Bitcoin Family Says It’s Moving $1M In Crypto To Decentralized Exchanges After FTX Collapses – Bitcoin News

In October 2017, Dutch native Didi Taihuttu and his family sold all their valuable possessions and their house for bitcoin. The decision paid off and the Taihuttu family has traveled the world and recently moved to the island of Phuket. On November 30, 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange platforms (cex) and decentralized exchange protocols (dex) for years, the Dutch family has decided to proactively transfer $1 million. in digital assets to dex protocols to have more control via self-storage.

Didi Taihuttu and family take proactive steps to safeguard crypto assets

Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the family’s patriarch, Didi Taihuttu, spoke to CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse.

Taihuttu described that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of the funds on trading platforms such as Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, which means you have complete custody of your coins. [But] you connect to a dex, and by making that connection you trade out of your own wallet.”

Taihuttu continued:

If the dex collapses, it doesn’t matter, because bitcoins are always in your own wallet.

Taihuttu explained that he learned his lesson in 2017 when the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment on, I was always looking for alternatives,” Taihuttu said. As for FTX, Taihuttu insisted that “too many influencers were paid too much money to promote it.” The family would not disclose how much they owned in crypto assets, but they said that roughly $1 million worth of BTC, ETH, LTC, DOT and other tokens would be moved to decentralized exchanges.

Taihuttu says the current drama surrounding FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle – “There was Mt Gox, there was a ban on bitcoin in China, there was a ban on mining. There is drama every time, he added. Taihuttu wholeheartedly believes that BTC is holding steady, simply doing what the leading crypto asset always does.

“Looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” Taihuttu told CNBC. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still perfect and still doing what it always does: being a decentralized currency that can be used by all people around the world,” Taihuttu concluded during the interview on Wednesday.

What do you think about the Taihuttu family progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.