The collapse of FTX has triggered an increase in calls for crypto self-storage this week, including Binance CEO Changpeng Zhao, who described it as a However, some have warned that there are still risks when choosing to hold your digital assets yourself.
Ethereum co-founder Vitalik Buterin emphasizeon Twitter that while decentralized finance and crypto self-storage are gaining in popularity this week. But there are also associated risks, such as smart contract code bugs, that are part of these risks. To avoid this, Buterin also mentions some tips, such as code simplification, audit , formal auditing, and in-depth protection.
In addition to the shortcomings of the smart contract code, the transfer of crypto assets after death Watchdog Capital CEO Bruce Fenton conducted an experiment, asking relatives and friends to return their coins as if they were broken.life According to Fenton, without a legacy plan, crypto self-preservation would not be complete.con
Tom Dunleavy, research analyst at crypto data platform Messari conthat self-storage of crypto “Unwanted by 95% of the population.”
According to Dunleavy, welcoming billions of users requires safe, transparent and reliable moderation. And he argues that most people need protection and backup.
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