Bitcoin Household Says They Are Shifting $1M in Crypto to Decentralized Exchanges After FTX Collapse


In October 2017, Netherlands native Didi Taihuttu and his household bought all their invaluable belongings and their home for bitcoin. The choice paid off and the Taihuttu household has traveled all around the globe and not too long ago moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu informed CNBC that after storing crypto in chilly storage, centralized alternate (cex) platforms, and decentralized alternate (dex) protocols for years, the Dutch household has determined to proactively switch $1 million in digital property to dex protocols as a way to have extra management by way of self-custody.

Didi Taihuttu and Household Are Taking Proactive Steps to Self-Custody Their Crypto Belongings

Simply over 5 years in the past, Information reported on the Taihuttu household after they determined to promote their dwelling, kids’s toys, and autos to allow them to accumulate bitcoin (BTC). On Wednesday, the patriarch of the household, Didi Taihuttu, spoke with CNBC and defined that the household is transferring $1 million in crypto property to dex protocols following the FTX collapse.

The Taihuttu household in November 2022. Didi defined to CNBC that the Taihuttu household at the moment retains 73% of its cryptocurrencies in chilly storage.

Taihuttu detailed that earlier than the choice to proactively transfer the funds from cex platforms to dex protocols, the household saved a fraction of funds on buying and selling platforms like Bybit and Kraken. “If you happen to by no means ship your bitcoin to an alternate,” Taihuttu mentioned, “your bitcoin stays in your individual pockets, which means you will have full custody of your cash. [But] you connect with a dex, and by making that connection, you commerce out of your individual pockets.”

Taihuttu continued:

If the dex collapses, it doesn’t matter, as a result of the bitcoins are at all times in your individual pockets.

Taihuttu defined that he discovered his lesson in 2017 when the cex platform Cryptopia was hacked and he misplaced 4 bitcoins. “From that second, I used to be at all times trying to find options,” Taihuttu mentioned. So far as FTX is anxious, Taihuttu insisted that “too many influencers had been paid an excessive amount of cash to advertise that one.” The household wouldn’t disclose how a lot they owned in crypto property however they did say roughly $1 million price of BTC, ETH, LTC, DOT, and different tokens can be moved to decentralized exchanges.

Taihuttu says the present drama related to FTX is much like what occurs each bitcoin cycle. “We appear to get that lesson each bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama each time,” he added. Taihuttu wholeheartedly believes BTC is holding regular, and easily doing what the main crypto asset at all times does.

“Trying on the present scenario: We have now an enormous struggle happening, we’ve got an enormous monetary disaster, we’ve got FTX, we’ve got Celsius, we’ve got a number of bear market alerts,” Taihuttu informed CNBC. “I believe that bitcoin is absolutely holding sturdy at $16,800. For me, bitcoin continues to be doing excellent and nonetheless doing what it at all times does: Being a decentralized foreign money that’s usable by all individuals everywhere in the world,” Taihuttu concluded throughout his interview on Wednesday.

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