American police unintentionally published the words of recovering a suspect’s wallet + video

The FTX exchange crisis reminded many investors that using non-trusted wallets is the safest way to store Bitcoin and other digital currencies. Now, after the US police inadvertently released the phrase “recovery of a suspect’s wallet”, the debate about the dangers of different ways of storing digital currencies has heated up again.

To the report Kevin Telegraph, a top-rated video on Twitter, shows two police officers searching a suspect’s car and finding scraps of paper. It is clear that the suspect had a lot of faith in using non-trusted wallets; Because after opening the papers, the words to retrieve his wallet written on a piece of paper are inadvertently revealed. A popular way to prevent online disclosure of information.

After this incident was recorded by the camera installed on the police officer’s uniform, the phrase of recovering the suspect’s wallet becomes public information.

After seeing the video, Binance CEO Chang Peng Zhao warned investors to learn the dangers of the various methods available to store cryptocurrencies. He said:

I am in favor of free choice. Feel free to use any method you like to store your digital currencies. But also learn the risks of each method.

The video sparked a debate about the best way to store wallet recovery phrases, which seems to be the case. While the idea of ​​memorizing a recovery phrase, a unique 12- or 24-word combination, seems safe; Zhao pointed out that the problem of transferring it to someone else (in case of an accident) and forgetting are two of the biggest problems with the way important information is stored in the brain.

The arrest of Sam Benkman-Fried, the former CEO of the FTX exchange, on charges of misappropriation of client funds was seen as a wake-up call to rethink long-term cryptocurrency storage strategies.

While the first reaction of users was to withdraw their assets from digital currency exchanges, CEOs of this exchange stepped forward to ensure the safety of investors’ assets; Regardless of where they intend to store their digital currency.

On the opposite side of the spectrum, Ray Youssef, CEO of digital currency exchange Paxful, supported the idea of ​​storing bitcoins in non-trusted wallets. He promised to remind investors every week to withdraw their assets from exchanges.

He mentioned:

My responsibility is only to help and serve you. That’s why today I’m messaging all our users to move their bitcoins to non-custodial wallets. You should not keep your savings in Paxful or any exchange and only the amount you keep in the exchange you trade with.