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Crypto exchanges continue to fail as hacks bite hard

https://bravenewcoin.com/insights/36-bitcoin-exchanges-that-are-no-longer-with-us

Crypto exchanges continue to fail as hacks bite hard
Luke Parker, Aditya Das 16 Feb 2021, 12:01 UTC
Old Bitcoin ExchangesFailed Crypto ExchangesHacked Crypto Exchanges

Centralized crypto exchanges are harder to run than they look. This feature looks at notable exchange failures of the last decade and the escalating ecosystem damage caused by hackers

How many bitcoin exchanges are there in total? Brave New Coin currently tracks over 240, but coming up with a definitive list is nearly impossible as they appear and disappear on a regular basis.

Unfortunately crypto exchange failures or hacks often generate a perception that there was something wrong with the coins that got hacked. Typically, though, it is not a cryptocurrency that failed or a bitcoin failure, but instead it is basic mismanagement, outright founder criminality and/or mass government shutdown orders that are to blame.

According to Darwinist theory, failed crypto exchanges should result in the quality of the products and services of the exchanges that remain being higher than it would have been if these poorly managed exchanges had survived. As VC Marc Andresen said in a tweet soon after the now legendary MtGox failure: “MtGox had to die for Bitcoin to thrive. Its former role from early Bitcoin days has been supplanted by better, stronger entities.”

The theory goes that markets mature and get stronger through a process similar to natural selection, where bad or “unfit” services are bankrupted in one way or another, getting out of the way to make room for the good, or “fittest” services to thrive. If the theory is sound, then this long list of failed crypto exchanges should mean that the exchange sector is healthier than it has ever been - but the fact that so many exchanges continued to sink in 2020 along with all their depositor’s funds, is not reassuring. So as we always say, be sure to do your due diligence on any exchange you’re thinking about trading with.

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