Bill Lee, a founding partner of West Coast Holdings and an investor in Musk’s companies, tweeted that people should not consider them their crypto-holding until wallet keys are found.
In response to one of his words, Musk endorsed it and wrote, “Exactly.”
Musk did not elaborate on his approach, but it should come as no surprise that Musk, a supporter of DodgeCoin, is backing the idea of people holding their assets, rather than holding them on centralized exchanges.
Significantly, centralized exchanges remain the target of scammers. Hackers keep trying to break into the servers of these exchanges and steal the cryptocurrencies stored there.
Using a private crypto wallet not only reduces the risk of hacking, but also allows investors to hold onto their assets.
Crypto culture is booming all over the world, but at the same time scammers are targeting investors everywhere. Remember that recently the American financial services company Robinhood had exposed hackers trying to enter and break into their servers.
Earlier this week, the Shiba Inu’s official Twitter account also alerted investors that cybercriminals were trying to lure people into their trap. In a 50-second video tweeted to its 2 million followers, the SHIB team explained the scam, a fake Shiba Telegram group, being shared on social media. They target the hashtags #shib, #shibarmy, #leash, #shibaswap, #bone of the users.
A report in early April revealed that in the year 2020, there were crypto crimes worth about Rs 79,194 crore.