Binance founder CZ issues urgent warning: Protect your cryptocurrency

Recently, former Binance CEO Zhao Changpeng issued a critical warning to all cryptocurrency users: Never use shared private keys or pre-configured wallets. Such highly risky actions could put your funds in jeopardy, and once issues arise, the hope of recovering funds is extremely slim.

Shared wallets, hidden risks

Sharing private keys or mnemonic phrases undoubtedly opens the door to your wallet for others, and funds could be quietly transferred without your permission at any time, leaving you helpless. CZ bluntly stated that this is simply "a disaster waiting to happen," strongly urging crypto users to abandon such practices.

Asset Protection Guidelines

1. Self-control of your wallet: Always choose a wallet that only you can access the private keys to, keeping control of your wallet firmly in your hands.

2. Rapid fund transfer: If you have assets in a shared or insecure wallet, immediately transfer them to a secure wallet; don't give risks a chance.

3. Require direct transfers: When receiving funds, ensure the sender transfers directly to your personal wallet to reduce intermediary risks.

Realistic risk insights

In a shared wallet model, others have the right to reclaim funds at any time, while you find it difficult to prove your ownership, let alone effective remedial measures. CZ repeatedly emphasized that safety issues allow for no compromise.

CZ's mission in the post-Binance era

Since stepping down as CEO of Binance in 2023, CZ has been dedicated to pioneering in blockchain, artificial intelligence, and biotechnology, while tirelessly educating the crypto community on the safety of digital asset protection.