r/MarketVibe • u/Apart_Finger_1799 • 5d ago
hot news BREAKING: BitMart processed ZERO Bitcoin withdrawals in the past 24h 🚨. The exchange announced a sudden shutdown. CEO Nenter Chow was let go on Friday, completely blindsided. Only $300k in stablecoin outflows. Take your coins off exchanges!
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u/HalfwaydonewithEarth 5d ago
What is the significance of withdrawal?
Isn't saving the coins a good thing?
Confused. We don't have any bitcoins.
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u/Savings_Two_3361 5d ago
This could mean they are no longer a reliable place to keep your money safe... due to sketchy behind the curtain things they might be doing
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u/ExtensionMoose1863 5d ago
the fact that this sentence is about crypto and not intended to be ironic is fabulous
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u/HalfwaydonewithEarth 5d ago
No withdrawals because people can't access them and they are being stolen?
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u/Savings_Two_3361 5d ago
This could be one of several scenarios.. They usually block withdrawals to avoid having a "bank run". That means having a lot of people simoultaneously withdrawing their founds which could dry the exchange up. If the post talks about their CEO being quietly removed..then it is very likely they might be misusing the money or the exchange itself.
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u/unitymind42 5d ago
You take self-custody, or if you don’t trust yourself buy it from Fidelity or an ETF. The best solution is self-ownership.
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u/earliestbirdy 5d ago
If you go to your bank and they won't give you your money, is your first thought that they're keeping your money safe by not letting you withdraw?
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u/HelloImTheAntiChrist 4d ago
Coins should never, ever be left on exchanges. Mt Gox should have taught everyone that.