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Changpeng Zhao has addressed his millions of X 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.
Gamza Khanzadaev3 key steps to crypto security from CZ
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. The guide that he updated this weekend explains in detail what he meant and what additional steps to securing their crypto stash can and should be taken by users. CZ admitted that for those who have only $200 worth of crypto, a regular wallet will do. But those who hold their entire life’s savings in cryptocurrencies must ensure they employ solid security measures.
The guide revolves around three key pieces of advice shared by CZ with the crypto community:
1: "Prevent others from stealing."
2: "Prevent yourself from losing it."
3: "Have a way to pass them to your loved ones in the event that you become unavailable."
Yuri MolchanFollowing these steps is not so easy
CZ admitted that following his advice may be far from simple and easy. Therefore, he 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. One of the key recommendations here is “to protect crypto against yourself,” which means having a lot of backups in case your wallet is damaged/lost.
Finally, CZ also recommends using reputable centralized exchanges.
Dan Burgin
Vladislav Sopov