Transcription
Hey, what's going on guys? Welcome back to the channel. I've been getting a few emails recently and honestly, this is a question that comes up more often than you would think. I get at least five to six emails each and every day, not including what goes into my spam box. I think it pushes upwards to around 15 each and every day, and it's all in regards to assets that users are holding on CXs. And they're normally asking whether it's a good idea to hold the bulk of their portfolio with some of these different exchanges that are available and what's the difference between onchain and offchain. And what I'm going to do in this video is break everything down for you.
This email came in around an hour ago from someone called Warren Dezel. I've covered their email for privacy purposes and they're saying they've recently subscribed to my channel and wanted to ask if their Lunk investments are safe on Binance or should we consider transferring to another exchange to ensure we keep our investments safe and in our control. By the way, great work and thank you for your perseverance on this.
So, let's start with the obvious question as to CXs being safe or not. The data we're looking at is a timeline, more importantly, a complete timeline for every CX that's been hacked from 2012 up until 2022. And as you can see, this list is very long. It's significant. We're not talking about one or two CXs. We're talking about 50, 60 CXs, many that aren't actually listed in what is supposed to be a full list. This is because this one only goes up to 2022 and there's been some serious hacks during that time. Things like Livecoin, even Kcoin for $280 million by Ucoin. Some of these can't even be told what was taken, but some of them are significant, like Upbit losing $46 million. So, the documented timeline of these exchange hacks are listed around 55 hacking events, approximately weighing in at $2.4 billion.
So, in short, no. Your assets are never going to be safe on a CEX. Especially if a CX goes into bankruptcy, not even a hacking event is required for you to lose all of your assets. The CEX merely needs to go bankrupt. It's at that point, depending on your country that you live in, whether your funds are protected or not. For us here in the UK, we're protected through the FCA up to £100,000. But again, your funds are not safe and you are not in control and you do not own them when they are on a CEX.
When it comes down to the LUNC that you're currently holding, you've got one of two choices. You can either hold them onchain or you can hold them offchain. When sending assets over to Lunk Dash, you're sending them onchain. When sending them to Binance, you're sending them offchain. The difference here is onchain, you're going to retain 100% control over your funds. On a CEX, which is offchain, you are not going to control your funds, not your keys, not your coins.
When sending your coins over to Lunk Dash, which is onchain, you're going to have many more options that are going to be available for you to enhance your funds to increase your overall bag to also use those funds to vote on important proposals and support your favorite validators. So, once you stake your funds on chain and you wait a little bit of time, you're going to be gifted with a considerable amount of coins. You're going to get a portion of LUNC. You're going to get a portion of USC and then you're also going to get a portion of stable coins. And it's up to you what you want to do with your USC and your stable coins and your LUNC. But what you can do is swap your USC and stable coins in our swapping service in app. You can also then restake that LUN with your overall LUNC yield you've already acquired and you can pop that into the auto restake machine. This is another tool that we provide on the Lunk Dash mobile app and on the browser version for you guys. So, like I said, there's many options that are available to you when you move onchain and most importantly, you retain 100% control over your assets.
If you do decide to move your assets onchain, you're going to be 100% responsible for the security around your wallet. And this is going to come in the form of a bunch of random words which make up your monomics. And that's what we call them in the Terraclassic ecosystem, but they're also known in other places as passphrases, secret words, or even seed phrases. For you, it's essentially your bank ping code. It is what is going to give you access to your account and give you the ability to recover your account if you ever lose access to it or lose your mobile device with that wallet on. So, it's very important that you store those seed phrases correctly. I'll leave a link at the end of a video for safe seed storage options so you do not mess up like every other average Joe in crypto and you make the right decisions from the very beginning. The only way for your wallet to be penetrated is for someone to gain access to your seed phrases. The flaw comes from the human side. But don't worry if that does happen to you. It's not all doom and gloom because we do have a wallet recovery service. Once your funds are delegated, which is staking, they're going to be locked up for a minimum of 21 days. This means if someone gains access to your funds, well, they've got to wait 21 days to get those funds released. In that time, you can harness this wallet recovery service on Lunk Dash, and you can beat the hacker to your funds. How cool is that, right?
This is a service that continues providing. The awesome thing about Lunk Dash is it's homegrown and built specifically for Terra Luna Classic holders so they can traverse the ecosystem flawlessly. It's built by us. It's owned by us and it's maintained by us. We never charge the community a dime and it will continue being here for the indefinite future. We are also registered in the United Kingdom and have been since we launched the Lunk Dash mobile app on Android and iOS. Stepping up to a mobile cryptocurrency wallet. This not only ensures that we're accountable but that we are a professional business providing a professional service and we are all KYCed here even to the point where I've now doxed myself entirely. Not that that was an issue because you can find all of this through the Android and iOS service. So this has always been available. Never hidden anything.
Okay. Warren Deselle to summarize no your assets in my opinion are not safe on any CX period. Binance is no different and they are not invulnerable to hacks. You are not in control of your assets when you hold them on a CX and you should really think about moving your assets on chain. And that is my humble advice, not your keys, not your coins.
If you're going to move your funds over to Lunk Dash so that you can stake with our validator, then auto stake to earn more rewards, then you're going to need to download our mobile app on either iOS or Android. And these will be readily available on the iOS app store and then also going to be available on the Android Play Store. So, these are legitimate products that are registered. They're homegrown. They're developed by us. They've got good reviews. We've got a ton of users. And we've also got a wide array of tools for you guys to fall back and rely on at all times. And for those of you who like to ensure that you're able to do your taxes easily, well, you can simply go and search your wallet with the Lunk Dash Finder and you can download your CSB report within seconds and have all of your transactions in an Excel spreadsheet that you can send straight to your accountant. Smooth as a whistle, guys.
If you haven't been staking your assets while you've been holding LUNC, I honestly don't know what you've been doing. Come on over, delegate with my validator. Let me show you just how much you can make throughout the course of 2026. And hey, it could be your New Year's resolution to take 100% control of your assets. For those of you who are going to be moving from Binance to Lunk Dash, I'm going to provide you with a list of tutorials in the description for this video. That's everything that you're going to need to move your assets from Binance to Lunk Dash and how to delegate with our validator, how to auto stake your funds to gain maximum yield throughout the course of 2026. And if you need any further help, I'm always readily available and you can always directly reach me on Telegram.