Binance CEO Sparks Debate Over Exchange vs Self-Custody Security

Binance CEO Changpeng Zhao has sparked controversy by citing data from Willy Woo that suggests it is statistically safer to hold crypto assets on exchanges than in self-custody. According to Woo's December 2025 analysis, 1.57 million BTC have been lost by investors storing their holdings in self-custody compared to 1.51 million from those keeping their assets on exchanges.

However, some critics argue that Woo's data omits recent security incidents, including the Coldcard hack, which is increasing stolen BTC totals and intensifying debates over custody security, hacks, and market confidence.