tl;dr
Changpeng Zhao, CEO of Binance, updates a guide on crypto security in response to the recent Bybit hack. He emphasizes the importance of securing one's crypto and provides three key steps: preventing theft, avoiding loss, and ensuring access for loved ones. CZ acknowledges the complexity of implemen...
Changpeng Zhao, CEO of Binance, has updated a guide on crypto security in response to the recent Bybit hack. He emphasizes the importance of securing one's crypto and provides three key steps: preventing theft, avoiding loss, and ensuring access for loved ones. CZ acknowledges the complexity of implementing these measures and offers detailed advice, including safeguarding private keys and using reputable exchanges. The guide aims to help users, especially those with substantial crypto holdings, protect their assets effectively.
Changpeng Zhao has addressed his millions of followers to share how to keep their crypto secure. The advice was shared in the form of a guide launched several years ago but, according to CZ, he spent this Sunday updating it and disposing of the unnecessary parts of it. Apparently, this major update was made in light of the Bybit hack on Friday, when North Korean cyber criminals got away with $1.4 billion worth of Ethereum.
CZ began his tweet by saying that he feels pain when seeing “the lack of security awareness among crypto users.” He also mentioned that many advanced setups “are hard to follow and easy to screw up.” Though CZ admitted himself to not being an expert in crypto security, he shared three key steps to storing one’s coins safely, in layman’s terms.
Following these steps may be far from simple and easy. Therefore, CZ provided a detailed guide to clarify what those three simple steps actually include. It is important, the guide says, to keep your private key secure with multiple backups to prevent losing your gadgets or having them damaged. It is also important to make sure that your family can access your crypto after you pass away. CZ gives a step-by-step guide on how to store crypto on your computer, a hardware wallet. Finally, CZ also recommends using reputable centralized exchanges.