Commenting on the news about the hacking of the NZ crypto currency exchange Cryptopia, CEO Binance Chanpen Zhao (Changpeng Zhao) wrote in Twitter his opinion about the three options for storing digital assets: independent, centralized and decentralized exchanges.
Store coins yourself. You fight hackers yourself, and guard yourself from losing wallet. Computer breaks, gets lost USBs.
Store on an exchange. Only use the most reputable, proven secure exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD
— CZ Binance (@cz_binance) January 15, 2019
In his opinion, in the first case, there is a risk, for example, damage to your computer system or loss of the USB device with the keys in the second it is advised to use only the most reputable centralized exchanges and, in fact, was recommended to go to decentralized.
Later the tweet with the question “Maybe it’s time for a new DEX?” was widely perceived as the promotion launched a decentralized exchange company Binance DEX. Chanpen was forced to defend himself, saying that his tweet “not understood” and “it is clear that this is not advertising”. In his message he put the tag #BinanceDEX.
However, not all agreed with the head of the Binance security storage scriptactive on decentralized platforms. Kraken CEO Jesse Powell (Jesse Powell) wrote:
“DEX is not a panacea. Look at DAO. Open source only means that the exploits will be detected early (probably the bad guys)”.
PLEASE do not store more coins on an exchange (including @krakenfx) than you need to actively trade. Use @LedgerHQ or @best wallet. 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
Powell urged not to store on the cryptocurrency exchanges more than necessary for trading. Instead, it is better to use a hardware wallet like Ledger and best wallet, the head of the Kraken.
About credible kryptopyrrole reminded Chanpen Zhao that MtGox at the time of the crash was “very authoritative”. As to the security of decentralized sites you can also recall the recent hacking of the platform Bancor.
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