Against the background of Cryptopia hacking, experts share the best cryptocurrency storage methods.


The chapter Binance recommends storing bitcoins on DEX. CEO Kraken prefers hardware wallets.

Against the backdrop of the hacking of the New Zealand cryptocurrency exchange Cryptopia, bright representatives of the industry were quick to express their opinion on the incident and advise users on the best methods for storing digital assets.

So, Changpeng Zhao, the CEO of the Binance platform, where funds stolen from Cryptopia were found, advised choosing only the most famous, reliable and proven exchanges for cryptocurrency storage, if this method is a priority for the user.

And it is better to go to the decentralized exchange (DEX), which can provide maximum protection for investments. Zhao also spoke about self-storage of coins, stressing that in this case, the user fights hackers himself in the event of an attack, and there is also the likelihood of loss of confidential wallet data, computer damage, or loss of USB.

In response to such statements, many representatives of the community expressed suspicion that Zhao was thus trying to advertise his decentralized platform, Binance DEX, however, Changpeng was quick to refute this assumption, saying that he was misunderstood in the community, and tweets in defense of DEX were not an advertising move.

In addition, in response to the advice of the head of Binance, many users cited the example of the “largest, reliable and proven” MtGox exchange as an example.

Jesse Powell, general director of the Kraken exchange, did not agree with the position of the head of Binance, saying that DEX is not ideal security, such platforms can also be hacked. Powell did not recommend that users keep large amounts of funds on stock exchanges (and Kraken is not an exception), and only start up the sums necessary for trading. The safest wallets, according to the CEO Kraken, are physical cold wallets like Ledger and Trezor.

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