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Which CEX could be trusted following reports of Huobi's Insolvency?


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It's barely a year since the unfortunate incident of FTX crash and it's like we are about to witness similar scenario. Personally, I don't pray for such because this will dent the image of other reputable CEXs like Bitget, Binance, Kraken among others who has been following the rule of engagement and ensuring users have absolute peace of mind over their assets. 

There have been series of allegations against Justin Sun and the exchange in the past few days with top executives of the exchange being questioned by the Chinese police. The news of the misappropriation of funds and possible insolvency has led many investors to either withdraw or transfer their funds from the exchange raising a question if we are about to witness another similar scenario to that of FTX.
Could DEX be the solution or there are still exchanges that can be trusted? 

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On 09/08/2023 at 21:31, Wakanda said:

It's barely a year since the unfortunate incident of FTX crash and it's like we are about to witness similar scenario. Personally, I don't pray for such because this will dent the image of other reputable CEXs like Bitget, Binance, Kraken among others who has been following the rule of engagement and ensuring users have absolute peace of mind over their assets. 

There have been series of allegations against Justin Sun and the exchange in the past few days with top executives of the exchange being questioned by the Chinese police. The news of the misappropriation of funds and possible insolvency has led many investors to either withdraw or transfer their funds from the exchange raising a question if we are about to witness another similar scenario to that of FTX.
Could DEX be the solution or there are still exchanges that can be trusted? 

Exchanges will always be Exchanges and DEX can't be the saviour cos often time we read and have seen how they have been exploited and assets stolen. I think the right questions is how do avoid falling into this unfortunate trap by choosing the right CEXes to use. 

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5 hours ago, Emon said:

DEXs aren't perfect yet... To be specific, they're at super early stage. Like, you can be scammed easier on DEXs,by either phishing scams or rug pulls!!! These kinda things don't happen on centralised exchanges. So yeah, DEXs aren't the solution 

I use both DEX and Cex. So I can attest to this. For anyone who wants to venture into any exchange should look at their past performance and how far they have gone. These days, some sites show the transparency of an exchange and their onchain data

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