In a recent tweet, the General Director of the Binance Chanpen Zhao proposed his own solution for the safe storage of crypto-currencies.
In particular, after the recent hacking Cryptopia it is advised to store coins in the wallets of the exchange, claiming that it is safer than storing on personal devices:
“Self-storage of coins. You are fighting hackers and make an effort not to lose access to their wallet. In addition, you may break the computer, lost USB. Storage on the exchange. Use only the most reliable and trusted exchange. Or go to DEX”
His tweet caused a wave of criticism, since it was a direct contradiction of the news about the hacking of Cryptopia. Trying to defend their point of view, Zhao replied opponents, but even more linked in the absence of logic.
One of the users asked the head of the exchange to enter the insurance, since he is so sure of the invincibility of their exchanges. Known cryptoanalysis WhalePanda called the Council “absolutely awful” and recalled the infamous story of MtGox.
Seeing this reaction, Zhao explained that he was misunderstood, in fact he wanted to say something quite different:
“…in my tweet does it say that any option is better than another, it all depends on the skills of a particular person, his preferences, localization tools, etc. Most importantly, this is for #BinanceDEX. Too bad that I haven’t clearly explained it.”
As we can see from this message, the motive for the treatment of Zhao to the community remains unclear. Perhaps the reason for this General decline in trading activity on the stock exchange and as a result lower yields. It can also be related to the last major withdrawals with Binance.
Today CEO of cryptocurrency exchange Kraken, Jesse Powe said that users should not store your cryptocurrency on the exchange in greater volume than is necessary for active trading. For all other cases, the owners of digital currencies needs to use a trustworthy hardware wallets, for example, Ledger and best wallet.