It has been reiterated countless times on the need to keep and store your coins off exchanges as it has been proven a couple of times about how unsafe exchanges are, and with the latest drama involving FTX, the point is proven once again.
These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022
These breaches are just some as recent as two years.
Exchanges such as those listed above would promise top notch security and encourage people to do business with them and when breached, its same people who would be at the receiving end.
These hacks and breaches in these exchanges does not fare well for the crypto market as it could get existing and potential new investors jittery.
So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.
Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So Im pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.
This is actually a valid message because more people than I thought use FTX and have been plunged into confusion and sadness. Not just that. Bitcoin being lower than $17,000 has made people have second thoughts. So with the recent news surrounding FTX right now and crypto in general, more people have begun to panic. Say NO to suicide. Well bounce back from this.