URGENT WARNING TO CRYOTO HOLDERS!! REMOVE YOUR COINS FROM EXCHANGES NOW!!

 

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Hey E.T Fam! I hope you all are doing well. I’m coming to you all today with a very important PSA. Yesterday, Forbes released an interview with Sam Bankman-Fried where he has basically confirmed that a lot of crypto exchanges are secretly insolvent (basically, they’re broke). This is horrible news, because this means that we might be seeing a lot of exchanges dissolve into dust…and those who don’t remove their tokens fast enough run the risk of losing everything. This goes back to the old saying of “not your keys, not your crypto.”

This is the reason we warn against leaving your funds on exchanges. While this is certainly horrible news for centralized exchanges, it certainly creates a bull case for decentralized exchanges. With that being said, if you all are using a centralized exchange, FTX is by far the best route to go. However, self custody should always be the end goal. Talk to you all soon!

#nft #ethereum #defi #blockchain #crypto #cryptocurrency #bitcoin #btc #eth #news #protocols #sidechain #altcoin #nftmarketplace #opensea #cryptoart #protocol #altcoins #nonfungibletoken #dao #sidechain #layer2 #erc20 #erc-20 #token #coin

DISCLAIMER: This is not financial advice! This is an entertainment and opinion-based show. I am not a financial adviser. Please only invest what you can afford to lose, and we encourage you to do your own research before investing. DYOR

URGENT WARNING TO CRYOTO HOLDERS!! REMOVE YOUR COINS FROM EXCHANGES NOW!!

StormGain Review

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Created by Sara Bauer and Richard Abermann

46 comments

  1. Yeah you were going to request a bank run on these exchanges and essentially put the entire industry out of business wonderful job

  2. Omg you’re so clever you noticed a typo no one noticed hahahahaha you are hilarious hhahahaahahaahaahaa

  3. Wtf? There is a HUGE consideration to leaving tokens on exchanges: you cannot move without paying fees!!! Move ETH off the exchange, fees. Move back to exchange, fees. Of course it is risky to leave on an exchange, but for those of us who are not millionaires, the fees can be much more impactful.

  4. Hardware wallets are $50! There’s absolutely no excuse not to have one. Please fam, guard your crypto 🙏

  5. Rule no.1, no keys, no crypto. Its like leaving your house buying money with an estate agent…

  6. Nope, retail needs to trust defi and themselves with self hosted wallets.

  7. Nope, only legit exchanges will survive, nance, ftx,kraken

  8. Been sitting here doing that for a while to safepal and ledger (because one hard wallet doesn’t accept all yet)

  9. Love the vacation style as a variation Elliott!! Good luck in the bear guys! Survive is the key!

  10. Elliott: So and so owner of premium exchange says some crypto banks might be insolvent
    *causes bank run on exchanges, creating insolvency in those rival exchanges*

  11. It’s always been known that keeping your crypto at exchanges is more risky than cold storage or even some wallet outside the exchange…

  12. I agree with all your warnings… but… Gonna push back on “no upside” to having it on exchanges. You cannot effectively day trade off of a hardware wallet. Sure you can use a decentralized exchange and pay an astronomical amount in fees to do it, but that’s only practical if you’re dealing with massive sums of money.

  13. The upside to keeping crypto on exchange is staking. Binance has some very good staking rates

  14. And he’s not even saying don’t use exchanges It’s just don’t leave your crypto there generally or very little

  15. What happens if you physically happen to break your hardware wallet ,you lose your crypto?

  16. Research and make your own assessment to which Exchanges you trust- whether to keep it there or not. Also dig into why SBF maybe spreading this…and to your knowledge make a sound decision.

  17. My brother. Always swap to bitcoin on the exchange before sending. Then swap back when u get it wherever u want. Never pay eth gas to send

  18. Suck it up princess. You want to be in full control of your investments. Fees aren’t even that much. Pick up a shift to cover it

  19. Kinda tricky information since it creates a bank run, at least it exposes places who are dishonest and will prevent greater damage in the future. 🙏👍

  20. Quick question : I am quite a small investor, so a 50 usd ledger doesnt seem interresting currently ( like having a gold padlock around a rusty bike) . So what are the risks of Online wallets such as Atomic , Trust Wallet or Metamask ???

  21. This is fantastic news! This means now is the best time to buy crypto and it happens to be happening at just around the time I was thinking it would be the best time to buy. Thanks for the confirmation my guy. You da best! (For real tho, crypto media is ill. It’s as if everyday is opposite day to whole damn industry.)

  22. Imagine losing everything you’ve got… that’s why it’s good to remove it from exchanges. I am only a pocket money investor but it’s all on ledger. Best 50usd I spent !

  23. @Bitconaitor it could also vanish if you lose your keys but on an exchange you have more protection from lost password. If I could stake all my crypto within a wallet then I would obviously prefer that. I don’t think binance is going anywhere. It’s the world’s largest exchange

  24. @E Scott I was thinking that too. These big players love manipulating the landscape for their own betterment.

  25. What about if you have Ethereum staked in ETH 2 on coinbase? How can we pull that onto our cold storage?

  26. Not a contradiction, he didnt say not to use an exchange, just dont use the exchange as a custody service! Your comment holds no value.

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