Forex and Crypto News

Kraken CEO suggested traders move the coins to cold wallets

14:41 16 January /2019

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”

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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.

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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."

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