ftxlessons

"Not your keys, not your coins." This isn't just a phrase; it's the most brutal lesson crypto teaches. It means if you don't hold the "private key"—that secret digital code allowing you to spend your crypto—then you don't truly own it. The exchange does.

Imagine your cash in a bank vault, but the bank has the *only* key. If they go bust, your money is gone. FTX was this reality. Millions of dollars, like a buddy's 500 SOL (worth about $10k), vaporized overnight. Not because the crypto disappeared, but because FTX controlled the keys. They froze withdrawals, and everyone was locked out. My pain came from leverage, but this is total loss. Your takeaway: always move significant crypto off exchanges into your own hardware or software wallet. Control your keys.

#CryptoSafety #SelfCustody #NotYourKeys #FTXLessons #WalletSecurity