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In 2022, I deposited $ETH into a decentralized exchange called FolkDelta, one of the earliest Ethereum-based DEXs.
Everything looked normal — except for one mistake.
I set the gas fee too low.
The result?
The transaction stayed pending for years.
During that long pending period, FolkDelta shut down completely.
To most people, this is where the story ends.
"The exchange is gone.Funds are gone.”
But DeFi doesn’t work like that.
A Year Later, Curiosity Kicked In
After a year, curiosity made me check the transaction again.
This time, instead of panic, I did on-chain analysis.
What I discovered surprised me:
✅ The transaction was now successful

✅ The ETH had left my wallet

✅ The funds were sitting inside the EtherDelta 2 smart contract
The website was gone.

The UI was gone.

But the smart contract was still alive.
What Most People Get Wrong About DeFi
Many people believe:
“If an exchange shuts down, the funds are gone.”
That’s not always true in DeFi.
Websites can die,
Companies can disappear,
Frontends can shut down,
But smart contracts live on-chain — permanently.

Serious Question
Where does your ETH go when a DEX shuts down?
It doesn’t vanish.
It stays inside the smart contract, waiting for the same wallet that sent it to retrieve it.
If you still control your private key, your funds may still be recoverable — even years later.
The blockchain doesn’t care about time.
It only cares about keys.

How the Recovery Was Possible
The ETH was locked inside the EtherDelta 2 smart contract.
To recover it, I used a wallet that supports private key imports and manual contract interaction — MyEtherWallet (MEW).
Steps in simple terms:
Imported the original wallet using the private keyManually interacted with the EtherDelta smart contractCalled the withdraw functionThe smart contract sent the ETH back to the same wallet that originally deposited it
✅ Recovery successful.
No customer support.
No admin approval.
Just math and code.

Final Thoughts
Early DeFi was the Wild West.
Many people didn’t lose funds to hacks —
They lost them to lack of knowledge.

If this story helps even one person understand:
how DeFi really workswhy private keys matterand why “dead” doesn’t always mean “lost”
Then it’s worth sharing.👍🏽

Not your keys, not your coins — but also:
If you have your keys, time doesn’t matter.
$ETH
#DEX

In crypto, trust should be verified—not assumed. That’s where Proof of Reserves (PoR) comes in.

What Is Proof of Reserves (PoR) ?
Proof of Reserves is a transparency method that allows a crypto exchange to prove it holds enough assets to cover all user balances.
In simple terms:
If users withdraw 100%, the exchange should still be solvent.
Binance publishes its Proof of Reserves regularly to show that customer funds are fully backed 1:1 (or more).
How does binance proof of reserve works
Binance uses a Merkle Tree cryptographic system that allows users to verify their funds without revealing personal data.

Why Proof of Reserves Is Important
After major event of FTX collapses PoR became critical for the industry.
FTX collapsed because user funds were not fully backed and liabilities were hidden.
Transparency is no longer optional in crypto—it’s a standard.
Here are benefits of PoR
Builds user trustPromotes exchange accountabilityReduces risk of fractional reserve practices like what happened on FTXEncourages self-verification over blind trust
Final Thoughts
Proof of Reserves is a major step forward for crypto transparency, and Binance setting this standard pushes the entire industry in the right direction
other exchanges with PoR
OXYHuobicoinbaseMEXCKrakenBitgetKucoin#BinanceBitcoinSAFUFund #USRetailSalesMissForecast #WhaleDeRiskETH

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