Self-Custody Wallets are Not Without Risks Says Binance CEO
- Binance CEO CZ raised his support for the self-custody wallets.
- Binance increased the maximum order limit for OTC trading across 16 cryptocurrencies.
Changpeng Zhao, the CEO of the world’s largest crypto exchange, Binance, stated that he is supportive of self-custody wallets. Moreover, self-custody wallets are not without risks. Through this tweet reply, CZ raised his support for the self-custody wallets.
Self custody wallets are not without risks.
— CZ Binance (@cz_binance) August 11, 2023
I am supportive of self custody, IF you know what you are doing.
Stay #SAFU! https://t.co/KnCxfNAxkd
On August 11, Changpeng Zhao replied to the tweet, mentioning that he is supportive of Self custody. A crypto writer tweeted that generating wallets using Libbitcoin’s Bitcoin Explorer, as described in the appendix to Mastering Bitcoin. Moreover, he added that if you do, your funds are at risk or have already been stolen. CZ tweeted that self-custody wallets are not without risks.
He also explains that this vulnerability is due to random number generators using a 32-bit seed. That is not sufficiently random against modern cracking such as GPUs. Moreover, Trust Wallet and Binance wallets didn’t use this for seed phrase generation.
Binance Increased the Trading Limits for SHIB
Recently, Binance increased the maximum order limit for over-the-counter (OTC) trading across 16 cryptocurrencies and 37 trading pairs. The OTC trading portal allows investors to place large amounts of buy and sell directly without disrupting the market.
The crypto exchange includes the dog-themed memecoins Shiba Inu and Dogecoin. And also added some popular cryptocurrencies Bitcoin, Ethereum, XRP, Polygon, BNB, Solana, and Litecoin to the list. According to the report, the exchange is continuously working to evaluate and increase high-quality assets and trading pairs on the OTC trading platform.
The trading price of Shiba Inu (SHIB) has experienced a surge after Binance’s announcement. At the time of writing, the Shiba Inu trading price is $0.00001004, with an increase of over 3.08% in the last 24 hours. The trading volume of SHIB has experienced a surge of 3%, according to CoinMarketCap.
Read more: https://thenewscrypto.com/self-custody-wallets-are-not-without-risks-says-binance-ceo/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
