I’m trying to get to the bottom of how secure/legit an crypto exchange really is in the first place.
What i mean is had people known that canadian Quadrex (?) was actually one dude with a master key to the cold storage of all coins and that he was siphoning his clients assets, then people would likely never had trusted this punk.
So i get that moving a coin to your personal cold storage is the way to go. You [juliana] I believe are either plain wrong, you know something the rest of us don’t or we’re both wrong.
In BTC blockchain we have information about transactions: sender, receiver and number of coins sent (simplified - I believe there’s other stuff like signature). So on initial purchase, the receiver is effecitvely you (but in reality it might be the exchange holding it for you in proxy). The sender, is the seller of the coins.
Meanwhile, on the exchange itself, their proprietary logs will show who the coins belongs to (your exchange login id - no SHA256 hash). Once you move the coin from an exchange to your cold storage, you’re changing the address of the asset. The receiver is now you. The sender is the exchange(?) is my guess.
Now and only now are your coins protected behind a SHA256 Hash key that your local cold storage device created. That means only YOU can move that asset again i.e. the exchange cannot lay it’s grubby hands on it.
So, yes, if you leave the coins on the exchange, you are are risk that someone internal on the exchange, who has access, can just go in and grab all your assets. Or someone breaks into your digital hot online wallet. Both are not safe.