Ftx has gone bankrupt and it's very likely that we're going to be seeing more crypto exchanges also follow suit that is why I'm writing today I'm gonna be showing you guys some red flags from some other crypto exchanges that are very likely some of you guys are probably involved into some capacity it's time that we get ahead of the curve.
Here and we do not get screwed over like FTX already did to us so everyone crypto sees this and let's get right on into it so I already predicted this but yes what just happened with the cryptocurrency market rebounding was indeed a little bit of a bull trap we are seeing you know the games that we did get yesterday go back down and including Solana right here which is down 5.58 and some others actually have much larger losses than that guys make no mistake. We are still in a cryptocurrency bear market and the number two Exchange in the world going in solvent and completely bankrupt will indeed affect other cryptocurrencies.
Exchanges I mean just look at what happened with three arrows capital, Celsius Network and Voyager right these are much smaller entities way smaller than FTX maybe a fifth to a tenth of the size depending on which exchange we're talking about and these guys caused a massive crash and ripple effect across cryptocurrency just think about what Alameda research and FTX will do to these markets guys we have not seen the pain yet and well let's just go ahead and say that well some other exchanges are looking a little fishy right now as well and one of these exchanges is actually kucoin some red flags and warning signs are coming out about them as well kucoin has gone as far as to issue out an email statement to all of their customers saying these are our reserves no need to worry right and the reason why kucoin is panicking, right now is because a lot of people are actually withdrawing from their platform.
Very similar similarly to what just happened with FTX and well Sam bakeman freed
himself the CEO of FTX did say that a lot more of these exchanges are solvent than you might believe and well a few of these exchanges are not at all transparent about how they use user's funds one of these is actually kucoin crypto.com is another has just kind of put out The Narrative of trusting me, bro we're doing good buyer funds and there are some others as well but there are a select few amounts of exchanges that I still stand by no matter what in this the case that you do not have a hardware wallet but this is what I will say the absolute safest thing that you can do right now is to go ahead and deposit
your crypto on a cold storage wallet like a ledger Nano for example or some other alternative that is out there right but if you cannot do that because you do not own it yet I would say either order it or in the event that you haven't done that yet you can go ahead and deposit on these safer exchanges.
Now one exchange that is absolutely proven to not accrue debt is indeed binance okay they do not accrue debt they are the number one Exchange in the world they have by far the largest reserves and the most amount of customers actively depositing with them if you guys want to sign up with then there are you can get a 600 trading bonus if you go ahead and meet the terms and conditions, there are I mean there's really a couple of options right Binance either sign up with binance or another exchange that is fully transparent with all of their financials right you can simply go ahead and use a cold storage wallet now a cold storage wallet makes sure that you own your own Keys it doesn't belong to the exchange and you also, of course, are the most secure you're going to be the least amount affected by anything that happens no matter what happens because no matter what if you're part of a centralized, of course, exchange you're going to see some sort of you know issues transform from this entire situation but please guys be careful with kucoin definitely do not be depositing with ftx right now and watch out for crypto.com because these guys all have a lot of questions to answer that they have not shown any proof of yet so with that being.
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