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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
Cryptopia Lost Control: https://www.crowdfundinsider.com/2019/01/143606-analysts-claim-cryptopia-exchange-watched-powerless-for-days-as-hackers-drained-16-million-from-crypto-hot-wallets/
Proof of Keys Event: https://www.proofofkeys.com/
Liqui Closes Down: https://liqui.io/
Fidelity to become BTC custodian: https://www.bloomberg.com/news/articles/2019-01-29/fidelity-is-said-to-plan-march-launch-of-bitcoin-custody-service
Cryptopia
The hack continues…
Remember 15 days ago when Cryptopia first announced their security had been breached and hackers had stolen something like 3 million dollars worth of Ethereum and ERC20 tokens?Well, 15 days later and despite the involvement of the New Zealand cyber security task force, the hackers are still raking in the coins. Turns out they’ve accrued over $16 million worth of cryptocurrencies, many times more than what was originally reported.
Cryptopia was never known for it’s superb customer service or transparency, and I have a feeling we’re watching the slow death of a centralized cryptocurrency exchange.This is not FUD, this is real.
Cryptopia has lost control of their Ethereum wallets. These hackers now have control of these wallets. If you use Cryptopia to store your Ethereum or ERC20 tokens, and you have already lost your coins, please take the hint that this exchange is not secure. The hack is not over, if you send coins to this exchange, you are giving those coins right to the hackers. DO NOT USE CRYPTOPIA. THEY CANNOT SECURE THE COINS YOU TRANSFER THERE. YOU ARE TRANSFERRING COINS DIRECTLY TO THE HACKER.
For those of you who did not participate in the Proof of Keys event at the beginning of this month, let this be a reminder to you of the importance of knowing how to store your coins in a secure way that does not require the use of a third party like an exchange. If you want to learn about the options you have for doing this, check out the links to some helpful videos here in the upper right hand corner.
More news of failing centralized exchanges.
Liqui has shut down. This one lasted a whole two years, but after its most recent update for their Terms of Service left a bad taste in the majority of their users mouths, it looks like liqui.io can’t provide the liquidity needed to exist as a viable exchange.
Questions you need to be asking: Why are these exchanges changing their terms of service to get your information? Where is the bottleneck? Who is feeling the pressure to comply with AML and KYC laws? Here’s a hint, anonymity and decentralization are great tools that allow everyone to trade cryptocurrencies freely without giving up their right to privacy.
If you find yourself with some spare time, consider conducting a duck duck go search of things called decentralized exchanges, AKA DEXs. Try to identify their strengths and weaknesses. This knowledge will prove to be invaluable to you when it allows you to make educated decisions on where you should be trading your cryptocurrencies.
For those of you who can’t wait to see those institutional investors enter this Bitcoin market, you’ll be happy to hear that Fidelity is planning on launching their Bitcoin custody service in March.
Fidelity is a large financial institution, when they provide the service of storing their clients Bitcoin investments in a secure manner, no doubt this will put some institutional investors minds at ease, and will probably see them more open to Bitcoin as an investment option.
All that being said, I think even the institutional investors need to understand what the proof of keys event means. Decentralize it.
Resistance io will become a gamechanger
Funds are not safu, be careful for the bitcoinica phoenix
How do you get onto the exchange?? It just says maintenance… I have coins on there that I want to get out
I ducking lost my money fucking with them
You're at the top of your form here.
I took my stuff off cryptopia about 7 weeks ago.
And all other exchanges before proof of key day.
The irony of shysters storing crypto is not lost on me either.
You are a rare gem.
why can't we get in our accounts at cryptopia and get what we have left …how can I get to my acct at cryptopia I did not have these eth I had some tron /ada …anybody
So the exchange servers must still be connected to the internet/online for it to be hacked a second time?
If that's true then seriously Cryptopia. SMH
How people can replenish their account knowing that the website is down?
Any idea how 5G will affect btc?
Liking these bite-sized vlogs!
I stopped using exchanges years ago. They're nothing but a liability.
Great video! Much needed announcement.
Is my BTC that was in cryptopia before the hack safe?
Fidelity has been mining for 5 years, hopefully they know something about custody.
To be honest, I believe 50% of all these exchange "hacks" are inside jobs.
An Employee or even higher working with somebody else to stage a "hack" from outside.
How can hackers still get coins out when i can't access my Doge :/
MY DOOOOOGE 🙁
great video
Oh dear.. That's sad .. Thanks for the info .. Luckily I don't use cryptopia ..
Tips, rocks the 411 again!
so glad shitcointopia is dead. no offense and sorry for your loss.
I had some alt coins stolen on that exchange. I didn't even get a notification email on the sale to BTC and transfer to another wallet! It wasn't enough coins to whine about, but it still happened.