Post
Topic
Board Beginners & Help
Re: Another reason and proof to keep funds in your wallet not in an exchange
by
HONDACD125
on 13/09/2023, 12:01:39 UTC
Although this has not happen to our exchange where we put our funds for a long time, this should prove that its not safe to be there for months or years, you have to secure your money, or tokens/coins to your hardware wallet, or electrum wallet etc since you have full control unlike CEX.


Hardware wallet is best option for holding long term coins.I don't understand how people still believe to hold coins in the cex after FTX and other exchanges incident.Cex is only useful for fast trading and other p2p use.I withdrawn all fund to the hardware after FTX incident and hope my fund is secure even if any exchange collapse.

Earlier there is a news that Coinex have been hack, where the hacker transfer and drain the wallet, with ETH, Polygon, Tron etc, i think this is the first time this exchange has been hack, i say i have coins there but no value, but if you have lots of eth and others thats is a major concern, since we don't know if they can refund the loses.
so to be safe store your bitcoin and other coins to safe wallet, like hardware wallet etc.
this is the link of the news :https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved

This is not the first time of centralized exchange hack. before coinex many big exchanges Binance, Kucoin , upbit and hotbit hacked. I remembered only hotbit exchange because that time I hold some fund there. Here is list of big exchanges hacked

1: Mt. Gox (2011) $8.75m
second time(2014) $615m

2: KuCoin (2020) $281m

3: Upbit (2019) $45m

4: BINANCE (2019)$40m

5: Bitfinex (2016) $60m

Data taken from source: https://crystalblockchain.com/articles/the-10-biggest-crypto-exchange-hacks-in-history/