Binance CEO Criticized for Appearing to Advise Storing Crypto on Exchanges

Binance CEO Chengpeng Zhao (“CZ”) has come under attack after appearing to advise crypto holders to store their holdings on exchanges instead of on personal storage devices like USB drives or hardware wallets.

In a tweet, Zhao appeared to infer that the risk of self-storage is significantly greater than the risk of storing cryptocurrency on “reputable” exchanges like Binance.

Expectedly, the tweet came in for a barrage of criticism, not least because he actually posted it in response to news that Cryptopia, a New Zealand-based cryptocurrency exchange had just been hacked, with at least $2.44 million worth of ethereum (ETH) and $1.18 million worth of Centrality (CENNZ) transferred to several unknown wallets. While at press time it remains unclear whether hackers were behind the transfer or Cryptopia itself made the transfers for security reasons, Zhao’s Twitter mentions rapidly filled up with several negative responses.


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