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Coin storage is a crucial aspect of cryptocurrency ownership and use. Most new cryptocurrency users adopt centralized exchanges for coin storage, and their reasons are understandable. For instance, crypto exchanges are most users’ gateway into the crypto industry. They serve purposes like providing options to buy and trade cryptos easily. However, it is crucial to understand the inherent risks of leaving one’s crypto assets on such exchanges. Apart from buying and trading cryptos, most centralized exchanges provide extended services that benefit crypto users. Staking, lending, margin trading, and consistent liquidity represent some features that attract crypto users to centralized exchanges. Such users store their assets in custodial wallets on the exchanges to make it easy for them to carry out their activities. The question is whether a crypto holder would choose convenience over security. Major Risks of Centralized Exchange Crypto Storage No matter the attractive features of a centralized exchange, it is incomparable with the cons associated with centralized exchanges, it is nothing compared to the cons associated with centralized exchanges, especially when there is a superior alternative. The three major risks associated with using centralized exchanges include: Centralized exchanges are prime targets for hackers because of the significant volume of funds they store and control. In a recent attack, hackers stole about $1.5 billion worth of digital assets from Bybit, marking the largest single attack theft in the history of cryptocurrency. Prior to now, there have been other high-profile hacks affecting top crypto exchanges like Mt. Gox and Binance. Keeping your assets on such exchanges may put you in the line of fire, exposing you as collateral damage in the middle of the crossfire between the platforms and hackers. Storing your crypto assets on platforms where you do not control the private keys means you have given up control of your wealth. The exchanges holding and controlling the keys can decide on what to do with the assets without your permission. For instance, centralized exchanges can decide to freeze a user’s account or impose withdrawal limits. Funds on centralized exchanges can become inaccessible in the face of bankruptcy, as seen in FTX’s situation. Centralized exchanges collect sensitive personal information for KYC purposes. That is a regulatory requirement in many jurisdictions, meaning that users must submit such data to the platforms. This requirement leaves users vulnerable, as they rely on the platform’s security infrastructure for their data safety. There have been several cases of data breaches where users’ data gets exposed, leaving them at risk of more severe implications. Contrary to storing crypto on centralized exchanges, it is better to adopt non-custodial wallets where you have total control of your digital assets. It is crucial to note the relative inconvenience this might pose, especially for users who engage in active trading or want to explore the extra features that centralized exchanges provide. The level of security between both systems is incomparable, including the elimination of data privacy concerns. However, crypto practitioners using non-custodial wallets engage with centralized exchanges momentarily, exposing only a portion of their assets for specifics like trading and staking. Thus, the bulk of their funds remain safe under their control and away from the prying eyes of hackers. It is crucial to balance between custodial and non-custodial storage systems when trying to make the most out of one’s crypto adventure. As an individual crypto user, restricting yourself to non-custodial wallets might limit the benefits you can derive from the crypto industry. Typically, you may need to adopt the following steps to maximize the opportunities the industry provides. This is a risk management method where you can divide your assets between non-custodial wallets and centralized exchanges. This method is ideal for those involved in active crypto trading or explorers of the various features that centralized exchanges provide. Typically, you would store the bulk of your assets away from the exchange and keep only a part of your holdings on the platform for ease of access. Several exchanges are offering a variety of crypto services. Do not get carried away by enticing offers with exciting returns. Stick to well-known exchanges that have proven their reliability over time. In case you choose to go with an emerging platform, be sure to research them properly to ascertain their genuineness and the reliability of their services. Note that even reputable platforms are not immune to attacks and system failures. Always follow developments in the crypto industry by tracking the news. That will allow you to access critical information, keeping you ahead with potential risks and opportunities. Ensure that you keep the private keys of your non-custodial wallet in a safe place, where you would not lose them and where they are unreachable to anyone else. Do not share the keys with other people, and avoid using them on unsecured devices. Your choice of crypto storage system has a lot to do with your investment habit. If you engage in daily active trading, you may need to adopt the services of centralized exchanges often, especially for those features that are not available under non-custodial storage. However, you must understand the potential risks involved. At the same time, for any crypto asset not under active trading, staking, or any other investment instrument, your best option would be to keep them in non-custodial storage. A hybrid approach combined with proper monitoring of the crypto environment will help you to maximize your opportunities as a crypto practitioner without exposing yourself to unnecessary risks. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Slowly but surely playing out in real time, just building the tinder to set this thing on fire 🔥

