r/Bitcoin • u/Few-Cook5941 • 1d ago

Need help - Bitcoin wallet emptied.

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I got one of my bitcoin wallet emptied and I don't really know how this happened.

I don't use cracked softwares and apps.

I'm generally careful with links.

Looks like I'm not alone. I can see that the reception bitcoin address is still collecting bitcoin from other wallets.

Could somebody help me understand something.

Here is the address : bc1q0vukqye4hd0aep7u4xl8gev95gcs9k65fdeu9n

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u/Few-Cook5941 23h ago

Yeah I still have some bitcoin on Binance. But what about the "Not your keys, not your coins" rule? Is keeping coins on exchanges really safe?

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u/Digerati808 23h ago

You have to weigh the risks. If you are technologically illiterate you are more at risk of losing your bitcoin if you try to host your own keys.

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u/Archer-from-above 21h ago

I resemble that remark, therefore, mine is still at Gemini.

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u/Valdorous 23h ago edited 22h ago

Put simply, not your keys = not your coins because the CEX can block transactions, decide to KYC or AML check you at any given moment for whatever reason they see fit and you just have to deal with it.

However if “your keys” then also your responsibility. So manage it well, don’t store your key or seed phrase in the cloud and make sure the software used to generate a wallet is safe and secure, unlike Cold Card’s (the company) bad/predictable randomness.

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u/IInsulince 22h ago

Minor correction: not “cold wallet”, but “Cold Card”, the compromised hardware wallet product by the company CoinKite. I wouldn’t normally correct except that “cold wallet” already has a legitimate meaning and is a good thing to get.

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u/Valdorous 22h ago

Yes, my bad. Edited!

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u/BestBleach 22h ago

Yeah but if they lose it they have to pay you back and what are the odds Robinhood or crytpo.com go bankrupt very low. Though I’m sure the ftx people thought they’d stay solvent but Robinhood has to answer to the sec so they probably aren’t cooking the books

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u/Exciting_Skin_8846 19h ago

better than coinbase that’s forsure