RIP BitGrail - Why you should secure your assets
Unfortunately today is another day that has rocked thousands of people's financial investments. The CryptoExchange BitGrail announced the loss of 17 Million Nano (source)[https://bitgrail.com/news] effectively making the exchange insolvent. The news hit twitter with a storm, the crypto subreddits are riddled with tales of people who lost thousands upon thousands of dollars.
#1 Rule - DON'T LEAVE CURRENCY ON EXCHANGES
Investors need to realize and understand the difference between Hot and Cold Wallets. Cold wallets are meant for offline storage. Hot Wallets are meant to be moved around. There is no reason to leave your assets ON EXCHANGES. Move them into Personal cold wallets.
I know it can be a pain, it's an extra step if you want to trade out of whatever asset you own... but remember when assets are on the exchange, YOU DO NOT OWN THEM. You do not have the private key to the address and therefore you do NOT own them. This is equivalent to giving a stranger thousands of dollar bills and saying they are still yours.
Miners stop mining to exchanges
You eventually will succumb to this too. Stop it. Download the wallet of whatever asset you are mining and own the private keys. Transfer your earnings in small batches to sell.
All of these 'hacks' are preventable.
Let's use our smarts to stop the theft. If the exchange has no currency on it then there's nothing to steal.
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