61 exchanges have closed their doors in 2023, totaling 429 close downs since 2014. Most of them “just disappeared”: An update on The Exchange Graveyard.
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And in 2023 alone, 61 exchanges closed their doors.
This is an update on my regular analysis of exchanges. I’ve analyzed The Exchange Graveyard data in a previous post, and decided to do another round accounting for recent 2023 data. Here are the results!
183 (~42.65%) exchanges “just vanished” since 2014
This means that no reason whatsoever was given to customers or society as a whole. These “just vanished”. The categories and their percentages are:
Business reasons: 112 Hacked: 17 Just disappeared: 183 Rebranding: 53 Regulatory Reasons: 33 Scam: 32
These numbers represent an overall increase of 15.8% since the data was first analyzed.
In 2023, 61 exchanges went down
40 were Centralized Exchanges, 8 Decentralized and and 13 are classified as “others”, since the data has also e.g. “Contracts Exchange” in their classification.
TL;DR and advice
Most exchanges that closed down “just disappeared”. Also the vast majority of these were centralized.
Use exchanges as exchanges and take control of your keys by having a cold storage. Heck, if you don’t have the money to put on a cold storage unit just use a hot wallet of your choice. Make sure we avoid repeating 2013 and 2022.
submitted by /u/reddito321
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