Yet another post warning people to get their coins off exchanges. Mine was almost running out of bitcoin.

tbh, they may have enough liquidity to buy some more, or even other wallets with more funds(less likely), but still not reduces the of value of knowing your keys & coins are safe.

now the main story.

after the recent events of those Chinese banks running out of money & several exchanges/lenders going bankrupt (most notably Celsius), i finally got my coins off my local exchange. It was a very stressful process, as the amount was relatively high for me (less than 1000$ but almost 4x my salary!), the fees were high (a flat rate of 0.00035 per transaction, almost 10x the network fee), & it being my first time doing so. I finally decided to do it. first did a small batch (the minimum withdrawal set by exchange to test run the whole process). Then erased my wallet app & rechecked my seeds & preparedness. Finally the next day i transferred the rest of my sats to my own wallet.

As I thought the fees were too high (relative to network fees which i checked beforehand using block inspector (https://live.blockcypher.com/btc), I got curious to see whether it was the exchange taking this high fee or something else happening. After the first transaction, i found it on the block chain the yeah it was the exchange taking all this fee for itself (my guess was to discourage small time HODLers from withdrawing their funds, but tbf the transaction was very fast). Then I checked their current reserves & it was around 32BTC (this was thuesday). After I moved all my funds, there was only 26 remaining (the next day and now as I'm writing this on Saturday night, only 4BTC left!!!! I got more interested & look at the recent transaction & it was mostly small amounts ranging from 0.001 to 0.1BTC.

My greed was almost ruining my saving!!! They might have had other wallets or be able to restock in time but I sure am not going to take that risk again!!!!

submitted by /u/ipredeemer
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