The Graveyard Shift: 15 Years of Centralized Exchanges That Keyed Into Oblivion 🔑

The debate over centralized exchanges versus self-custody has resurfaced after X user MASTR published a database listing dozens of centralized cryptocurrency exchanges that have shut down over the past decade. The list, drawn from bankruptcies, hacks, seizures, disappearances, and planned closures, includes entries spanning from MyBitcoin in 2011 to recently announced shutdowns in 2026 and 2027. Among the latest additions are BitMEX, scheduled to close on September 23, 2026, BitMart on January 31, 2027, and AscendEX, which ended operations on July 1, 2026.

Other well-known cases on the list include Mt. Gox, FTX, QuadrigaCX, Cryptopia, Hotbit, Bittrex, and BitForex. MASTR stated that "This is the list of all centralised exchange closures currently recorded in my database. Across these failures, hacks, bankruptcies, seizures and disappearances, users lost enormous amounts of money." The post argued that centralized exchanges operate by holding customers' private keys after deposits, managing internal account balances and determining when withdrawals are processed.

From that structure, MASTR concluded that self-custody remains the only way users retain direct control of their digital assets, repeating the widely known phrase, "Not your keys, not your crypto." The discussion continued after Binance founder Changpeng Zhao commented on the complexity of acquiring centralized exchanges. In a post on X, Zhao said purchasing a crypto exchange differs from acquiring many other businesses because security risks may remain hidden after a transaction is completed.

According to Zhao, an acquired platform could contain legacy backdoors or previously undiscovered security issues created by earlier development teams. He said a security incident could emerge after an acquisition even if ownership has changed, and added that exchange acquisitions remain possible but require greater caution because technical risks may not become visible immediately. The posts from MASTR and Zhao focused on different aspects of centralized exchanges but centered on the same issue of custody and security.