Keeping your private keys safe and sound is everyone priority, after all, if you manage to lose the key then all of your hard earned cryptocurrency will simply disappear. Although, most people seem so to have a tough time coming up with ideas on where to keep their keys safe. According to Changpeng Zhao (CZ), the CEO of cryptocurrency exchange Binance, thinks people should keep them on an exchange. Although, others have warned to not listen to this awful advice.
After the news of a hack on the New Zealand cryptocurrency exchange Cryptopia, Zhao tweeted out,
Exchange owner tells people to keep their coins on exchanges. 🤔— WhalePanda (@WhalePanda) January 15, 2019
Absolutely horrible advice. pic.twitter.com/zOD6RVdxq0
Plenty of people replied back stating that this was an incredibly bad idea.
Other players are also warning against this advice as well. Co-founder and CEO of cryptocurrency exchange, Jesse Powell, tweeted:
PLEASE do not store more coins on an exchange (including @krakenfx) than you need to actively trade. Use @LedgerHQ or @Trezor. DEXes are not a panacea — look at The DAO. Open source just means exploits will be discovered sooner (probably not by good guys). 🙏 https://t.co/LmzhtCjpM0— Jesse Powell (@jespow) January 16, 2019
With all of the backlash hitting him hard, Changpeng Zha had to back track and quickly responded with,
“Some people seems to misread this tweet. It lists 3 options. It does not say which option is better than another, as that depends on each person’s security skill, preference, fund allocation, etc. Most importantly, it is an ad for the [Binance DEX]. My bad for not making it clear,”