Post by Augustine Chiagozie (@pabloexchange)

💸 CZ Says Exchanges Safer Than Self-Storage for Crypto

CZ, former head of Binance, responded to Willy Woo's data showing users lost 1.57 million BTC through self-storage versus 1.51 million BTC via exchanges. He noted that if the numbers are accurate, exchanges are statistically safer, as exchange hacks get more publicity than losses from forgotten seed phrases or user errors.

CZ suggested a balanced approach is likely the best solution. Meanwhile, Woo prefers a multisignature model over relying on a single seed phrase, citing its resilience compared to Coldcard vulnerabilities.

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