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Home Blockchain

HEX Founder Responding After Kraken Settlement: “Be A Man And Stake Your Coins”

by Abimbola Adu
Feb 10, 2023 - 12:00 am
in Blockchain
HEX Founder Responding After Kraken Settlement: "Be A Man And Stake Your Coins"

On February 9th, 2023, the founder of HEX, Richard Heart, took to Twitter to respond to the recent settlement between Kraken and the SEC. The settlement saw the cryptocurrency exchange agreeing to pay over $10 million in penalties for offering security-based swaps without proper registration. Heart’s tweet called for the individuals who had kept their assets on the exchange to “be a man and stake your coins.”

Unpopular opinion. Middleman staking is just another Not Your Keys Not Your Coins situation. Be a man and stake your own coins.

— Richard Heart (@RichardHeartWin) February 10, 2023

This statement highlights a growing sentiment in the cryptocurrency community: the importance of owning and managing your crypto assets as opposed to keeping them in the custody of centralized exchanges like Binance or Kraken. The settlement serves as a reminder of the inherent risks associated with centralized exchanges, which is especially relevant in light of the recent events involving Kraken and the SEC.

Centralized exchanges, such as Binance and Kraken, are companies that act as intermediaries between buyers and sellers of cryptocurrencies. They hold their users’ assets in their custody, meaning that the users do not have direct control over their funds. 

In the case of Kraken, the exchange’s settlement with the SEC highlights the legal and regulatory risks associated with centralized exchanges. The SEC charged the exchange with offering security-based swaps without proper registration, leading to the payment of $10 million in penalties. This settlement serves as a warning to all centralized exchanges and highlights the importance of ensuring that they are operating in compliance with all relevant regulations.

However, the risks associated with centralized exchanges extend beyond just legal and regulatory issues. Centralized exchanges are also vulnerable to hacking and cyberattacks, as evidenced by the numerous high-profile security breaches that have occurred in the past. These breaches have resulted in the loss of millions of dollars worth of assets, leading to significant financial losses for users.

In contrast, owning and managing your crypto assets eliminates the risk associated with centralized exchanges. By taking control of your private keys, you have full control over your funds and can ensure that they are secure from hacking and cyberattacks. Additionally, you can hold your assets in wallets and utilize decentralized exchanges that support staking, allowing you to earn interest on your holdings.

In conclusion, cryptocurrency holders need to understand the need for decentralization. Although there will always be a need for centralized exchanges to ensure a balance between CeFi and Defi, keeping the bulk of your funds in non-custodial wallets is the best way to secure your assets.

Tags: HEXKraken
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

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