With FTX going belly up, and the news that Genesis (huge huge huge counterparty/loan platform) is stopping withdrawals due to a liquidity shortfall... well, it is safe to say that the waves from the earlier collapses in the year are still reverberating around... and with each large player that falls in to trouble, more are exposed as either being corrupt OR having trusted the wrong people. In the case of Genesis, it might have been the latter...
... anyway, it is starting to become quite clear that all of the waves are not yet passed, and that some of them are going to be large enough to sink more than a few exchanges and custodial platforms. After losing a little bit on FTX (mostly FTT tokens and related tokens that were always going to rise and fall with the exchange anyway), I've started to move everything back on chain... I didn't have lots on exchange... but now, it is better to be ultra safe. I've reduced everything on the smaller and riskier DEXs to practically nothing, and in most cases, I've even sold the exchange tokens. The only one that I've still got a significant size upon is Binance... and that is coming up for review in the next week.
The thing that stung the most from the FTX collapse was the loss (lock-up) of my old BCH stash... this was something that I had moved to FTX a while back to collect yield, and it had a bit of sentimental value for me... as it was dated from the actual hard fork! Ah well... it is just sentimental only, because the tokens that I would have gotten back wouldn't have been the exact same ones... but it hurt in an emotional way!
Anyway... now that the bulk of tokens on Huobi, Kucoin, Gate, and MEXC are reduced to tiny amounts... it is time to do the annoying work of downloading the various transaction/deposit/withdrawal/other records... lots of CSVs to collect... just in case they go down completely and shut out all evidence of transactions. I've been a bit slow with doing this, and I have to collect nearly 11 months of records. But in most cases, it is easy enough... just download the batches and then get out of there. Thankfully, the FTX one was using the API reporting. However, I had found that Cointracking (and probably most accounting software) had a bit of a janky relationship with the smaller exchange APIs.
So... if nothing else good came from the FTX collapse, it is the big kick up the arse to make sure that my off-chain records were up to date. Sadly, my on-chain records are bit all over the place... but those will at least never get lost!
Anyway... for anyone who does have anything on exchange, or those who have done things on exchange... now is the time. Don't delay... just pull the transaction logs/CSVs and have then ready for reporting when you need to. It will be a right pain in the arse (or dangerous to do so...) if the exchange goes down and the records/website can no longer be trusted!
Really... I hadn't done it before, because I usually pull the records and then start the annoying work of feeding it into Cointracking... but when you are just pulling the records and stashing them, it only takes a few seconds for the downloads. Don't put it off!
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Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
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Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
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Well I didn't know either one of them. Yes I'm under a rock. 😇
Haha... FTX is better known, but Genesis is infrastructure sort of thing. Big poop if that goes under!