Here we are, diving into the Pi Network controversy that has everyone buzzing. The project has been accused of scams, questionable practices, and operating like a Ponzi scheme. The whole thing has turned into a massive debate about its legitimacy. But hold on, Pi Network's response just might change the game for how emerging projects deal with scrutiny. In this post, we’ll break down the allegations, the role of social media in shaping perceptions, and what this means for blockchain compliance and risk management in the crypto industry. Allegations and Their Impact on Legitimacy in Cryptocurrency Let’s start with the allegations: Pi Network is accused of being a Ponzi scheme and engaging in wash trading. These claims are pretty serious, especially when you consider how fast the project has grown to over 65 million users. Big names in the industry, like Bybit CEO Ben Zhou, have called it a "scam", citing a Chinese police report that warned users of fraudulent schemes targeting them. Honestly, that’s a major red flag for anyone considering investing. And then there’s the issue of listings. The fact that Pi Network isn’t on major exchanges like Binance and Coinbase only adds fuel to the fire. If the project were legit, wouldn’t you think it would be on those platforms? The absence of listings raises questions about trading volume and valuation, leaving many of us skeptical about its long-term viability in the crypto market. $PI Pi Network's Response: Transparency and Community Engagement Now, let’s talk about how Pi Network responded. They jumped in quickly to clarify their position, saying that the police report was aimed at scammers impersonating them, not at them directly. They’re trying to play the transparency card, and that’s good. They also distanced themselves from Bybit, claiming they haven’t been contacted by Chinese authorities about any issues. They’re also doing their best to engage the community, which is essential for rebuilding trust. To further calm the waters, Pi Network put out new safety guidelines to protect users from scams. It includes official communication channels and warnings about unofficial platforms. It’s a nice touch, but is it enough to restore trust? The Role of Social Media Narratives in Shaping Perception And then there’s social media. Oh boy, where do we start? Social media shapes public perception in ways we can’t even imagine. Platforms like Twitter and Reddit make it easy to spread information (and misinformation) like wildfire. A positive narrative can boost trust; a negative one can lead to skepticism and fear. Influencers have a lot of power on social media. A single tweet can shift market dynamics, making investors buy or sell. Zhou’s comments on social media have definitely heightened the concerns about Pi Network’s legitimacy. It’s a stark reminder that social media narratives can make or break a project. But let’s not forget: social media can also spread FUD. And in this case, that could scare away potential investors and make the project look worse. Blockchain Compliance and Risk Management in the Cryptocurrency Industry This whole Pi Network saga has a lot to say about blockchain compliance and risk management in the crypto industry. The project’s centralized control raises questions about transparency and fairness. That’s a recipe for regulatory issues and security risks. Compliance with financial regulations is key to avoiding legal trouble and keeping a good reputation. But it doesn’t stop there. The lack of transparency and those vanishing coins? Not great for trust. This can tarnish the project’s reputation and slow down adoption. Centralized control also makes it more vulnerable to hacking and manipulation. So, yeah, security measures are a must. And let’s talk about the price fluctuations. The volatility shows how speculation and misinformation can shake the crypto markets. It’s a reminder that doing your homework and assessing risks is crucial when investing. Summary: Lessons for Emerging Crypto Projects What’s the takeaway from this Pi Network drama? It’s a cautionary tale for any emerging crypto project. Transparency, community engagement, and compliance with regulations should be at the forefront. Building trust with users and addressing structural issues is key to mitigating scrutiny. As the crypto landscape changes, the lessons from Pi Network's response to these allegations will be invaluable for other projects facing similar challenges. By focusing on transparency and user safety, emerging crypto projects can navigate the complexities of the industry and position themselves as credible players in the market. Please Like, Share and comment.

#IRS drafts plans to fire half of its 90,000-person staff. Its happening.