How To Save Yourself From the Collapse of Exchanges and Crypto Companies

[Nomad]

Celsius Network was marketed as a crypto bank, where users could earn interest on their deposits as well as get a loan against their crypto collateral. However, the company declared bankruptcy, leaving investors with significant losses. Likewise, FTX was once the world’s third-largest crypto exchange, but it collapsed due to mismanagement and fraudulent activities by the owner resulting in the loss of billions of dollars of investors’ money. These cases show how vulnerable investors can be in the hands of crypto exchanges and companies. How can one save themselves in the even of crypto exchanges and companies collapsing?

 

[kit_hung]

Bro, to avoid being hurt by the collapse of crypto exchanges, you need to have a plan to protect yourself very early. Don't store all your coins on one exchange.

Use a cold wallet like Ledger or Trezor to keep your crypto safe. Also, make sure the exchange has transparency and regular audits. Don't rush for big ROI without understanding its risks. KYC and 2FA are also important

 

[Min George]

Always use custodial wallets. They don't collapse like crypto exchanges do. One is more secured with custodial crypto wallets.

 

[SHAHID987]

Both had happened with so many people, for this one should not put all his money in one pocket. Instead he must spread his capital in different exchanges and trade in different cryptos.

 

[Suba]

My way of saving myself from the collapse of a crypto exchange was by not storing large amounts on any exchange except for trading capital. Even on lesser-known exchanges, I don't store crypto; once exchanged, it's immediately withdrawn to my wallet.