Starknet did WHAT?!

Apparently, a popular Ethereum L2 called starknet recently asked their users to upgrade their accounts. If you missed that announcement, then your account went to ZERO when they released a network upgrade.

But don't worry. This action only dropped half a million dollars in total value. It was all held in old, untouched accounts anyway...

Fortunately, the stark team saw reason and turned the upgrade path back on for users. So, no one actually lost funds yet.

It's common advice to keep your crypto in self custody wallets instead of relying on centralized exchanges for long term storage. It's also important to keep your crypto directly on the L1 whenever possible. L2s have varying levels of centralization. Best to avoid long term reliance on centralization when it comes to your crypto.

Not your keys, not your coin.

Not your network, not your coin.

-Luke

P.S. just because it settles on a decentralized network doesn't make it decentralized itself.