Bitcoin Family moving more than $1 million into DEXs after FTX collapse
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, 2022-11-30 12:22:51,
The Taihuttu family in November, days after moving back to Phuket.
Didi Taihuttu
Confidence is quickly eroding in the crypto sector, as it faces a wave of bankruptcies and investigations into Sam Bankman-Fried and his failed exchange, FTX, for losing and misspending billions of dollars in user deposits.
But Didi Taihuttu, his wife, three daughters, and Teddy, a Pomeranian puppy they adopted in Portugal last year, are as confident as ever in their bet on bitcoin — they’re just changing how they store it.
Ever since liquidating all of their assets and buying bitcoin in 2017 back when it was trading at around $900, the Taihuttus have safeguarded their crypto riches in three main places: centralized exchanges (CEXs) like Bybit and Kraken, decentralized exchanges (DEXs) like Uniswap, and hardware wallets hidden in secret vaults on four different continents. But as digital asset brokers, lenders, and exchanges continue to fall into bankruptcy — locking up customer funds in the process — the Dutch family of five is proactively moving $1 million in crypto into decentralized exchanges, which allow users to hang on to custody of their tokens.
“For me, bitcoin is still about freedom, and decentralized currency should be able to be used by everyone in the world without needing to do KYC or any other regulatory stuff,” Taihuttu told CNBC, referring to the…
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