CEO Binance and Buterin reacted to Peter Schiff's BTC loss

by in Cryptocurrency News

Peter Schiff Changpeng Zhao

Changpeng Zhao, CEO of Binance crypto exchange, commented on an incident in which CEO of Euro Pacific Capital Peter Schiff lost access to his mobile bitcoin wallet.

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According to Zhao, centralized exchanges are the best way to store cryptocurrency. In particular, he cited the example of Binance, which through the SAFU fund provides insurance of client funds.

However, the words of CZ were met with a degree of skepticism: many remembered the repeated episodes of the site hacking.

In turn, Ethereum co-founder Vitalik Buterin said that part of the responsibility for the safe storage of funds lies with the wallet developers.

As a solution to the problem, he proposed to distribute parts of the key between proxies.

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Recall that Peter Schiff’s wallet was compromised on January 19 - the password for the wallet was invalid. The reasons for the incident are unclear.

Later, ShapeShift cryptocurrency platform CEO Eric Vorhes said that it was he who helped Schiff create a mobile wallet in 2018. He emphasized that Peter Schiff did not write down a password or a key phrase.