Zhao Changpeng: From a statistical perspective, storing cryptocurrencies on exchanges is more secure than self custodial wallets
Binance founder Zhao Changpeng responded to Willy Woo's data by stating that from a statistical perspective, cryptocurrency stored on exchanges is more secure than self custodial wallets. According to Willy Woo data, self managed wallets have lost approximately 1.57 million BTC, while exchanges have lost approximately 1.51 million BTC. Zhao Changpeng pointed out that data from exchange hacking attacks is easy to collect, data lost through self custody is difficult to count, and exchange data is affected by closed platforms. Exchanges such as Binance will provide full compensation for platform hacking attacks. Zhao Changpeng emphasized that different methods have different risk characteristics and are suitable for different groups of people. A balanced approach is more prudent.