Hive Learners

Crypto stress: Coinex is Down

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Life in crypto is always challenging. Not long ago, I decided to remove all my HBD savings, fearing the depeg of HBD, which, despite many factors, i still resisting bravely. This money was from my personal savings, which were converted to crypto. One of the destinations of this money was Coinex. Coinex is a Hong Kong-based CEX that was offering a savings of 13% for USDT values up to 500 USDT. Of course, this could be seen as tricky, but still I decided to risk it.

_{The screenshot of my transaction trying to conclude on Coinex.}

My 300 USDT became 310 USDT in a short time, but today they announced the closing of the exchange. As a first reaction, what did I do? removed it from the savings and started the process of transferring it to Binance almost 4 hours ago, and it still hasn't been completed.

In the notice published on Reuters , they are saying that all funds are backed since they possess more than 100% of the funds inside the Exchange. Also, the promise that withdrawals will continue up to December 22nd. It is a good plan. However, I saw a tweet from them saying to be patient since there are many withdrawals happening at the same time.

So what now? I even considered coming back to HBD, but it is still risky, and my other option, which is adding money, is also centralized, but I will still prefer it since we are dealing with USDT and USDC, which give more safety than HBD. I'm still considering options, but the GoMining app is still interesting. I am getting 11% APR in their simple earn, but the interest comes in BTC. Lately, I have been checking Solana more and there are nice LPs on Raydium DEX. However, I was still looking for some stablecoin options.

_{Raydium SOL/USDC pool is interesting but still dealing with the volatility of Solana. [Printscreen from Raydium DEX]}

Crypto lately is giving me more pain than anything, but I will continue looking for options and praying that Coinex returns my money ASAP. But now I just need to wait, and while waiting, I am writing this post of mid rant and maybe in search of some ideas. Maybe we also shouldn't go into a CEX with such a high APR, but those of us who lived through our 20% APR here in HBD we can think that something around 10% can exist for a stablecoin.

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A vida nas criptos é sempre desafiadora. Não faz muito tempo, decidi retirar todas as minhas economias em HBD, temendo o depeg do HBD, que, apesar de muitos fatores, ainda está resistindo bravamente. Esse dinheiro vinha das minhas economias pessoais, que foram convertidas em criptomoedas. Um dos destinos desse dinheiro foi a Coinex. A Coinex é uma CEX baseada em Hong Kong que estava oferecendo uma taxa de 13% para valores em USDT de até 500 USDT. É claro que isso poderia ser visto como algo suspeito, mas mesmo assim decidi correr o risco.

_{A captura de tela da minha transação tentando concluir na Coinex.}

Meus 300 USDT se tornaram 310 USDT em pouco tempo, mas hoje eles anunciaram o encerramento da exchange. Como primeira reação, o que eu fiz? Retirei o dinheiro da poupança e comecei o processo de transferência para a Binance há quase 4 horas, e ainda não foi concluído.

No comunicado publicado na Reuters , eles estão dizendo que todos os fundos estão respaldados, já que possuem mais de 100% dos fundos dentro da Exchange. Além disso, a promessa é que os saques continuarão até 22 de dezembro. É um bom plano. No entanto, vi um tweet deles dizendo para ter paciência, já que há muitos saques acontecendo ao mesmo tempo.

Então, e agora? Eu até considerei voltar para o HBD, mas ainda é arriscado, e minha outra opção, que é adicionar dinheiro, também é centralizada, mas ainda vou preferi-la, já que estamos lidando com USDT e USDC, que oferecem mais segurança do que o HBD. Ainda estou considerando opções, mas o aplicativo GoMining continua interessante. Estou obtendo 11% de APR no simple earn deles, mas os juros vêm em BTC. Ultimamente, tenho acompanhado mais a Solana e existem boas LPs na Raydium DEX. No entanto, eu ainda estava procurando algumas opções de stablecoins.

_{A pool SOL/USDC da Raydium é interessante, mas ainda envolve lidar com a volatilidade da Solana. [Captura de tela da Raydium DEX]}

As criptos ultimamente estão me dando mais dor de cabeça do que qualquer outra coisa, mas vou continuar procurando opções e torcendo para que a Coinex devolva meu dinheiro o mais rápido possível. Mas agora só preciso esperar e, enquanto espero, estou escrevendo este post meio que como um desabafo e talvez em busca de algumas ideias. Talvez também não devêssemos entrar em uma CEX com um APR tão alto, mas aqueles de nós que vivemos nossos 20% de APR aqui no HBD podemos pensar que algo em torno de 10% pode existir para uma stablecoin.

Comments · 9

@pizzabot(60)· 15h
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@les90(73)· 15h
Crypto is full of surprises, after reaching Hive below 5 cents i also convert my Hbd into Hive because of the fear of depeg to get USDT because it was my savings from real money. We can hope that maybe HBD will bring back but i think if Hive still below ten cents it's hard to come back of HBD

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@kerrislravenhill(74)· 18h
To me it feels more like Crypto fatigue. Another alt coin goes under, rugged or what ever, the mourning period getting shorter to the point of feeling that I no longer fuss about it. Then another bites the dust, ho hum. Maybe it's because I have a lot of other assets that losing another few hundred CADs is just another day in Crypto world.
@indiaunited(71)· 19h
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@geneeverett(76)· 19h
Yeah it makes no sense holding stable coins in a APR account only trusting a third party. There good for transactions and not putting in risky bets like this. HBD peg is even more risky for different reasons. Here’s an idea, don’t put funds in risky positions.
@hivebuzz(74)· 22h
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@arribaeltelon(67)· 1d
What a stressful situation, @gwajnberg! Going through the uncertainty of a CEX closing and seeing withdrawals delayed is nerve-wracking. I hope your transfer to Binance is processed soon and you recover each [unclear - possibly "each"]

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@vipservice(58)· 1d
Crypto has become a wasteland of constant closures, hacks and insider thefts. Even Balancer has announced they want to vote for a DAO wind down and payout to BAL token holders. You can't really trust many ecosystems anymore, but I feel like HIVE is so decentralized it's destined to survive through sheer grit and determination alone.

At the end of July I had sold most of my crypto holdings, with the exception of the Hive Power I just added, because I feel like the market is just dead. No volumes and no retail interest as the seemingly endless supply of new tokens confuses and dilutes the liquidity out there. Most people either heard of crypto and know what it is or don't care much about it. I would say we have even reached fairly close to mass adoption, or a saturation point which is already hard to surpass. Nearly 1 out of 10 and up to 1 out of 4 Americans either hold crypto or have held crypto according to different surveys.

As for where I've been putting my money this year - I decided that the stock market is much safer in terms of security and potential profits. Compared to crypto which has been an enormous thorn in my side since the October 2025 crash. We know crypto won't be going anywhere any time soon but it certainly isn't in a good light with the current price action.
@hive-br.voter(54)· 1d
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