Bitcoin Family Says They Are Moving $1M in Crypto to Decentralized Exchanges After FTX Collapse
In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family has decided to proactively transfer $1 million in digital assets to dex protocols in order to have more control via self-custody. Didi Taihuttu and Family Are Taking Proactive Steps to Self-Custody Their Crypto Assets
Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the patriarch of the family, Didi Taihuttu, spoke with CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse. The Taihuttu family in November 2022. Didi explained to CNBC that the Taihuttu family currently keeps 73% of its cryptocurrencies in cold storage.
Taihuttu detailed that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of 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, meaning you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade out of 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 the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment, I was always searching for alternatives,” Taihuttu said. As far as FTX is concerned, Taihuttu insisted that “too many influencers were paid too much money to promote that one.” The family would not disclose how much they owned in crypto assets but they did say roughly $1 million worth of BTC, ETH, LTC, DOT, and other tokens would be moved to decentralized exchanges.
Taihuttu says the current drama associated with FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes BTC is holding steady, and simply doing what the leading crypto asset always does.
“Looking 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 that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over 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 about the Taihuttu family’s progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. 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 the disruptive protocols emerging today. Dappradar Report Shows Blockchain Gaming Thrived Amid FTX Collapse, Sector Accounted for 46% of All Network Activity NEWS | 3 hours ago Despite the Former FTX CEO"s Media Tour Many Unanswered Questions Remain NEWS | 5 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleItaly Wants to Tax Crypto Gains at 26% From 2023 Next articleDespite the Former FTX CEO’s Media Tour Many Unanswered Questions Remain Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%