Bitcoin Family Say They Move $1M in Crypto to Decentralized Exchanges After FTX Collapse – Bitcoin News

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

Didi Taihuttu and his family are taking proactive steps to self-custody their crypto assets

A little over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles to collect Bitcoin (BTC). Speaking to CNBC on Wednesday, family patriarch Didi Taihuttu explained that the family is moving $1 million in crypto assets to Dex protocols following the collapse of FTX.

The Taihuttu family in November 2022. Didi explained to CNBC that the Taihuttu family currently keeps 73% of their cryptocurrencies in cold storage.

Taihuttu explained that before deciding to proactively move funds from CEX platforms to Dex protocols, the family saved a fraction of the funds on trading platforms like 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 from your own wallet.”

Taihuttu continued:

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

Taihuttu explained that he learned his lesson in 2017 when CEX platform Cryptopia was hacked and he lost four bitcoins. “From that moment on, I’ve always looked for alternatives,” Taihuttu said. Regarding FTX, Taihuttu insisted that “too many influencers were paid too much money to promote this one”. The family would not disclose how much crypto assets they owned, but they said about $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 in every Bitcoin cycle. “We seem to get this lesson every bitcoin cycle – “It was Mt. Gox, it banned bitcoin in China, it banned mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes that BTC will remain stable and simply do what the leading crypto asset always does.

“If we look 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 bitcoin remains really strong at $16,800. For me, bitcoin still works perfectly and is still doing what it always does: being a decentralized currency that can be used by all people around the world,” Taihuttu concluded during his interview on Wednesday.

tags in this story

Bitcoin, Bitcoin (BTC), Blockchain, BTC, Cold Storage, Cold Storage Solutions, Crypto Cold Storage, Cryptocurrencies, Cryptocurrency Cold Storage, Didi Taihuttu, Digital Nomad, Dogecoin, ETH, Ethereum, Ethereum (ETH), Finance, Hot Wallet, Hot Wallets, Investing, Litecoin, Litecoin (LTC), Netherlands, Nomads, Perpetual Traveler, Six Hardware Wallets, Taihuttu Family

What do you think of the progress of the Taihuttu family and the family moving $1M from CEX applications to Dex logs? Do let us know your thoughts on this topic in the comments section below.

Jamie Redman

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

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