Livecoins
Binance Founder Claims Exchanges Safer Than Self-Custody After $131M Bitcoin Theft
August 5, 2026•09:33 AM
Binance CEO Changpeng Zhao has ignited controversy in the crypto community by claiming that holding cryptocurrencies on centralized exchanges is safer than self-custody. This statement comes in the wake of a recent theft of 2,054 bitcoins (US$131 million) from Coldcard wallet users, highlighting the risks of individual digital asset management. Zhao's position directly contradicts the 'not your keys, not your coins' philosophy that many crypto advocates consider fundamental to digital asset security. Despite the claim from the founder of the world's largest exchange, historical data reveals a complex risk landscape on both sides. Exchanges face regulatory challenges, security vulnerabilities, and operational failures that have resulted in billions of dollars in losses for customers, as seen in cases like Mt. Gox and FTX. Meanwhile, self-custody demands rigorous technical knowledge from users and protection against physical and digital threats, creating a security dilemma for cryptocurrency investors at all experience levels.
This is a summarized and adapted version by Artificial Intelligence. To read the complete original story, visit the official source.
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