Yeah, I get my coins back!

Yeah, I get my coins back!

By Smendel | Allaboutcoins | 8 Jun 2021

Investment comes with risk. Yes, we all know that. But most of us won't take it seriously until you have to face it yourself. 

When I just came to crypto world, I heard stories of some exchange platforms running away with investor's money. I also heard people saying that unless you own the private key, your coins are not yours in a sense. I didn't think too much about it since they had nothing to do with me, esp when they happened way before I even knew about cryptocurrencies. I also didn’t think I would need a cold wallet for the coins until when this happened...

As you know crypto coins are listed in different exchange platforms. Many altcoins are only listed on small ones. I was rewarded with LIKE coin by, which is a content platform for my content contribution. As LIKE coin is not a very popular coin, you can only trade this coin in couple exchanges with Bitasset being one of it. This is a Taiwanese exchange platform. I started using them from 2020, it went well until May of the year. 

I normally received notification about listing of new coins, promotions, and referral rewards etc from this exchange. However, I had to admit that I normally didn’t even bother to read them since I only used this exchange when I wanted to cash out LIKE coins. I transferred 30K LIKE coins to the exchange couple months ago, but as the price was not what I wanted, I entered the trade with a limited price and let it alone. This strategy used to work well. But doing so, I didn’t need to check in with it constantly, as soon as my desired price is hit, the trade will be automatically filled.

In early May, I started to hear some rumbling about something may have gone wrong with this platform. Things went spiral downtrend from there... At the beginning, the platform sent out maintenance announcement, and then few days later, everything stopped, all the funds were frozen, withdraw were not allowed, there were 0 trade activities in the platform…

It was too late for me to withdraw my coins… Like other investors, I tried to contact with the exchange. Thank God, it turns out it may not be Bitasset’s intention to stop their service, but a result of government regulation. Bitasset is cooperating with local government to return the coins back to investors gradually. But due to huge amount of coins they have to deal with, it took over one month for me to get my coins back. There are still may other investors waiting in the line hoping to get their coins and money back. I wish they can get theirs shortly. 

When this happened, I had thought that I will lose my coins forever. I even told myself that this is the money I paid to learn the lesson. I start to believe in what many people said, you don’t own your coin/money if you don’t own your private key… Getting a cold wallet seems to be a very smart move, I will do my homework and keep my assets safe...

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