Post
Topic
Board Beginners & Help
Re: Another reason and proof to keep funds in your wallet not in an exchange
by
Xal0lex
on 17/09/2023, 18:48:09 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.
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


It is always dangerous to store your money somewhere. It does not matter whether it is a centralized or decentralized service. People lose money in decentralized services more often than in centralized ones. Smart contracts are not famous for their security and that is why almost every day there are hacks of various protocols. Storing money on exchanges, staking, providing liquidity in decentralized pools, interacting with smart contracts, all of these are dangerous environments for your funds. Centralized exchanges are just a small part of the dangerous cryptocurrency sector.