The Vanishing Act of Cryptocurrency Exchanges | by Fahad H Al-Rawahi | The Capital | Apr, 2025
In the ever-evolving world of cryptocurrency, few experiences are as harrowing as discovering that an exchange you trusted has vanished overnight. As a passionate crypto enthusiast, I learned this lesson the hard way, and my journey is a cautionary tale for anyone navigating the digital asset landscape.
My Introduction to Crypto Exchanges
Like many, my initial foray into cryptocurrency began with excitement and curiosity. I opened accounts on several exchanges, eager to buy and trade Bitcoin, Ethereum, and other altcoins. I felt invincible, trading from my smartphone, convinced that I was part of a financial revolution. However, this excitement soon turned into anxiety.
The Disappearing Act
I vividly remember the day I logged into my account on a popular exchange, only to find a message stating that the site was undergoing maintenance. Days turned into weeks, and the updates became scarce. Eventually, the exchange ceased all communication, and my assets were locked away indefinitely. This wasn’t just my story; many experienced the same fate with exchanges like Mt. Gox and Cryptopia.
- Mt. Gox: Once the largest Bitcoin exchange, it filed for bankruptcy in 2014 after losing…
