Lack of controls and auditing is the real news. How do you not notice $10m dollars missing? Is there anyone reviewing refunds?
Maybe you haven't realized but Crypto.com has been splurging way larger sums than that on advertising in sports, I'm guessing that much like many during the +60K ATH levels they were burning so much capital due to the immense gains and only realized this after an accountant did a final year analysis for tax purposes (they base din HK if I recall). Exchanges, even unicorn YC backed ones like CONbase, have been shown to be extremely horrible at these kind of things; which is why it's so often repeated to take your coins off an exchange and have self-custody.
I'd like to say that after 10+ years we would have already learned from all the mistakes and came away with all there is to operate an exchange, specifically a KYC/AML one with it's larger budget for auditing and misc overhead, but the truth is that other than a quick on/off ramp exchanges are the most broken link in the Bitcoin ecosystem because of the nature of how they operate. This is just another example, and it was given to her in cash by the sound of things.
Ultimately this is why Decentralized Exchanges have and will continue to be so imperative: Bitsquare, now BISQ has been the shiny beacon of what and how you should operate: slow and steady wins the race, while companies like MTGOX lie in the wake as a reminder of what happens when you have central points of failure.
With that said, 10 million is a large sum, but its not much with the volume that gets transacted on the BTC network for larger whales, and there are many based out of HK.
Wife works at a large FI with trillions of dollars worth of assets of under management. They notice when pennies are missing because of a rounding error(eg: some picked the wrong type of rounding in their excel sheet). Just because you deal with large amounts of money, doesn't mean you can't have controls.
Wife works at a large FI with trillions of dollars worth of assets of under management. They notice when pennies are missing because of a rounding error(eg: some picked the wrong type of rounding in their excel sheet). Just because you deal with large amounts of money, doesn't mean you can't have controls.
I'm not saying it's not possible in more professional settings; I honestly think Exchanges are the weakest link in the BTC ecosystem since it wasn't devised with such a system, but has found it's way there anyway, as it was meant to be p2p. What I am saying is that it's complete amateur hour, and even those you'd think have better compliance and stricter governance with YC and other VC backing would be better off, would fare better but CONbase is being sued for a myriad of reasons including stock price manipulation. Hopefully it finally takes it out and we can move on from all the baggage that that corpse has had in the ecosystem once and for all.
Essentially, I don't think BTC exchanges are useful for anything but training wheels, the whole point of this system was to introduce decentralized forms of transacting value over the internet n the modern WOrld, and whether it was Bitcoinica, MTGOX, BTC-E, CONbase and all the alt exchange hacks etc... they all end up being so poorly managed that they distract people from the true innovation that is happening--especially during the bear markets.
So far I only endorse and use CASH, simply because Dorsey has made it clear he doesn't want to be an exchange and instead offers on-boarding in the most legally complaint way--that requires a litany of lawyers he can leverage from Square who have already been through the process of expanding into new markets and costs more in fees but CASH has been doing so much that I consider it a fair-trade type of relationship.
But people refuse to see that BTC's strength isn't in trying to recreate the fiat World and merge and shoe-horn wall street into it (ICO, DeFi, and yield farming scams) it's in being able to have monetary-propety sovereignty in a World with less of it as laws are encroaching not just money but private property itself.
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Maybe you haven't realized but Crypto.com has been splurging way larger sums than that on advertising in sports, I'm guessing that much like many during the +60K ATH levels they were burning so much capital due to the immense gains and only realized this after an accountant did a final year analysis for tax purposes (they base din HK if I recall). Exchanges, even unicorn YC backed ones like CONbase, have been shown to be extremely horrible at these kind of things; which is why it's so often repeated to take your coins off an exchange and have self-custody.
I'd like to say that after 10+ years we would have already learned from all the mistakes and came away with all there is to operate an exchange, specifically a KYC/AML one with it's larger budget for auditing and misc overhead, but the truth is that other than a quick on/off ramp exchanges are the most broken link in the Bitcoin ecosystem because of the nature of how they operate. This is just another example, and it was given to her in cash by the sound of things.
Ultimately this is why Decentralized Exchanges have and will continue to be so imperative: Bitsquare, now BISQ has been the shiny beacon of what and how you should operate: slow and steady wins the race, while companies like MTGOX lie in the wake as a reminder of what happens when you have central points of failure.
With that said, 10 million is a large sum, but its not much with the volume that gets transacted on the BTC network for larger whales, and there are many based out of HK.
Wife works at a large FI with trillions of dollars worth of assets of under management. They notice when pennies are missing because of a rounding error(eg: some picked the wrong type of rounding in their excel sheet). Just because you deal with large amounts of money, doesn't mean you can't have controls.
I'm not saying it's not possible in more professional settings; I honestly think Exchanges are the weakest link in the BTC ecosystem since it wasn't devised with such a system, but has found it's way there anyway, as it was meant to be p2p. What I am saying is that it's complete amateur hour, and even those you'd think have better compliance and stricter governance with YC and other VC backing would be better off, would fare better but CONbase is being sued for a myriad of reasons including stock price manipulation. Hopefully it finally takes it out and we can move on from all the baggage that that corpse has had in the ecosystem once and for all.
Essentially, I don't think BTC exchanges are useful for anything but training wheels, the whole point of this system was to introduce decentralized forms of transacting value over the internet n the modern WOrld, and whether it was Bitcoinica, MTGOX, BTC-E, CONbase and all the alt exchange hacks etc... they all end up being so poorly managed that they distract people from the true innovation that is happening--especially during the bear markets.
So far I only endorse and use CASH, simply because Dorsey has made it clear he doesn't want to be an exchange and instead offers on-boarding in the most legally complaint way--that requires a litany of lawyers he can leverage from Square who have already been through the process of expanding into new markets and costs more in fees but CASH has been doing so much that I consider it a fair-trade type of relationship.
But people refuse to see that BTC's strength isn't in trying to recreate the fiat World and merge and shoe-horn wall street into it (ICO, DeFi, and yield farming scams) it's in being able to have monetary-propety sovereignty in a World with less of it as laws are encroaching not just money but private property itself.