Following an alleged attack, December, Livecoin announces closure of operations Saturday.
In a website notice, the exchange said the closure is a hard decision and will be refund any remaining funds to users. According to the first, “our service and team bear hard losses as well as our clients”.
They said users have until March 17 to request refund. The refund exercise will be through emailing the exchange and passing verification procedures.
While the refund exercise shows the credibility of the project and team behind it, have you thought what would happen if the team isn’t credible enough? Of course funds will be loss and the team will not issue a refund.
A second thought tells you why you need to be a custodian of your keys. It can not be overemphasized that your keys is equal to your coin.
What will help you in situations like this? A cold wallet such as BC vault wallet will help. It is designed to help you control your keys, invariably your coins in an offline wallet.
Meanwhile, being offline doesn’t deprive you of making payments or trading on exchanges, it simply means you own your keys offline and connect to any online platform to sort yourself out.