Summary
- Binance CEO CZ raised his support for self-custody wallets, despite the risks.
- Binance increased its maximum order limit for OTC trading across 16 cryptocurrencies.
- The trading price of Shiba Inu (SHIB) has experienced a surge after Binance’s announcement.
Binance CEO Supports Self-Custody Wallets Despite Risks
Binance CEO Changpeng Zhao (CZ) recently expressed support for self-custody wallets, despite their risks. CZ made this comment in response to a tweet citing potential security issues with randomly generated 32-bit seed phrases. He asserted that these wallets are not without risk, and urged users to be cautious and stay safe when using them.
Increased Maximum Order Limit for OTC Trading Across 16 CryptocurrenciesSurge in The Trading Price of Shiba Inu After AnnouncementRisks Associated With Self Custody Wallets
Despite offering advantages such as full control over private keys and improved privacy protection for users, there are some security risks associated with self custody wallets that should be taken into account before use. These include potential vulnerabilities due to random number generators using 32-bit seeds which can be cracked by modern GPUs; something that Trust Wallet and Binance wallet does not use when generating seed phrases .
< h 2 > Conclusion
In conclusion , although self custody wallets offer advantages such as full control over private keys , it is important to note that they do come with certain risks . Therefore , it is important to exercise caution when using them . At the same time , exchanges like Binance have taken steps towards increasing access to crypto assets through initiatives such as increasing its maximum order limit for OTC trading across multiple cryptocurrencies .