Excerpts from CareYourPresent – a crypto enthusiast
Collapse of crypto companies
Recently, a few crypto companies such as Celsius, Hodlnaut have gone bankrupt. Many crypto users suffers losses due to the collapse of these companies. Here is one example of the news given by one company:
Crypto ledger – Keep your Crypto in Ledger Wallet!
If you still have any crypto in CEX like Gemini, KuCoin, Crypto.com, FTX etc or any lending platform, please withdraw them into your own hardware wallet (e.g. Metamask), ideally with Ledger.
Remember: NOT your keys, NOT your coins!
Please do not wait until the CEX/lending platforms starts to make announcement like Hodlnaut today. It will be too late!. Another lending platform – Hodlnaut suddenly gone today.
Hence, it is imperative that you keep your crypto assets in your crypto ledger so that your crypto coins will be safe should any CEX or lending platform fails.
P.S. I already took out all my funds from Hodlnaut few months ago when news such as Celsius, 3AC dying… such things are usually contagious. More to come in the 2nd half of the year.