Skycoin won't freeze your wallet, but Cryptocurrency exchanges might
Fudders often claim that Skycoin will freeze your wallet, pointing to two incidents in which coins may have been frozen. In fact, in both cases the wallets were frozen by a cryptocurrency exchange, not by Skycoin.
The first incident occurred in early 2018 when a group of criminals embezzled approximately 150,000 $SKY and attempted to dump the stolen coins on Binance. Binance froze the criminals' exchange account, preventing them from withdrawing the stolen funds. The criminals subsequently spent seven months in a Chinese prison for their crimes. Full details including the police report and court documents can be found here.
The second incident occurred in June 2019 when cryptocurrency exchange C2CX claimed that Skycoin had frozen their cold wallet address. C2CX provided no evidence for this claim, and did not identify the wallet address that was allegedly frozen. C2CX also targeted a number of false accusations at 'the Skycoin CEO' (Skycoin doesn't have a CEO). C2CX is not a reputable exchange and is not recommended by the Skycoin team. C2CX is a Chinese exchange that is registered in Luxembourg. It is currently under investigation by the SEC and FBI in relation to money laundering. It is believed that C2CX may be exit scamming, and may have constructed the 'wallet freeze' story to cover up its own attempt to abscond with its customers funds.
The Skycoin blockchain is a distributed immutable ledger. As long as you keep your coins in a wallet that you own and to which only you know the private key, then it is impossible for the Skycoin developers or anyone else to move your coins. However, if you choose to keep your coins on an exchange, then you should be aware that your coins are at risk of theft or loss due to exchange hacks and exit scams. The article linked below discusses the best options for keeping your Skycoin safe.
The first incident occurred in early 2018 when a group of criminals embezzled approximately 150,000 $SKY and attempted to dump the stolen coins on Binance. Binance froze the criminals' exchange account, preventing them from withdrawing the stolen funds. The criminals subsequently spent seven months in a Chinese prison for their crimes. Full details including the police report and court documents can be found here.
The second incident occurred in June 2019 when cryptocurrency exchange C2CX claimed that Skycoin had frozen their cold wallet address. C2CX provided no evidence for this claim, and did not identify the wallet address that was allegedly frozen. C2CX also targeted a number of false accusations at 'the Skycoin CEO' (Skycoin doesn't have a CEO). C2CX is not a reputable exchange and is not recommended by the Skycoin team. C2CX is a Chinese exchange that is registered in Luxembourg. It is currently under investigation by the SEC and FBI in relation to money laundering. It is believed that C2CX may be exit scamming, and may have constructed the 'wallet freeze' story to cover up its own attempt to abscond with its customers funds.
The Skycoin blockchain is a distributed immutable ledger. As long as you keep your coins in a wallet that you own and to which only you know the private key, then it is impossible for the Skycoin developers or anyone else to move your coins. However, if you choose to keep your coins on an exchange, then you should be aware that your coins are at risk of theft or loss due to exchange hacks and exit scams. The article linked below discusses the best options for keeping your Skycoin safe.
How to Keep Your Skycoin Safe - Six Options for Storing Your Coins
The Skycoin Hardware Wallet