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Redditor Cautions Users About Trusting Exchanges

Cryptocurrency users who keep and sell their digital assets on cryptocurrency exchanges were sent a warning not too long ago by a Reddit user with a significant online reputation. To be more explicit, the user suggests that supporters of cryptocurrencies use exchanges as exchanges and seize control of their keys by making cold storage solutions readily available. The user contains the following:

“If you do not have the necessary funds available, you may use a hot wallet of your choice. Check to ensure that the year 2022 is not a repeat.”

Exchanges to crop up after Bitcoin halves

This report is said to have been published about the same time as a bull run phase is projected to commence after the following halving, which is anticipated to take place in the second quarter of 2024. According to the opinions of several industry experts, numerous new exchanges, hedge funds like 3AC, and “promising” ventures like Celsius will join the market.

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Crypto proponents must remember that several sources assert that 161 of the 368 exchanges that have ceased operations since 2014 have “simply gone.”

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According to some other sources, the reasons why 29 firms ceased operations were related to regulatory issues. In contrast, the reasons that 87 businesses ceased operations were related to issues that were specific to their company. Forty-seven companies had previously operated under other names but had ceased operations within the same period.

On the other hand, cyberattacks were directly responsible for the demise of just 15 enterprises, while fraudulent schemes were directly responsible for the end of 29 businesses.

2020 and 2021 saw the largest numbers

In 2020, only 31 exchanges decided to voluntarily cease operations, while 34 exchanges vanished without a trace. In addition, Chile and the Netherlands governments have taken the unprecedented step of shutting down their respective cryptocurrency exchanges, Chilebit and NLexch.

On January 11, 2021, the day most businesses shut their doors, 16 exchanges closed. On this day, 11 exchanges suddenly vanished; three were forced to shut down owing to business challenges; one was a scam, and one was renamed.

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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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