‘Get Your Money Off Exchanges’, Armstrong warns investors

In the Brief:

  • Centralized exchanges carry significant risks, including the possibility of insolvency.
  • Consider moving your money off these exchanges and into decentralized exchanges or holding your own private keys.
  • Use a variety of wallets and storage options to ensure the safety of your assets.

2 - 4 minute read

Ben Armstrong, also known as Bitboy Crypto, spoke with Yahoo Finance’s The Crypto Mile about XRP and the state of the cryptocurrency market amid economic headwinds. After the interview, Armstrong declared that Sam Bankman-Fried, the founder of FTX exchange, did not have the best interests of the cryptocurrency community at heart. Armstrong warns traders to “get your money off exchanges”.

Recently, Bankman-Fried’s exchange faced a spectacular downfall, leading Armstrong to revisit his thoughts on the matter. Armstrong believes that his views have been vindicated, as it has become clear that Bankman-Fried was attempting to push a Federal bit license that would have destroyed decentralization in the United States.

According to Armstrong, his crusade against Bankman-Fried and FTX helped to prevent thousands of people and millions of dollars from losing their savings when the exchange became insolvent. He now advises investors, both retail and institutional, to get their money off centralized exchanges and consider alternative options such as decentralized exchanges or holding their own private keys.

Armstrong also advises against putting one’s life savings on an exchange, as it is a risky move that could potentially lead to financial loss. Instead, he recommends using a variety of wallets and storage options, such as Trustworld and Coinbase Wallet, to ensure the safety of one’s assets.

The downfall of FTX and the actions of its founder serve as a cautionary tale for the importance of being cautious with cryptocurrency investments and the risks of trusting centralized exchanges. Ben Armstrong, also known as Bitboy Crypto, has been vocal in his belief that Sam Bankman-Fried and his exchange do not have the best interests of the cryptocurrency community at heart. However, some may question whether Armstrong is exaggerating the risks or if his concerns are legitimate. It ultimately falls to the investor to decide whether or not to take his warnings to heart. Regardless of one’s perspective, it is clear that the risks of centralized exchanges should not be underestimated, and that taking steps to protect one’s assets is always advisable.

Disclaimer: The content in this article is provided for informational purposes only and should not be considered as financial or trading advice. We are not financial advisors, and trading carries high risk. Always consult a professional financial advisor before making any investment decisions.

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