FTX, Celcius, and Voyager are repeating the 17th century

In the 17th century the US had a wave of unregulated banks that took customers deposits and issued their own currencies. These banks of course were frauds that stole customers money or failed.

https://en.wikipedia.org/wiki/Wildcat_banking

FTX did this exact model:

1. Take customers money
2. Issue their own currency
3. Steal the real money
4. Let their issued currency crash

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How to avoid this:

1. Don't mess with any player that issues their own token (duh)
2. Don't mess with any player that is not in a country with serious legal crackdowns on financial scams (not fully proof as Mahinsky isn't yet in jail)
3. Don't mess with any player that is not fully audited by a major accounting firm (Coinbase is the safest as publicly traded US companies have lots of disclosure requirements)

tldr not your keys, not you crypto