Crypto.com sent 80% of ETH to Gate.io

As if FTX saga wasn’t enough excitement, BlockFi is done for, now Crypto.com “accidentally” sent ETH to Gate.io address. Imagine if the address is not another exchange, but a random address or an user, how would it impact the exchange when the coins are gone forever and they are held liable?

Intentionally and unintentionally, with so many errors in such a short time frame, it gets suspicious. Let’s just hope this is the end of it.

Many of the exchanges stash their coins with bigger players like Coinbase or Gemini. They may be more well funded, but they are single point of failure.

Crypto is supposed to be decentralized, everyone being their own bank. Over time it is getting more and more centralized, mirroring fiat and traditional markets. With exchanges going belly up, the power to move the market is getting very concentrated. They are becoming the target for everything you probably don’t want in the crypto space.

To ensure safety and sustainability, the risk needs to be distributed.

Remember, Not your keys, not your coins. Get your coins off exchanges, and trust no one.

If you haven’t followed FTX story closely, look it up, there are more than sufficient drama to be made into a movie in the near future 🍿