Cold Storage : Should Be A Must Have Soon

This was my energy in November 2022 when FTX crashed and when Sam BankMan Fried was arrested. Before FTX crashed other crypto exchanges have been crashing, but they didn’t create enough buzz in the crypto market. Their activity was not significant in the crypto market, it wasn’t enough to raise an alarm or make the market bearish or make people want to use cold storage. People thought they were safe as long as their money is in the top exchanges like Coinbase, Binance and FTX.

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FTX was known as the fast rising crypto exchange that was becoming so successful at a fast pace, taking over exchanges that have been there before it in terms of customers and trading volume. It was known as the traders exchange, but unfortunately it crashed. That gave me the awareness I needed that as much as FTX can crash that means no one is safe in the crypto space in terms of crypto exchanges. Cold storage seemed like the best decision one could make, it terms of protecting their asset.

Then we started seeing SEC slam Binance with a lot of law suits until recently CZ decided to plead guilty for anti money laundering crime and step down as the CEO. We honestly don’t know how many more charges SEC might be having in store for him, besides Binance has to pay $4.3 Billion settlement for the charge. If the SEC hits Binance with more law suits and charges and call huge settlement amounts, how much will be left for Binance to use to protect users funds? This is why, the best thing you can do for yourself right now is use a cold storage wallet to keep your crypto assets safe. If SEC can make Binance, SEC can make other exchanges fold too.

Posted Using InLeo Alpha