cryptocurrency : What to do when the crypto platform crashes

Wael hassan December 16, 2022 0 Comments

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How to protect cryptocurrency from danger

How to protect your cryptocurrency from the risk of a crypto platform crash, like Celsius or Mongox before the FTX platform declared bankruptcy. If you have cryptocurrencies stored on a centralized exchange at risk of collapse, or you have just filed for bankruptcy, we recommend that you take some precautions.

When the FTX platform collapsed. Within days, the exchange went bankrupt, swallowing up the savings of its customers. Unfortunately, this is not the first time that a cryptocurrency exchange has suddenly disappeared, to the detriment of its customers.

How to protect cryptocurrency from danger

Is the crypto platform vulnerable again?

In the next few months, other major investors in the ecosystem are expected to suffer the same fate as FTX and Celsius.

Especially those who are close to the FTX ecosystem may be exposed, and they will be adversely affected. There will also be a few other projects in almost the same position.

In the meantime, depositing your cryptocurrency on a centralized platform is currently considered a risk. If the platform on which cryptocurrencies are placed finds itself caught in the storm that is upsetting the industry, we tell you to quickly adopt some good feedback.

Steps to protect cryptocurrency from crypto platform crashes

Now we're talking about protecting cryptocurrency in case the crypto platform crashes first, let's state the obvious:

withdraw your cryptocurrencies if possible. We strongly advise you to request the withdrawal of all your crypto assets, at least until the storm subsides. This decision will allow you to minimize the risk of losses and save unnecessary stress.
If you need more time to withdraw your funds, or if they are locked in a savings program, for example, it is important to keep proof that your cryptocurrencies are actually stuck on the platform. This proof will come in handy first when completing your tax return.
Meanwhile, evidence will also be necessary for the course of any legal proceedings. In the course of bankruptcy, the platform, controlled by the courts, will seek to compensate its customers. This is what is currently happening with FTX.

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