Bitcoin Investors Receive Warning: Withdraw Your BTC from Exchanges Immediately!

Blockstream’s CSO and Pixelmatic’s CEO, Samson Mow, shared a warning message regarding the largest cryptocurrency, Bitcoin (BTC), from his personal account. Mow advised investors to withdraw their BTC from insecure intermediary platforms such as cryptocurrency exchanges and keep them in their cold wallets.

Warning to Bitcoin Investors

Mow addressed the risk of investors losing their cryptocurrencies due to the weak security of intermediary platforms such as cryptocurrency exchanges. He urged all Bitcoin investors to transfer their BTC to their cold wallets from cryptocurrency exchanges or other storage platforms. Mow stated, “By doing so, the BTC you have purchased will truly be under your control.”

Shortly before Mow’s warning, the Dogecoin (DOGE) team also issued a similar warning from their official Dogecoin account on X. The team highlighted the high level of suspicious activities and shady behaviors of centralized cryptocurrency exchanges and decentralized finance (DeFi). The warning message also emphasized the risks of these platforms exposing their users to unknowingly finance illegal or controversial socio-political or criminal plans.

The Dogecoin team recommended investors to withdraw their DOGE from cryptocurrency exchanges and store their assets in Trezor, Coinbase Wallet, and other self-custody wallets or decentralized cryptocurrency exchanges.

Bitcoin Miners Selling Heavily

The largest cryptocurrency, BTC, has experienced a 4.19% value loss in recent days and is currently trading at $26,732 at the time of writing. According to data from on-chain data platform IntoTheBlock, one of the main factors behind this decline seems to be miners dumping their BTC at an alarming rate.

According to this data source, miners have made the largest sale with a total of 20,000 BTC this week since April. Market analysts indicate that miners have started selling Bitcoin to cover their operational costs.