Recently, Zhao Changpeng, the former CEO of Binance, issued an important warning to all cryptocurrency users: do not use shared private keys or pre-made wallets, as these are high-risk operations that can put your funds at risk, and in the event of a problem, the chance of recovering the funds is very small.
Joint portfolios, hidden risks
Private keys or shared help phrases, of course, open your wallet to others, and funds can be transferred at any time without your permission, and you won’t be able to do anything. CZ stated that this is a “disaster that can erupt at any moment,” and strongly urged cryptocurrency users to abandon such practices.
Asset Protection Guide
1. Self-control of the wallet: You should choose a wallet whose private keys can only be accessed by you, and keep control of the wallet in your hands.
2. Quick transfer of funds: If you have assets in a shared or unsecured wallet, transfer them immediately to a secure wallet, and do not leave a chance for risks.
3. Direct Transfer Request: When receiving funds, you should ask the sender to transfer them directly to your personal wallet, to reduce the risks of intermediary.
A vision of the dangers of reality
In a shared wallet model, others can claim your funds at any time, while you find it difficult to prove your ownership, let alone take effective measures for compensation. CZ reiterates that security issues do not accept any compromises.
CZ's Mission in the Post-Binance Era
Since stepping down as CEO of Binance in 2023, CZ has been involved in the development of blockchain, artificial intelligence, and biotechnology, while doing his best to spread knowledge about digital asset protection in the crypto community.
In the crypto world of opportunities and challenges, wishes are always at the forefront. Hold on to private keys, stay away from shared wallets, and always keep your funds under your control. Speaking of which, Dow finally seems to be optimistic about Musk’s dog pp, with the advent of clones, there is at least a chance of a 10x increase, and the community is over 20,000 people, interested brothers can follow it and not miss out!
