Binance CEO, CZ Binance has proffered solution to the recent Cryptopia Hack that resulted in the latter announcing a sudden close down.
CZ said those who store their coins themselves fight hackers and guard their wallets from intruders without outside help. Advising against storing funds in computers and USB, CZ said computers can breakdown and USBs can get lost.
He furthered that cryptocurrency enthusiasts need to store their funds in the most reputable and secured exchange (possibly pointing to Binance Exchange).
CZ praised Decentralized Exchange, saying people can move fund to secure exchanges for safety reasons.
“Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost. Store on an exchange. Only use the most reputable, proven secure, exchanges. Or move to DEX, disrupt ourselves.”
CZ said these after the New Zealand-based cryptocurrency exchange Cryptopia went offline due to a major hack experience.
The exchange said on its Twitter account that it “suffered a security breach which resulted in significant losses.”
However, no special information regarding the loss, and the exchange has not stated if there will be any refund to customers. Since then, Cryptopia’s website, including its blog pages, is now offline.
“Cryptopia is currently in unscheduled maintenance mode. We will be back soon.”
However, according to Whale Alert 19,391 ether (ETH) tokens and approximately 48 million centrality (CENNZ) tokens were moved out of Cryptopia to unknown wallets on January 13.
Cryptopia hack is the first cryptocurrency exchange hack of the year, the small cap asset exchange says it has informed “the appropriate Government Agencies, including NZ Police and High Tech Crimes Unit who are jointly and actively investigating the matter as a major crime and they are assisting us with advice.”
According Coinmarket Cap, around $1 million USD was the 24hr trading volume on exchange before it was hacked.
Although, Cryptopia has not stated the exact cryptocurrency that was carted away, but according to Whale Alert, enormous amount of Ethereum (ETH) and centrality (CENNZ) tokens were moved out of the exchange on January 13th.
Condemnations Trail Binance CEO’s Suggestion
Cryptocurrency enthusiasts are already condemning CZ’s statement, claiming any online exchange appears secured until it’s security is breached.
WhalePanda, who first condemned CZ’s statement said MtGox was the most reputable exchange before it was hacked.
“Absolutely horrible advice. Remember when MtGox was the most reputable exchange?”
“There’s always a way an exchange could get compromised. If you’re 100% confident you’re a scammer.”
Another enthusiast said: “Why don’t you promise insurance if you’re so confidence with your exchange?”
Hacking has been a major problem of cryptocurrency exchange. Different platforms have been hacked in recent time resulting in millions of Dollar loss.