By now, we've all heard about the crypto.com hack. About 12 hours ago, they tweeted that a "small number of users" reported suspicious activity on their accounts and that they would disable withdrawals for a bit, just to be safe. Just ten minutes ago, they tweeted "Update: Withdrawal services have been restored. All funds are safe."I personally have never used crypto.com specifically and therefore have no money on there. But honestly, if this had happened to one of the exchanges I use (I won't say which because it's not about that, but I use two of the big ones and have a relevant amount of money for me on each of them) I wouldn't have been worried at all. Big exchanges have insurance, have most of their funds in cold wallets, and especially a very public exchange like crypto.com couldn't afford the PR disaster of not refunding their customers if it was even remotely their own fault.I've seen a few posts and many comments saying that this proves you should never trust an exchange with cour crypto. But looking at how they reacted - immediately disabling withdrawals, communicating openly etc. - and considering they have to react this way to avoid a PR disaster - I think if this shows anything, it's rather the opposite: if you have a good password and 2FA, most likely it's totally fine to leave your coins and tokens on one of the big, trustworthy exchanges.I'm not saying you should not use your own wallet, for many people that's the better solution. But especially if you're new, you're much more likely to send your coins to nirvana or to lose your private keys than you are to lose your funds if you leave them on the exchange.I'm pretty sure y'all will hate this opinion, but I wanted to get it off my chest. Let the NOT YOUR KEYS NOT YOUR CRYPTO!!1! come!
Submitted January 18, 2022 at 12:54AM
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