snoop1130 Posted July 28, 2022 Share Posted July 28, 2022 The role of a digital asset exchange is to serve as a marketplace where investors can buy and sell their cryptocurrencies and other digital assets, while the revenue of the exchange comes from a service fee. But somehow Zipmex operates also like a bank. Currently, nine digital asset exchanges have got licenses from the Securities and Exchange Commission of Thailand (SEC). They are Bitkub, Zipmex, Stang Pro, ERX, Upbit, Z.comEX, SCBS, TDX and T-BOX. Zipmex ran into trouble on July 20 when it suspended withdrawals for two hours that evening, citing financial difficulties faced by its partners. Full Story: https://www.thaipbsworld.com/lessons-to-learn-from-zipmexs-troubles-and-the-crypto-market-turmoil/ -- © Copyright Thai PBS 2022-07-28 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more! Link to comment Share on other sites More sharing options...
SAFETY FIRST Posted July 29, 2022 Share Posted July 29, 2022 (edited) 16 hours ago, snoop1130 said: Zipmex ran into trouble on July 20 when it suspended withdrawals I had coins with Mycryptowallet in Australia. It went pear shaped. Thailand, I can recommend coins.co.th. Edited July 29, 2022 by SAFETY FIRST Link to comment Share on other sites More sharing options...
simon43 Posted July 29, 2022 Share Posted July 29, 2022 Your risk is almost zero if you hold your crypto in a 'cold wallet'. Why on earth anyone leaves their crypto in a hot wallet or on the exchange is beyond me. I hold all my crypto (that's about $3 worth nowadays!) in my cold wallet aka a piece of paper with the private keys, backed up online in a truecrypt-encrypted email . Link to comment Share on other sites More sharing options...
SAFETY FIRST Posted July 29, 2022 Share Posted July 29, 2022 (edited) 29 minutes ago, simon43 said: Your risk is almost zero if you hold your crypto in a 'cold wallet'. Why on earth anyone leaves their crypto in a hot wallet or on the exchange is beyond me. I hold all my crypto (that's about $3 worth nowadays!) in my cold wallet aka a piece of paper with the private keys, backed up online in a truecrypt-encrypted email . I was reading yesterday a guy in Britain, lost his HDD 'cold wallet'. He's sending out a search party to the garbage tip, getting special equipment in to search for his many 1000's of Bitcoins https://www.cnbc.com/2021/01/15/uk-man-makes-last-ditch-effort-to-recover-lost-bitcoin-hard-drive.html Edited July 29, 2022 by SAFETY FIRST Link to comment Share on other sites More sharing options...
peterfranks Posted July 29, 2022 Share Posted July 29, 2022 7 minutes ago, SAFETY FIRST said: I remember reading yesterday a guy in Ireland or Britain, lost his HDD 'cold wallet'. He's sending out a search party to the garbage tip, getting special equipment in to search for his many 100's of Bitcoins That story has been going for many years, and not sure if it even is true 1 Link to comment Share on other sites More sharing options...
SAFETY FIRST Posted July 29, 2022 Share Posted July 29, 2022 29 minutes ago, peterfranks said: That story has been going for many years This story is one of many that I read regarding lost cold wallets 30 minutes ago, peterfranks said: not sure if it even is true Some people don't believe that the world is round. 1 Link to comment Share on other sites More sharing options...
mjnaus Posted July 29, 2022 Share Posted July 29, 2022 1 hour ago, SAFETY FIRST said: Some people don't believe that the world is round. Then, of course, there are those who believe every fairy tale under the sun. Truth of the matter is, every half decent hardware wallet comes with a recovery method in the form of a seed phrase which can be used to regenerate the private keys. I have lost hardware wallets in the past and it never was a problem. Losing both your seed phrase and the actual wallet is a different matter. 1 Link to comment Share on other sites More sharing options...
jacko45k Posted July 29, 2022 Share Posted July 29, 2022 3 hours ago, simon43 said: Your risk is almost zero if you hold your crypto in a 'cold wallet'. Why on earth anyone leaves their crypto in a hot wallet or on the exchange is beyond me. I hold all my crypto (that's about $3 worth nowadays!) in my cold wallet aka a piece of paper with the private keys, backed up online in a truecrypt-encrypted email . It would seem to be overkill for $3 Link to comment Share on other sites More sharing options...
hotchilli Posted July 29, 2022 Share Posted July 29, 2022 3 hours ago, simon43 said: Your risk is almost zero if you hold your crypto in a 'cold wallet'. Why on earth anyone leaves their crypto in a hot wallet or on the exchange is beyond me. I hold all my crypto (that's about $3 worth nowadays!) in my cold wallet aka a piece of paper with the private keys, backed up online in a truecrypt-encrypted email . I'm too old school for anything crypto. Everything I've got is in my ar$e pocket or the bank Link to comment Share on other sites More sharing options...
Caldera Posted July 29, 2022 Share Posted July 29, 2022 4 hours ago, simon43 said: Your risk is almost zero if you hold your crypto in a 'cold wallet'. Why on earth anyone leaves their crypto in a hot wallet or on the exchange is beyond me. I hold all my crypto (that's about $3 worth nowadays!) in my cold wallet aka a piece of paper with the private keys, backed up online in a truecrypt-encrypted email . I think the problem with Zipmex isn't just that people left their coins in there, but let Zipmex borrow their coins in return for (promised lol) interest payments. The interest rates being so high that they actually screamed "HIGH RISK!!!", but some people just got greedy and couldn't resist. Then it blew in their face. 1 Link to comment Share on other sites More sharing options...
simon43 Posted July 29, 2022 Share Posted July 29, 2022 2 hours ago, jacko45k said: It would seem to be overkill for $3 Sarcasm, sarcasm...... It must be at least $5...... Link to comment Share on other sites More sharing options...
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