Centralised Crypto Exchanges Platform needs to do more

The financial world is changing and cryptocurrency has been at the forefront of that. It's normal to see people investing heavily either as an individual or through a broker/ Agent. Investing as an individual still tops the list but a lot of people still see investing with a firm as a viable option especially when the investor does not have a lot of time to monitor the market.

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With Microstrategy playing the frontrunner as the corporation that helps people acquire crypto, a lot of other establishments as followed these footsteps too. This has even prompted some individuals with no registered company to follow such lane and invite the public to invest with them after assuring them of certain rewards either at month-end or a designated maturity period.

The latter is probably how all investment firms work but the reward guarantee differs from each other. Also, in most cases, the crypto market determines how huge dividends paid could be or if any would even be paid. In circumstances where the market conditions are bad, it is usually quite hard for some crypto investment firms to even recoup capital invested, and talk less of paying dividends to investors.

Much of the bad market conditions have been what is at play for quite a while now and the market just started properly recovering 5 days ago. Traders have started making profits but I doubt if it sufficed for the losses made over the months; that's a story for another day.

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The business of the day is centered around an occurrence that happened 4 years ago a crypto trader who was trading with other people's money died while on vacation. His death was mysterious and sad but what was more painful was the fact that he died with over $25 Million of other people's money in his crypto trading account which happens to be a centralized exchange platform in Canada.

Although this event happened in 2018, I can bet that a lot of cases like this have happened even before this and after this. After the trader's demise, it was reported that the crypto exchange firm where the trader's money was refused to give the Trader's Wife his money on their platform and that led to over 72,000 people who have invested in him losing their money too. To know more about this story, Kindly watch Trust No One: The Hunt For The Crypto King on Nextflix (It happened to be a documentary recounting all that happened).

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Some of the investors filed lawsuits against the crypto exchange firm and it yielded nothing. As of the time of this publication, The said crypto firm is said to have folded up and I feel the reason would be because of how they handled matters in 2018. Investors' and Trader's money was gone forever and the exchange took the chuck of the peoples' money.

A recently popular saying in Nigeria goes thus that "spend your money, crypto no get next of Kin", this means that it is better you enjoy your money than leave it in crypto because there is no next of kin in cryptocurrency. Well, to a large extent, it sounds true that although things have changed a lot in the crypto space as of 2022, more still needs to be done to ensure the easy transfer of a dead user's fund to his next of kin. This should seriously be considered.

I have lots of suggestions in my head on how to make this successful without even tampering with the security of the life of the owner of the account in the first place. I hope this sparks some ideas and light in some of these centralized crypto exchanges and they develop and do better than they have done in the past.

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