TheCryptoUpdates
Cryptocurrency News

Binance CEO’s Tweet Trolled For Advocating Storing Crypto On Exchanges

Binance

In a recent tweet by Binance CEO Changpeng Zhao,  he offered a solution to store cryptocurrency on crypto exchanges.  In the wake of the recent Cryptopia Hack, he advised storing coins on secure and prove exchanges is safer than storing them on your personal devices.

Tweeting on January 15, he said,

However, his tweet attracted a lot of critics as it was in contradiction to the news he posted about Cryptopia being hacked. His twitter responses were filled with flack, while some even placed confidence in the exchange. 

Trolled Heavily

Twitteratis took to trolling Binance Ceo’s tweet asking him to promise insurance if he is so confident about his exchange.  Some advised that any exchange can get compromised unless the exchange itself is a scammer.

WhalePanda  said,

Also Read: Constantinople Hard Fork Delayed: EIP 1283 to be blaimed

However, a few crypto enthusiasts placed confidence in Binance and its security infrastructure.

While such hacks are not frequent but they pose a threat to the stability of cryptocurrency and shakes the confidence of investors

Zhao’s Epiphany

He instantly clarified his motive was not to advise or recommend storing crypto on exchanges but merely attempted to promote. Furthermore, he wrote,

Hacking being the major issue faced by cryptocurrency resulting in huge losses, concerted efforts are being made to secure exchanges.

Also Read: ABCC Exchange Announces Listing of TRC10 Tokens

Related Articles

CoinMarketCap App is available for both iOS and Android

Shreya Singh

Bit Go to provide Custodial Support for Stable Coins

Vijaya Bharti (Author)

xRapid, Ripple’s product to go Live ‘in the next month or so’

Vijaya Bharti (Author)