FTX Collapse: Not Your Keys, Not Your Coins

November 14, 2022
3min
bitcoin wallet

The ongoing FTX situation has brought crashing prices and a general lack of trust for the crypto industry as a whole, with investors scrambling to move their funds off centralized exchanges. The best place to store them? Self-custody wallets.

Not Your Keys, Not Your Coins

What a week! The ongoing FTX situation has brought crashing prices and a general lack of trust for the crypto industry as a whole, with investors scrambling to move their funds off centralized exchanges. The best place to store them? Self-custody wallets.

Bitcoin is the solution to a transparent, decentralized system that has no need for centralized entities like banks and exchanges. Xverse has zero exposure to this incident, and we remain dedicated to keep building the most advanced, self-custody Bitcoin wallet, empowering individuals to have 100% control over their funds at all times.

Xverse does not have access to your crypto like online exchanges or other third parties. We cannot freeze or prevent withdrawals (even if we were to go out of business).


Self-Custody Your Bitcoin

  1. Get a noncustodial wallet: Download Xverse wallet, available on iOS and Android. Hardware wallets like Ledger (which can be connected to Xverse pool) are best for maximum security since they are not connected to the internet.
  2. Backup your seed phrase: We recommend engraved metal backups.
  3. Move your crypto: You can now move your Bitcoin from a centralized exchange to your noncustodial wallet(s).

Questions? We're here to help. Connect with the Xverse community on socials or submit a ticket to our support team.

Published in
Stacks
Security
Feature
Quote mark
Sign up for updates!

Stay tuned to our latests news and updates