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Crypto

CZ: Centralized Exchanges Safer Than Self-Custody

Guavy AI Editorial Team
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Changpeng Zhao (CZ), former CEO of Binance, weighed in on a debate about crypto storage methods. Analyst Willy Woo had shared statistics showing that users lost 1.57 million BTC due to self-custody and 1.51 million BTC due to exchanges.

CZ argued that storing assets on centralized exchanges is statistically safer than self-custody, citing the easier availability of information about exchange hacks compared to self-custody losses, which often go unreported.

He noted that exchange statistics are also affected by platform bankruptcies and emphasized the importance of a balanced approach to crypto storage.

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