February 1, 2023

Trace Meyer: “The eight largest exchanges hold more than 1.925 million BTC”

Trace Mayer, a cryptocurrency entrepreneur, expressed concern over the 8 largest exchanges cryptocurrencies hold 1.925 million BTC worth about $ 14 billion.

On Twitter, Trace Meyer noted that such a volume of BTC stored in exchange wallets is a danger to the entire industry:

“More than 1.925 million BTC are allegedly stored in the wallets of the Coinbase, BitMEX, Bitstamp, Bitfinex, Kraken, Bittrex, Coincheck and Poloniex exchanges and are just waiting to be stolen, as has happened many times before. ”

Mayer refers to many cases of hacking cryptocurrency exchanges. Only in 2019 did the hackers affect the exchanges Upbit, VinDAX, Bitpoint, Bitrue, Binance, Bithumb, DragonEX and Cryptopia.

In case of security problems onany of the major exchanges mentioned by Mayer, BTC may be lost permanently or permanently. Recently, the analytical company CipherTrace reported that according to the results of the 3rd quarter of 2019, losses from criminal activities in the cryptocurrency industry reached $ 4.4 billion.

This is not the first time that Trace Meyer has expressedConcern that users do not control the private keys of their cryptocurrencies. Last December, Mayer encouraged the community to move all of their BTC to their own wallets on Bitcoin's anniversary. His Key Proof plan has found many supporters, including among industry-famous people such as Nick Szabo.