In a recent tweet, Zhao responded to popular gold bug and Bitcoin critic, Peter Schiff. Schiff complained about losing access to all the Bitcoin he has ever owned, adding that “owning Bitcoin was a bad idea.” In his response, Zhao says that it is better to use an exchange than to keep private keys.
“Many hardcore crypto [organizations] advocate storing your own keys. But the truth is, today most people are not able to secure a key even from themselves (losing it). A trusted centralized exchange is #SAFUer for most people. The numbers speak for themselves. Need to work on wallets.”
The incident cost Binance about $41 million.