The titille of the movie is ”Trust No One: The Hunt For The Crypto King” after watching the movie, all I can think about is how important the cold wallet and DEX wallets are. It’s a movie I would recommend to all crypto investors and aspiring crypto investors. This movie is about a man whose name was Gerry Cotten, he owned a crypto exchange called quadriga which was supposed to be the first crypto exchange in Canada.
Turns out the CEO of quadriga was a serial scammer and gambler who ran a Ponzi scheme. All these investors wanted to do was own bitcoins, lots of them sold off their assets, companies and lots of their belonging so they could have bitcoin. But unfortunately for them, they were buying a fake bitcoin from the crypto exchange, while the CEO,Gerry Cotten gambled with their money and bought lots of assets with it.
Unfortunately for the investors, the CEO died and investigations led to the realization that the CEO had rob them off. Most people that invested on the bitcoin through the exchange did that based off FOMO, this led them to not doing a proper research. It’s always advisable that when you are storing a large sum of crypto, do not use an exchange or hot wallet, use a cold storage instead, this easy you totally control and own your assets. When you have your coins in a cold storage, it’s like having a vault, you hold and own the keys. It’s only your key phrases that can unlock the wallet. You can’t wake up someday and find out that CEO of the cold storage died and your assets can’t be accessed anymore or getting blocked and finding the website not available anymore.
This movie has taught me a lot and it’s more like a wake up call. It also taught me about background research, before you put your coin in that centralized exchange, always do a background check to know the people behind the company. Gary Cotten had been a serial scammer and scamming a lot of people through various means for a long time, probably since he was 14 years old. It’s ironic how a brilliant young man could channel his skills into doing more harm than good.
Lots of people trusted the company especially the newbies who just recently got into crypto, this could have been a great opportunity for the CEO. All he had to do was be legit, a lot of people trusted him. But he wanted to make money so fast illegally, all he needed to be was patient. This happened in 2018 when bitcoin had not gotten to $20,000. Imagine what the company would be by now? But I guess we may never know as the CEO died in India.
Some of the investors blamed theirselves for investing and even considered theirselves greedy, but that’s not true in my opinion. They didn’t know they were investing in a scam crypto exchange, they obviously didn’t do a thorough research. It was the first crypto exchange by a Canadian and Canadians trusted him.
Once again, this is a wake up call for me to start studying cold wallet storage and learn how to use them. You can only use hot wallets and centralized exchanges when you want to buy or sell, but for maximum security storage, it’s advisable to use a cold wallet storage.
Posted Using LeoFinance Beta
This movie sound like something i will have to watch.
Can you please give example of cold and hot wallet storage? I can't seems to know there difference.
Cold storage wallets are offline wallets like ledger. While hot storage wallets are online wallets like Binance, Trust wallet, Metamask. Any wallet that you can easily access with internet
Oh, thank you for the explanation 😊🙏 do enjoy your weekend.
😇 thank you very much, you too.
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Thank you for this review! It is scary to think how vulnerable our crypto can be with people that are maybe not the best characters. I will have to check this movie out. Thanks!