After the closure of Canadas’ biggest crypto exchange, QuadrigaCX, many questions have been raised on the trust investors put on exchanges. With an overwhelming user base with an approximate daily volume of over 1000 BTC, no one thought the exchange will shut down with investor funds.

It is not that exchange users never learn but are too lazy to do a background checks on platforms that renegade on their promises once they have enough funds in their cold wallets. It was Mt. Gox and now QuadrigaCX. The passing on of the QuadrigaCX CEO and President Gerald Cotton is a big lesson to the crypto sphere.

The saga surrounding the exchange has given crypto users a new perspective; lessons that are rare to come by but ones that will make the future of cryptocurrencies better than it is today.  One of the biggest lessons is private key safety and ownership. The exchange you store your funds should provide you with private access to your funds; any day, anywhere.

Second less and simply put, if you do not have full control of your private keys, it is either someone else has access to your crypto or the funds are not even yours. An exchange is supposed to provide better services than your typical fiat bank and should give you the freedom to move our funds at will.

Lastly, we work to enjoy life and our riches should be able to benefit our next of kin thus you need to have a multi-sing security in the even you pass on and need your funds to benefit your family. If you are in the crypto business, your passing on should not be the end of your business empire.

The QuadrigaCX case is not an isolated case and many are coming with a different script and you might be the next victim. It is important to take your time before putting your money in any exchange however shinny their propositions appears.