t help but use one. In that case, it’s better that you use a proven, secure service, rather than an unknown, insecure, or simply irresponsible platform.

How To Recognize A Secure Exchange

There’s no guarantee that you won’t become a victim of another high-profile hack but choosing a reputable and highly secure exchange significantly reduces your chances. The best and most reliable platforms are open about the level of security they provide and give you a plethora of tools to secure your account. Here are the most common security practices to look for when choosing an exchange.

HTTPS. Secure exchanges have a valid HTTPS certificate. Your browser will automatically confirm it by displaying a lock in the address bar. HTTPS is an encrypted version of the HTTP protocol. It prevents capturing and changing data you’re sending to a web server. Every reputable cryptocurrency exchange should have it....................

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I agree with you, but most of my assets is inside the exchanger, because i don't have big amounts and i am using the one of the most secure exchangers, but there's always hacker risks on exchange  but some big exchangers have big insurence our funds to recover the loss. For an example binance have safu funds for recovering pottential loss.

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Of course I am agree with you. Scare of losing money is always with the person who ever enter in crypto world. According to your information about losing private key, we should keep our private key in safe place. It is also a good advice that we should not store huge money in a single wallet and exchange.

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I do not know exactly what you are suggesting, do you think that he faked losing his private keys to be able to take the money or transfer it somewhere else, or that once the investigators got the private keys they took the money. It Either ways , it is not a secret that whoever has the private keys has access and total control of the money.

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Leaving your money in exchanges cannot be encouraged. There are situations whereby some exchages crashes and your money will be lost with it. There are also situations whereby your money will be in exchanges and it will yield no profit. Your money must be in exchanges for investments only

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You make really good and informative topics.we need to be attentive and careful about our money or our coins.Because we have exchanged our money to Exchange sites are different from wallets and shouldn't be treated as one. We all know hackers and spammers are everywhere.So we have to be careful

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15 minutes ago, xiations555 said:

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.

That's true exchanging or trading  sites holds our money for temporary only, we don't have to use thus wallets on exchanging sites that have a big risk like you said we may get hacked if we hold our coins for longer times on thus exchanging sites.

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I as a new member am happy to know how to go about this money danger in exchange and with this I will take my time when the money are at exchange site thanks for the advice.

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If you want to exchange your currency to other than you must know about the other currency that you want to exchange it is international or local. If you trust on it then you should be exchange, otherwise not.

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I am confused, if storing our cryptocurrencies on exchanges and alternate websites is unsafe due to the fact of which we may want to lose our money, then the place need to we save it? 

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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.

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The problem is not leaving the money in the stock exchange or your wallet. The problem with bad people (fraudsters) who try in every way to steal you, I think that the best way to protect is not to show your information to other people, so that the fraudsters do not get it too

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I think we all know the risks of keeping money in exchanges, especially in those that do not have insurance to back user funds, in addition to the fact that we do not own our own wallets, to this can be added the fact that there may be information leaks that could put other accounts at risk.

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Yes its a very risky thing. Because number of scammer are present on many sites or on exchanger. To keep be care ful to tjose scammer. If you should invest your money then you have to invest small amount of money first and then see the result of this excahnger and next step step will be taken

.

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Many people store their money on the exchange platform, but it can also be a threat to them if scammers attack on them. Therefore, before we make our money on exchange, we should take the investigation thoroughly and also read its rules so that we have not to in difficult. Cryptotalk is a very reliable and trustworthy platform.

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On 3/25/2020 at 2:18 AM, 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!

You are right dear. Internet is full of scammers and hackers. They can attack at anytime. So be careful specially if you are a newbie to the exchange. So never leaves large amount of money in any exchange, leave it in your wallet and wallet should be reliable and secure.

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You give us really good information ,which is very helpful for every person .This information helps a lot of person and save their money .We should try to create informative and people friendly posts so that others person can learn from it .

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