Down exchange: CEO Kraken advised to keep crypt on hardware wallets

The incident with the burglary of the exchange Cryptopia has become a major topic of discussion in cryptocommunist this week. On the news about the hacking of the head of the Binance, Chanpen Zhao gave a rather controversial recommendation is still to keep your coins on the exchange. But Kraken CEO Jesse Powell completely disagree with him. Who is right?

Exchange — your bro

Initially, Zhao outlined three ways to store cryptocurrency:

  • independent, that is on the wallet;
  • in a decentralized exchanger;
  • on account of the exchange.

From all three it is the latter is supposedly the safest. However, Zhao recommends to use only the most reliable and popular trading platforms.

Tweet CEO Binance caused a real flurry of emotions. He immediately remembered the case with Mt. Gox, because before hacking the infamous exchange was considered one of the safest places to exchange your bitcoins. However, even a decentralized exchange do not provide sufficient level of security. In 2018, the hackers managed to steal $ 12 million from DEX Bancor.

Keep crypt on hardware wallets

Kraken CEO Jesse Powell also criticized the statement of the Zhao. According to him, the most reliable way to store digital assets are the hardware wallets like the Ledger and best wallet.

Decentralized exchange is not a panacea. Remember The DAO. Open source gives you the ability to quickly find vulnerabilities. Unfortunately, they not always find the “good guys”.

C of day of the fall of Mt. Gox was hacked back a lot of cripture. Under attack proved even the most famous trading platform. According to the analyst Pierre Rocard of Bitcoin Advisory statements CEO Binance not have enough evidence of benefit exchanges. In other words, always keep the updates only on those wallets that control you.


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