Disappearing Exchange
CEX exchange is our first step into the entire cryptocurrency world
Security is of paramount importance, but NPC has seen too many exchanges run away and crash over the years.
Several ways to run away 1. Coins stolen: Bitcoinica: In 2012, Bitcoinica suffered three consecutive hacker attacks, lost more than 100,000 Bitcoins and was unable to initialize. Bitcoinica was finally deregistered in November 2012. MtGox: On February 7, 2014, MtGox, the largest exchange at the time (processing 70% of global Bitcoin transactions), was also hacked. 850,000 BTC were stolen, and MtGox will inevitably file for bankruptcy. 5 doors look at 6 Junyang; BTC88108
2. Misappropriation of user assets to speculate on Fcoin: 9,900 BTC from Fcoin’s public address flowed into other exchanges. Many people said that the owner of Fcoin exchange went to other exchanges to play contracts and had a liquidation. As a result, FCOIN, which was once in its heyday, chose to run away directly in 2020. : Alameda used FTT as collateral to obtain a large number of loans. FTX lent the funds deposited by customers in the exchange to Alameda for repayment and worked hard to maintain the price of FTT. When users withdrew a large amount of money, FTX was unable to consolidate. At the end of 2022, it stated
3. Run away directly ZB: On August 2, ZB (ZB) Exchange suddenly announced that it had encountered a malfunction and had stopped deposit and withdrawal services, and did not inform the recovery time. Later, it was restored for a period of time. On March 7, 2023, ZB (ZB) Exchange really ran away. BitForex: On February 23, 2024, the Hong Kong-based cryptocurrency exchange, under the name of BitForex, quietly transferred nearly $5,700 from their hot wallet, and then completely disappeared from the public eye.
4. Withdrawal from BTCC due to policy reasons: The September 4 incident in 2017 caused BTCC, one of the largest exchanges in China, to withdraw from the domestic market, and thus never recovered. Yunbi: It was also one of the exchanges that chose to close in the September 4 incident. At that time, the quality of the altcoins on Yunbi was very good. Due to the suspension of the exchange, a large number of users chose to sell at a half price, suffering heavy losses.
CEX exchange is our first step into the entire cryptocurrency world, and security is of vital importance. Although DEX (decentralized exchange) is also easy to use, it is not as convenient and hassle-free as traditional CEX exchanges.
1. CEX Exchange integrates C2C business, which is our first step into the cryptocurrency circle
2. For example, exchanges save dex cross-chain fees
3. The exchange has greatly improved transaction efficiency, and the verification time of dex buying and selling is very long
4. The exchange integrates almost all trading methods such as spot, contract, leverage, guarantee, grid, pledge, loan, copy trading, etc., and it is currently impossible for any dex to have so many trading functions at the same time.
But over the years, NPC has seen too many exchanges run away and collapse. The reason is that the preferential treatment given by copycat exchanges and pheasant exchanges has increased, so many people have deceived their relatives and friends to buy all kinds of worthless air coins on various pheasant exchanges in order to get rebates. In short, maybe they forget their principles for the sake of profit. According to NPC's understanding, a large number of people in reality enter the currency circle through pheasant exchanges. It is recommended to find the most certain platform (stay away from pheasant exchanges) in an uncertain environment, and the assets are safe. Don't put all your eggs in the same basket, diversify risks (diversify investments), even if there are any accidents, it's harmless. NPC recommends the Dallas Exchange, which I think is the most reliable, and has been running stably for many years. The best of them are the second most reputable choice in the entire industry.
