Warning About Cryptocurrency Platforms by the Turkish Presidency!

The Presidential Digital Transformation Office has released a video with warnings about cryptocurrency trading platforms.

A warning about cryptocurrency platforms has been made by the Turkish Presidency. The Presidential Digital Transformation Office has recently released a video. In the video, a warning was made about cryptocurrency trading platforms. In the post made by the Digital Transformation Office, following statements took place: "The number and users of crypto asset trading platforms are increasing day by day, and conscious use is very important at this point. We have compiled the details that you need to pay attention to in order to choose the right platform and make safe transactions.” In the video published with the title of warnings regarding cryptocurrency trading platforms, attention was drawn to the following issues: 1- Since crypto assets are not physical, they can only be stored in electronic environments, and two different environments, cold and hot wallets, can be used. Wallets that are connected to the Internet and that the user does not need any hardware for their storage are called hot wallets. 2- If crypto assets are stored using a hot wallet; The security of crypto assets is entrusted to hot wallet service providers. Cold wallets are wallets that are connected to the internet only during the exchange of crypto assets. It is stored in a hardware independent of the computer, and there is no internet connection other than trading. Cold wallets should be used if the security of crypto assets is not to be entrusted to third parties. 3- There is no official standard for hot and cold wallets; For this reason, hot and cold wallets cannot be controlled according to a certain standard. Therefore, to store real money, money storage mechanisms such as official bank accounts that countries consider safe should be used, not hot and cold wallets. 4- During the trade of crypto assets, platforms with high crypto-asset stock market scores should be used, as much as possible, based on the internet traffic of the platform, average cash holding, trading volume and confidence in the accuracy of the volume reported by the exchange. 5- The risk of encountering irreparable situations such as the disclosure of personal data or theft of assets on the platform as a result of cyber attacks should be taken into account at any time. The institution, which warned about cryptocurrency investments, made the following statements: “Before investing in cryptocurrencies, it is necessary to examine the 'White Paper' (Prospectus) containing information such as what it was developed for, what the technology behind it is, how it will provide sustainability, and invest accordingly.”