# Your Bitcoin Isn’t Safe on an Exchange | Mt. Gox Victim Explains Why

Page: https://stenobird.com/podcast/bitcoin-success-school-7669520/your-bitcoin-isn-t-safe-on-an-exchange-mt-gox-victim-explains-why
Text version: https://stenobird.com/podcast/bitcoin-success-school-7669520/your-bitcoin-isn-t-safe-on-an-exchange-mt-gox-victim-explains-why.md
Podcast: [Bitcoin Success School](https://stenobird.com/podcast/bitcoin-success-school-7669520)
Published: 2026-01-24T07:00:00+00:00
Episode link: https://api.riverside.com/hosting-analytics/media/c812865634624d1237ae2e63afbcd389c1e0770725adccc30394883bdbcd206d/eyJlcGlzb2RlSWQiOiIyMTU0ZTBhZC04OTQxLTQ1YTQtOTE2NS0yZjgzNTQxZTBkYzMiLCJwb2RjYXN0SWQiOiJlYjdmMjU3NS02YzlkLTRkZTQtODMxNy02YTZmYmNjM2VjZWEiLCJhY2NvdW50SWQiOiI2NzdmZjg0ZDI4MTNiN2JjNjE4ZTIyZTEiLCJwYXRoIjoibWVkaWEvY2xpcHMvNjk3MmVhZDlkYWY3MGQ4MmExMDg4YzFhL2Zpbi1jcmVpZ2h0b25zLXN0dWRpby1jb21wb3Nlci0yMDI2LTEtMjNfXzQtMjgtMjUubXAzIn0=.mp3
Audio file: https://api.riverside.com/hosting-analytics/media/c812865634624d1237ae2e63afbcd389c1e0770725adccc30394883bdbcd206d/eyJlcGlzb2RlSWQiOiIyMTU0ZTBhZC04OTQxLTQ1YTQtOTE2NS0yZjgzNTQxZTBkYzMiLCJwb2RjYXN0SWQiOiJlYjdmMjU3NS02YzlkLTRkZTQtODMxNy02YTZmYmNjM2VjZWEiLCJhY2NvdW50SWQiOiI2NzdmZjg0ZDI4MTNiN2JjNjE4ZTIyZTEiLCJwYXRoIjoibWVkaWEvY2xpcHMvNjk3MmVhZDlkYWY3MGQ4MmExMDg4YzFhL2Zpbi1jcmVpZ2h0b25zLXN0dWRpby1jb21wb3Nlci0yMDI2LTEtMjNfXzQtMjgtMjUubXAzIn0=.mp3
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JSON: https://stenobird.com/v1/public/podcasts/bitcoin-success-school-7669520/episodes/your-bitcoin-isn-t-safe-on-an-exchange-mt-gox-victim-explains-why
Duration seconds: 2733

## Resource

In this episode, I’m joined by Philipp Hoenisch, co-founder of Lendasat, a company building Bitcoin-backed loans in a non-custodial way. Philipp learned “not your keys, not your coins” the hard way where he lost Bitcoin during the Mt. Gox collapse. We unpack what that experience actually felt like, why so many people still leave life-changing money on exchanges, and what self-custody really is. We also explore Bitcoin-backed loans, how they work, and the real risks (especially custody risks and liquidation). Need help doing self-custody properly and securely? ⁠⁠ ⁠⁠ https://bitcoinsuccessschool.com⁠⁠⁠⁠ Get 5% off your MicroSeed (Seedphrase Backup): ⁠⁠⁠ ⁠ https://microseed.io/?ref=fin⁠⁠⁠⁠ Follow me on X (Twitter): ⁠⁠ ⁠⁠ https://x.com/FinCreighton⁠⁠⁠⁠ Follow me on IG: ⁠ ⁠⁠ https://instagram.com/fincreighton⁠⁠ ⁠ Subscribe for new episodes: ⁠ ⁠⁠ https://youtube.com/@fincreighton⁠⁠⁠ Follow Phillip on X (Twitter): ⁠⁠ ⁠⁠https://x.com/ lendasat Find Lendasat here: https://x.com/ lendasat

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## Transcript

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