Kraken CEO suggested traders move the coins to cold wallets

Jan 16, 2019 Forex News

In his Twitter, Jesse Powell, Kraken CEO, after a recent attack on the Cryptopia platform, suggested investors transfer their coins to cold wallets.

Powell accented:

“Please don’t store your coins on the exchange, including Kraken. Use Ledger and Trezor Wallets”

According to the CEO of Kraken, the above-mentioned hardware wallets will allow traders to protect their funds from theft, since the coins will be stored offline.

Jesse Powell posted his post after the general director of Binance, Changpeng Zhao suggested the traders transfer their tokens to the most reliable trading platforms.

According to Zhao, storing cryptocurrencies on a reliable exchange is much more convenient and safer than using cold wallets.


Binance CEO's suggestion was criticized by many Twitter users. Some of them supported the position of Jesse Powell and noted that the use of the cold wallets is much safer than storing coins, even on reliable platforms.

One of the users, Pierre Roshard, commented on Zhao’s proposal with the message:

"Individual exchange accounts were hacked, not individual wallets. It is distressing, but not surprising, that industry leaders are spreading incorrect information."

to other news

All news
BTC/USD price analysis, July 28

Despite the short-term effect of rumors that Amazon was going to accept Bitcoin this year and the subsequent pullback, the BTC/USD pair was able to find support in the area of $36500 and start a new rally. As a result, today the BTC/USD pair was able to rise

Mar 2, 2023 Forex Forecast

Changes to Commodities and Indices Trading on Independence Day

Dear clients, Please note that due to Independence Day celebrated in the USA on 4 July 2022 you may experience the following changes: Monday, July 4rdMetal CFDs: trading closes at 21:30. Indices CFDs: Europe 50 (#ESX50): trading closes at 23:00; France 40 (#FCHI): trading closes at 23:00;

Jul 1, 2022 Company News

On March 13th MetaTrader Switches to Summer Time (GMT+3)

On March 13th, 2022 TenkoFX will switch its trading servers 1 hour ahead, from GMT +2 to GMT +3. The change will affect all types of TenkoFX trading accounts. In ECN, STP accounts summer time will take effect starting with the market opening on Monday, March 14th, 2022. In Crypto

Mar 10, 2022 Company News

Changes to Trading Hours on US President’s Day (February 21)

Dear Clients, Please note that due to President’s Day in the US on February 21, 2021, trading hours for some financial instruments will be changed as follows: Spot commodities CFD:Gold (XAUUSD) - trading ends at 21:30;Silver (XAGUSD) - trading ends at 21:30;US Crude (XTIUSD)

Feb 14, 2022 Company News