CZ responds to Cryptopia hack with suggestions for keeping your coins safe

15 Jan, 2019 | Updated: 15 Jan, 2019
by Richard Allen
News
CZ responds to Cryptopia hack with suggestions for keeping your coins safe

In light of the recent Cryptopia hack, Binance chief executive CZ has taken to Twitter to share his thoughts on how to keep your crypto investment safe.

Read more: Breaking: New Zealand cryptocurrency exchange Cryptopia hacked

CZ suggests that if you opt to store your crypto yourself you are in complete control of your coins. However, it also means that you have to face threats on your own. Storing your own crypto also comes with the responsibility of keeping track of your USBs and your wallet as well as running the risk of your computer dying.

WATCH: Cryptopia: Exit Scam or Hack?

Alternatively, you could store your coins on an exchange. However, as we’ve seen time and again, exchanges are prone to being hacked. The final option is to move your funds to a decentralized exchange. All these options come with their own pros and cons.

WhalePanda criticized CZ’s suggestions, saying that telling people to store their coins on exchanges is “absolutely horrible advice.”

However, as one Twitter user pointed out, WhalePanda may be missing the point. Instead of implying that one store’s all their coins on an exchange, CZ is simply listing the available options.

Ms Crypto-Lite responded to WhalePanda’s tweet suggesting that the best way to keep your coins safe is a combination of all three.

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