Binance CEO Addresses Issues on Wallets Securities

Binance's CEO, Changpeng Zhao (CZ), talked on Twitter about the safety of using personal wallets to store cryptocurrencies. He supports using these wallets but says users should know what they are doing.

David A. Harding, a technical writer, pointed out some problems with certain wallets. CZ responded by saying that while personal wallets give users more control over their money, they also come with risks.

After a report from Fireblocks showed security issues in 15 big wallet providers, CZ said one of these problems was in a system Binance shared openly. But, he thanked Fireblocks and said Binance users' money was safe.

Fireblocks, known for studying security in crypto, found problems named "BitForge" in some systems. These issues could let a bad person get a secret key from just one device. Fireblocks told over 15 wallet providers about these problems.

Even though Binance fixed the problem in their system, it shows that all ways of storing crypto can have risks.