Quote from: sheenshane on July 23, 2022, 12:14:40 AM

Quote from: Potato Chips on July 22, 2022, 04:34:18 PM

Past incidents where funds were reimbursed should not be taken as a means of insurance. The reason they were fine is because it was only a small-scale loss and there is no guarantee that the SAFU jar will be able to cover every losses if a large scale hack happens.

The SAFU could be their marketing strategy only but the fact doesn't give true insurance to their customers.
Don't believe in SAFU and store your coins with them in a long run, though they're trusted the best thing is to withdraw your fund after your session in trading. Never leave your coins in an exchange for a long-term purpose or don't let your coins sleep in their wallet while you're comfortable that it's safe, there's no single centralized exchange that safe nowadays.

The best golden rule was always this "Not your keys, Not your coins" we keep advice this to everyone and remind them of the correct storing of our valuable coins. The best example is that what happened to MtGox exchnage will happen again in random trusted crypto exchangers.

Yeah, it might be one of their marketing strategy but it works as it is just like what binance did on its previous hacked incident. Yes, it was small-scale loss, but the thing is they did reimburse the affected accounts.

Why it wasn't an insurance while it works like insurance? Of course, what do you expect from an insurance company, they won't give you the total 100% of the funds lost but they did reimburse some, and insurance work like that either it's a life insurance or accident or etc. And that's the risk of using exchange which everyone of us here knows already.

What I'm talking is use the trusted of them all ^(exchange) and those exchange that had allocated funds when something hacked happened, lesser evil ^{(just like mentioned above)} because using DEX isn't for everyone especially newbies.