Good afternoon to all my friends. I hope you all are doing well. I am having a good day. Today it's a holiday for me. I just had my lunch and writing this post. So let's start the topic 😁.
Do you know why many crypto influencers keep their crypto outside exchange?
If you are old user then you will know but if are new in this space then you don't have any idea. Let me tell you all that after crypto currency born in 2009 many crypto exchanges failed and today this blog will dive deep into the topic and discuss some of the most infamous crypto exchange failures of all time.
The biggest failure in the history of crypto currency was done by Mt. Gox. Mt. Gox came in 2010 and it started Bitcoin trading in 2011 and by 2014 it was the world's largest Bitcoin trading platform. But in that year 2014, the exchange suddenly closed and about 750000 BTC which belonged to its customers was lost.
The second big exchange failure was named bitfinex. This exchange was also a very big crypto exchange and in 2016, 119756 BTC were hacked by some anonymous hacker due to which many users had to suffer loss. By the way, for your information, let me tell you that this exchange still comes in the list of top ten largest exchanges.
This Exchange was launched in 2013 by Quadriga Fintech Solutions. This exchange was the largest cryptocurrency exchange in Canada. In 2019, this exchange stopped operating and filed bankruptcy.
Cryptopia was a New Zealand crypto currency exchange. In January 2019, their wallet was hacked by hackers and crypto assets worth $16 million were stolen. Many people believe that this was an exit scam which was done by Cryptopia. After this incident the exchange closed down and went bankrupt.
FTX tops the list of recent crypto exchange collapses and it is believed that this exchange is the biggest crypto failure till date. FTX was among the top five crypto currency trading in the world. But due to some incidents in November 2022, it was greatly affected and it also went bankrupt. Coindesk had published a story on it in which many allegations were leveled against it, That this exchange owner transfer customer funds to use them for own benefits and when Balance came to know about this news, decided to sell all its FTX tokens and after this, a huge fall in the price of FTX was seen and as soon as this news spread among the people, everyone made withdrawal request of their funds from FTX exchange but FTX exchange could not give money to the people because it was bankrupt.
So these are the biggest CRYPTO exchange failures. That's why i always use hardware wallets. Just remember one thing in crytpo
"Not your keys
Not your coin"