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It’s been nearly a decade since the cryptocurrency market began to take off, and with it, the emergence of cryptocurrency exchanges. In the early days, these exchanges were seen as a safe haven for traders to buy and sell digital assets. However, as the market has grown, so too has the number of exchanges that have closed their doors.
In the past nine years, a total of 424 exchanges have shut down, with 56 of them closing in 2023 alone. This is a staggering number, and it’s a reminder of the volatility of the cryptocurrency market.
The majority of these exchanges have simply “disappeared” without any explanation. This is due to the lack of regulation in the cryptocurrency space, which makes it difficult to track down the owners of these exchanges. As a result, many of these exchanges have simply vanished without a trace.
The Exchange Graveyard is a website that tracks the exchanges that have closed down since 2014. It provides a comprehensive list of the exchanges that have shut down, as well as the reasons why they closed. The website also provides a timeline of the closures, which can be used to track the evolution of the cryptocurrency market.
The Exchange Graveyard is a valuable resource for anyone interested in the cryptocurrency market. It provides an up-to-date list of the exchanges that have closed, as well as the reasons why they closed. It’s a reminder of the volatility of the cryptocurrency market, and a warning to traders to be cautious when investing in digital assets.
The Exchange Graveyard is a valuable resource for anyone interested in the cryptocurrency market. It provides an up-to-date list of the exchanges that have closed, as well as the reasons why they closed. It’s a reminder of the volatility of the cryptocurrency market, and a warning to traders to be cautious when investing in digital assets.
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Not to sound like a broken record but
Not your keys, not your coins.
okay
Its mostly greed taking over and people in charge making tragic mistakes and mosapropriating customer funds.
Cold wallet, ladies and gentlemen.
I think that the only two worthies of mention are LocalBitcoins and Paxful.
I doubt that most people heard the rest of these exchanges.
A very large majority of small CEXes are scams which rip off their customers anyway
Good to see those close down. And yes, we do need more *proper regulation* for CEX for the safety of customers.
I didn’t even know there were these many exchanges
Those who ‘vanished’ are just the centralized equivalent of a rugpull, aren’t they?
Great post OP!
That’s why you should use CEX as what they are intended for. Swap and put your crypto on your ledger 😉 Don’t take the risk to let your crypto on CEX hot wallets.
I feel this is pretty much par for the community and ecosystem
If only we could get numbers like this on how many dead tokens are out there
That’s why regulation on exchanges is needed. Lots of scam sites appear out of nowhere and take money from investors, especially during bull runs.
56 and BTC is at 30k impressive
Our key takeaway should be: only use well-known exchanges (if you have to). If possible, use publicly traded ones, because they are way more transparent and reliable.
And be careful because in the next bull run, more unreliable exchanges are going to be created
This is why you’re constantly hearing the same old phrase: Not your keys not, not your crypto.
“Just Disappeared”
I presume money did the same magic trick xD
tl;dr dont keep your money on angsty garage exchanges
They also disappeared with all of their customer funds
So stay away from CEXs then.
Sadly unless exchanges get better regulated, for the common folk it might be better just to leave their money in a bank, when there’re so many scummy exchanges.
If only like there was a rule or saying that could like help drive home the point that exchanges are not safe storage…
The best thing about having your coins on your own wallet is not caring at all about such drama.
I would be sad if my main exchange closed, but that just means I have to find a new one. My coins would still remain my coins.
do we even have a need for more new exchanges? Cant we have like 3-5 major exchanges and then around 20 for some new and obscure coins to be listed and thats it? We also have DEXs then to swap.
If I get a Moon every time someone says “Not your keys, not your crypto” under this post… I’ll have a lot more Moons lol
This post is a great example of why you should always have custody of your coins
TL;DR
Use exchanges only for on- and off-ramps. After the crypto purchase => send your coins to a cold wallet!
>180 (~42.6%) exchanges “just vanished”
42.69%, ain’t it? Data reveals what they were up to; CEXs afterall
Also, how many boating accidents?
This is why you don’t leave your coins on exchanges. Get a Ledger
Don’t worry, new ones will pop during the next bull. Use them for exchanging and don’t hold crypto on exchanges.
Main takeaway from this, never keep crypto on exchanges
So you are saying, if I were to create an exchange, there is a chance to just ‘disappear’? 🌝 Sounds lucrative 🤡
If you buy it on them and transfer it to cold/hot wallet no problem. I know that the mantra – just use big ones doesn’t hold up after FTX…
​
I still need to see one of the CEX that I use go down…guess I am lucky
Scary thing is that even if they announce they’re closing, they sometimes give you a short notice to get your crypto off. If you’re taking a break from crypto, don’t check the linked email account etc, you could lose it all as well
Always transfer out your coins every 3 months at the very least.
Self custody is the way
Is Bitrue still a thing?
These Data shows how risky job it is to put coins in CEXes. Not your keys, not your coins.
This is Financial Advice.
424 exchanges so far
Centralise Exchanges can FUCK us any time.
Better stay off.
The lesson here is not to just leave your crypto on an exchange
I wonder how many Quadriga type scams are afoot?
and people still hold in an exchange…
This puts things into perspective. Terrifying.
We in r/cc are wrong about a lot of things, but self custody isn’t one of them. Use exchanges to exchange and dip. Point taken.
Daily reminder to stay safe and keep your crypto off exchanges
Spooky graveyard of exchanges building. It just reinforces the need for self custody every day.
Damn I didn’t even know there was that many of them.
Let the trash take itself out