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.
I know how it feels when you are one of those that are being hacked, especially big amounts when storing to these exchanges. Even some of the famous personalities Ive personally known in the Philippines arent exempted from it like they are losing a lot. Despite their big losses, they just choose to be strong and just keep moving forward and learn from it.
Last April 2022, I was hacked $12k+ from both my Metamask and Trust Wallets combined because of not doing my due diligence which ends me accidentally clicked the fake PDF malware and got siphoned to the hackers wallet after. It is my biggest loss to be honest, and not from the bear market where I am doing DCA with BTC and ETH and all are losses. But I chose to move forward rather than doing crazy or having suicidal thoughts, because I know my future is still bright and here I am today standing strong and keep doing what I love.