Cryptopia is Dying//Fidelity New BTC Gateway
Remember 15 days ago when Cryptopia first announced their security had been breached and hackers had stolen something like 3 million dollars worth of Ethereum and ERC20 tokens?
Well, 15 days later and despite the involvement of the New Zealand cyber security task force, the hackers are still raking in the coins. Turns out they’ve accrued over $16 million worth of cryptocurrencies. (This is many times more than what was originally reported.)
Cryptopia was never known for its superb customer service or transparency. I have a feeling we’re watching the slow death of a centralized cryptocurrency exchange.
This is not FUD, this is real.
Cryptopia has lost control of their Ethereum wallets.
These hackers now have control of these wallets.
If you use Cryptopia to store your Ethereum or ERC20 tokens, and you have already lost your coins, please take the hint that this exchange is not secure. The hack is not over, if you send coins to this exchange, you are giving those coins right to the hackers.
DO NOT USE CRYPTOPIA. THEY CANNOT SECURE THE COINS YOU TRANSFER THERE. YOU ARE TRANSFERRING COINS DIRECTLY TO THE HACKER.
For those of you who did not participate in the Proof of Keys event at the beginning of this month, let this be a reminder to you of the importance of knowing how to store your coins in a secure way that does not require the use of a third party like an exchange.
If you want to learn about the options you have for doing this, check out these links to some helpful videos here:
Know Your Options for Storing Your Cryptos
How to Setup Ledger Nano S
More news of failing centralized exchanges.
Liqui has shut down.
This one lasted a whole two years, but after its most recent update for their Terms of Service left a bad taste in the majority of their users mouths, it looks like liqui.io can’t provide the liquidity needed to exist as a viable exchange.
Questions you need to be asking:
- Why are these exchanges changing their terms of service to get your information?
- Where is the bottleneck?
- Who is feeling the pressure to comply with AML and KYC laws?
Here’s a hint: anonymity and decentralization are great tools that allow everyone to trade cryptocurrencies freely without giving up their right to privacy.
If you find yourself with some spare time, consider conducting a duck duck go search of things called decentralized exchanges, AKA DEXs.
Try to identify their strengths and weaknesses. This knowledge will prove to be invaluable to you when it allows you to make educated decisions on where you should be trading your cryptocurrencies.
For those of you who can’t wait to see those institutional investors enter this Bitcoin market, you’ll be happy to hear that Fidelity is planning on launching their Bitcoin custody service in March.
Fidelity is a large financial institution, when they provide the service of storing their clients Bitcoin investments in a secure manner, no doubt this will put some institutional investors minds at ease, and will probably see them more open to Bitcoin as an investment option.
All that being said, I think even the institutional investors need to understand what the proof of keys event means. Decentralize it.
Additional Reading/Links:
Cryptopia Lost Control
Proof of Keys Event
Liqui Closes Down
Fidelity to become BTC custodian
The New Zealand cyber security task force... LOL...
Being Kiwis we used Cryptopia once for a small trade in 2017. Didn't make that mistake a second time though!
It's quite a name though isn't it? lol
Luckily I only had a handful of ETN sitting there. Although, I think no self respecting basket would even touch that!
Wich decentralized exchange is the most popular? I tryed some time ago to use one of then, but the volume was too low...Txs
At this point we should use the term DEX with quotations, many are only taking advantage of that word but are not currently (and have no plans to be) as decentralized as possible. I believe these will fail like many of the centralized exchanges we are seeing these days.
That being said, here are a few that I think are on the right track:
Bisq
Blocknet
Cryptobridge
Waves Dex is the best 😃
Posted using Partiko Android
Thanks for always answering my questions!!! really appreciate it.
Hello Heidi, Juan here from Spain. A big fan of your videos and post in Steemit. I live in Galicia, just in the border with Portugal and I'm helping to educate the locals about Cryto & Blockchain with a non profit organization AGALBIT (Asociacion Galega de Blockchain e Iot), so just dropping a line to say if you want to come to Spain, we will be very happy to host you and organice an event so you can teach us more about your experience with crypto. Cheers
Hey Juan :)
So cool that you live in Galicia, I've heard a lot about it, especially recently of Illa Pancha and the tow surf competition held there last week. It was sponsored by a cryptocurrency I believe!
I'd love to go to Spain (haven't been yet :o) and help you educate those who want to learn. Here is my email so we can organize something this year: [email protected]
Thanks for the invite, I hope to visit soon!
@heiditravels please take a look into this news so you could make a video to let the world know whats going on here in Spain.
https://elpais.com/ccaa/2019/02/12/madrid/1550000735_747126.html
The Chinese community living in Spain are getting their bank accounts frozen only because of their origins (even those the ones with Spanish passport). The current financial system sucks!!
One more reason to use BTC!!!
the problem with this kind of affair is that, with some mistakes as some people in China did, the exchange rate can only lower.
I have seen that many people are really competent in the cryptocurrency world, but not many know how to manage a society or a community.
At the end, not easy to trust anyone for truth.
I feel like many of these statements are meant of other posts, or at the very least, I'd encourage you to follow through with some of these thoughts. They seem very disjointed the way you worded this comment.
I warned everyone for years to don't leave your coins on exchanges... no one listens haha
I have some cardano and Electoneum with Cryptopia, i don't know if it's gone for ever
I thought that they would get better. I am going to lose this one!