Another Episode Of Not Your Keys Not Your Crypto

Two days ago KuCoin was accused of violating anti money laundering policies and allowing over $5 Billion worth of illegal transactions. KuCoin is one of the biggest exchanges in the world, most trades and crypto are done and saved there. I have been a KuCoin user for the past 4 years and I haven’t had any slight reason not to trade there, not heard of any conspiracy or whatsoever, but I strongly stand by the do not store your crypto in any centralized exchanges because the moment you deposit your crypto into these exchanges they stop being yours, and you can’t do anything about it, especially when things go wrong and you want to withdraw your money. But there is only one advantage of using these centralized exchanges, it’s expected to be way safer from hacks compared to your regular hot wallets. Your hot wallets are safe, decentralized and can be controlled by you, but more likely to get hacked by hackers.

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Most of my assets are in decentralized hot wallets, I haven’t gotten a cold storage and I dont know how to use them, but that is something I will be doing soon. For now I try to protect my coins the best ways I can, most times when choosing a coin to buy, I try to know their wallets, this way it’s easier to spread them across different wallets instead of relying on one wallet which is MetaMask, this is what I do for now, till I get a cold wallet and start storing my coins inside. I used to keep my coins in FTX, I trusted FTX so much, who didn’t. I mean, SBF was always in the news for positive reasons, but I needed money for something so I withdrew all my money from FTX two months before it crashed. That was one lucky coincidence, I keep my coins in Binance, but watching FTX crash, I can’t trust any exchanges.

Some of my coins where in KuCoin because I needed to buy some tokens that were not available in other exchanges but KuCoin. Unfortunately the bad news about KUCOIN created a FUD, I had to withdraw most of my funds off the exchange, because experience has shown me that, it’s safer to remove your money from exchanges in times like this, than doubt if it’s a FUD or not. Because most times, your money is at stake. Took me over 3 hours to get my money back, but I am glad I did, and that experience was the experience I needed to remind myself again that I need a cold storage.

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