Keep Your Cryptos Off The Exchanges!

Crypto veterans already understand you do not store cyptos on exchanges. This was proven once again by the $534 million stolen from Japan's Coincheck. This represents the largest crypto hack attack, however is not the only one.

1. MT. Gox where $460 million in Bitcoin was stolen. https://www.wired.com/2014/03/bitcoin-exchange/

2. Ether Delta where DNS servers were compromised by hackers. https://cointelegraph.com/news/crypto-exchange-etherdelta-warns-users-of-malicious-attacks

3. South Korean exchange Youbit filed bankruptcy after 17% of their assets were hacked. https://cointelegraph.com/news/nk-absolutely-amassing-bitcoin-south-korean-exchange-bankrupted-by-hack

4. South Korean exchange Bithumb was hacked in the summer of 2017. https://cointelegraph.com/news/korean-bitcoin-exchange-bithumb-keeps-quiet-on-lost-funds-compensates-hacked-users

You get the point, exchanges are vulnerable to hacks. The crypto currencies themselves such as Bitcoin and Litecoin have not been hacked, although I am sure many have tried, however exchanges can't seem to get their shit together.

If you are going to purchase cryptos please learn how to properly store your cryptos. If you are going to keep funds on exchanges, spread you cryptos out across several. Keep only what you plan to trade on the exchange then get your cryptos off when your trades have been completed.

In my opinion cold storage such as Trezor, or Nano Ledger is a smart, secure, and affordable route. Some folks use paper wallets, however there are limitations to paper wallets. Others may keep a small percentage on a wallet such as Exodus in order to exchange cryptos, however keep most in cold storage.

Considering it's been proven time and time again exchanges are vulnerable to hacks, it's essential you do your own research to protect your cryptos.