The recent situation with QuadrigaCX, a crypto exchange has been quite alarming as the death of the chief executive officer for Quadriga out of the blue puta lot of strain over the working and operations for the exchange. The crypto analysts and investor, Joseph Young states that these sort of situations offer a bad image for the cryptos and though the facts behind the picture may be genuinely true and sad, as in this situation, people don’t pay much heed to that as long as they have heat assembled inside them for the cryptos. Gerald Cotton, the CEO for the aforementioned exchange suddenly died of the Crohn’s disease and things turned out for the worst. Suits were filed against the exchange as it owed money to the users and in quite a hefty amount. Young suggests that this would not have been the problem, if the security protocols and the investor protection which are key in running any crypto exchange were kept intact. This is the reason Young suggests and recommends to operate over reputable exchanges, the likes of which include Binance, Coinbase, Kraken, Gemini, and trustworthy exchanges of similar sorts. BlockPublisher got the chance to ignite a conversation with Young over the discourse that how we can inspire newer exchanges to get on the right foot with handling such sort of high risk factors including keeping firm check over security protocols.
Exchanges which bring in the factors like complete security and investor protection are bound to success and prosper and I recommend these reputable exchanges, too. The recent incident with the exchange Quadriga, though unfortunate it is, has presented a bad image for the crypto world which needs to be taken care of, going forward.
A decentralized leveraged futures company, LeverJ jots down that when a single entity acquires a great amount of money or some monetary standard of huge worth, such scams and erros are more likely to strike. These strikes are rather harsh for the entire crypto market as it paints cryptos as some mindless creation with no rules and where scammers run free hunting for prey.
A ridiculously high amount of coins held by a single entity will always be susceptible to security breaches, exit scams, seizure and is an irresistible honeypot.