Tuesday 15 November 2022

Liquidated all my Cryptocurrencies

I liquidated all my crypto from other crypto exchanges* after losing all my crypto in FTX. Overall, I incurred a loss of around 5 thousand SGD after liquidating all. It was a pity as the Ethereum and Bitcoin that I had was bought during 2017/2018 period. But I felt that it was necessary to liquidate all as FTX bankruptcy is akin to Lehman in the crypto environment. I had absolutely no idea which other exchanges had lend to or had assets tied to FTX. Moreover, FTX had showed a fundamental issue which is of concern, crypto exchanges are using customers assets to leverage without any form of safeguard or guidelines.

It has been a good experience learning crypto. I will reassess going back in when interest rates are cut and FTX's bankruptcy has been investigated. So that I know which other exchanges are implicated. In the meantime, if you are still in, do monitor it closely as liquidity outflows have been happening across the exchanges.

*Fortunately, I redeemed all my cryptos in Gemini Earn on 13 Nov and had withdrew all money out to my DBS bank account on 14 Nov. I have also withdrew all my Coinlist money on 14 Nov. 

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