Post
Topic
Board Service Discussion
Re: Failure of exchanges
by
magneto
on 22/02/2021, 00:37:57 UTC
Guys, I’m asking for your opinion.
In connection with the last Ddos-attak on the EXMO exchange (the official response of the exchange), it is a question of time who will be the next target. Have you ever had a breakdown in the stock exchanges you use? If so, how has management responded?

Just a name a few that I've been through: BTC-e shut down by authorities (later WEX), Novaexchange voluntarily closing shop and changing ownership, Cryptopia failure, Cryptsy failure...

The list goes on. There is a reason why veterans in the crypto space warn against concentrating your holdings in the hands of third parties without retaining control of your private keys. Seemingly safe exchanges can go bust literally any second.

In terms of their response, it is mixed. In most cases, e.g. Cryptsy, Cryptopia, and WEX have all left depositors dangling without returning their funds. The only "positive" would be Nova, which at least allowed people to liquidate their accounts (albeit through a very strenuous process to say the least).