{"id":509747,"date":"2022-11-14T05:38:42","date_gmt":"2022-11-14T02:38:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cz-and-saylor-urge-for-crypto-self-custody-amid-increasing-uncertainty\/"},"modified":"2022-11-14T05:38:42","modified_gmt":"2022-11-14T02:38:42","slug":"cz-and-saylor-urge-for-crypto-self-custody-amid-increasing-uncertainty","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cz-and-saylor-urge-for-crypto-self-custody-amid-increasing-uncertainty\/","title":{"rendered":"# CZ and Saylor urge for crypto self-custody amid increasing uncertainty"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a276b197cf98\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a276b197cf98\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cz-and-saylor-urge-for-crypto-self-custody-amid-increasing-uncertainty\/#%E2%80%9D_CZ_and_Saylor_urge_for_crypto_self-custody_amid_increasing_uncertainty_%E2%80%9C\" >&#8221; CZ and Saylor urge for crypto self-custody amid increasing uncertainty &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_CZ_and_Saylor_urge_for_crypto_self-custody_amid_increasing_uncertainty_%E2%80%9C\"><\/span>&#8221; CZ and Saylor urge for crypto self-custody amid increasing uncertainty &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZTBiOWI5MDQtM2ZlNS00Y2JhLWE4OWItNGI5N2E2NDJjNzg5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-e13e51fa>Industry heavyweights have urged crypto investors and traders to self-custody their crypto assets amid the significant market uncertainty brought on by the collapse of FTX.\u00a0<\/p>\n<p>In a Nov. 13 tweet to his 7.6 million followers, Binance CEO Changpeng \u201cCZ\u201d Zhao pushed the crypto community to store their own crypto via self-custody crypto wallets.<\/p>\n<p>\u201cSelf custody is a fundamental human right. You are free to do it anytime. Just make sure you do do it right,\u201d he said, recommending investors to start with small amounts in order to learn the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and tooling first:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Self custody is a fundamental human right.<br \/>You are free to do it at any time.<br \/>Just make sure you do do it right.<br \/>Recommend start with small amounts to learn the tech\/tools first.<br \/>Mistakes here can be very costly.<br \/>Stay <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/SAFU?src=hash&amp;ref_src=twsrc%5Etfw\">#SAFU<\/a><\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1591769091274117122?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Speaking to Cointelegraph during the Pacific Bitcoin conference on Nov. 10-11, MicroStrategy executive chairman Michael Saylor also discussed the merits of self-custody given the current market environment. <\/p>\n<p>Saylor suggested that self-custody not only provides investors with property rights, it also prevents powerful actors from corrupting the network and its participants:<\/p>\n<blockquote><p>\u201cIn systems where there is no self-custody, the custodians accumulate too much power and then they can abuse that power.\u201d<\/p><\/blockquote>\n<p>\u201cSo self-custody is very valuable for this broad middle class, as it tends to create [&#8230;] this power of checks and balances on every other actor in the system that causes them to be in continual competition to provide transparency and virtue,\u201d he explained. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Backstage interview with the charming Michael <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\">@saylor<\/a> \u26a1\ufe0f<\/p>\n<p>\u2705 check <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cointelegraph?ref_src=twsrc%5Etfw\">@Cointelegraph<\/a> to read his advice on how to handle the bear market<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/pacificbitcoin?ref_src=twsrc%5Etfw\">@pacificbitcoin<\/a>   <\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/yWZmEsgQar\">pic.twitter.com\/yWZmEsgQar<\/a><\/p>\n<p>\u2014 Joe Nakamoto (@JoeNakamoto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JoeNakamoto\/status\/1591181968024416256?ref_src=twsrc%5Etfw\">November 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Saylor also made the argument that self-custody plays an important role in maintaining the integrity and security of blockchains because it increases decentralization:<\/p>\n<blockquote><p>\u201cIf you can\u2019t self-custody your coin, there\u2019s no way to establish a decentralized network.\u201d<\/p><\/blockquote>\n<p>The recent events that transpired last week <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to have already pushed many investors and traders towards self-custody solutions. <\/p>\n<p>Since the sudden collapse of FTX in early November, the number of Bitcoin (BTC) withdrawals on centralized exchanges reached a 17-month high, according to on-chain analytics firm Glassnode:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Number of Exchange Withdrawals (7d MA) just reached a 17-month high of 3,424.315<\/p>\n<p>View metric:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QyB7zouWee\">https:\/\/t.co\/QyB7zouWee<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Su4biTEM7h\">pic.twitter.com\/Su4biTEM7h<\/a><\/p>\n<p>\u2014 glassnode alerts (@glassnodealerts) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1591917702884499462?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While at the same time, net inflows into self-custody wallets have soared.<\/p>\n<p>Smart contract wallet Safe \u2014 previously Gnosis Safe \u2014 reported over $800 million in net inflows since last Tuesday when the FTX saga began to spiral out of control:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Over $800M net in-flows into <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/safe?ref_src=twsrc%5Etfw\">@Safe<\/a> since last Tuesday. $325M on Thursday alone. Looks like a flight to self-custody. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/hiuij9dp7s\">pic.twitter.com\/hiuij9dp7s<\/a><\/p>\n<p>\u2014 lukasschor.eth | Safe (@SchorLukas) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SchorLukas\/status\/1591880392797208576?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The outflow from centralized exchanges caused by the FTX meltdown also created problems for hardware-based cryptocurrency wallet provider Ledger \u2014 who were temporarily unable to process a mass influx of inflows due to scalability issues.<\/p>\n<p>The token of the Binance-acquired self-custody wallet Trust Wallet (TWT) also increased 84% to $2.19 over the last 48 hours before cooling off to $1.83, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/trust-wallet-token\">according<\/a> to CoinGecko.<\/p>\n<p>The token allows token holders to participate in deciding how the wallet operates and what technical updates are to be made. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Self-custody is key during extreme market conditions: Here&#8217;s what experts say<\/em><\/strong><\/p>\n<p>Investor confidence in centralized exchanges took another hit on Nov. 13 when Crypto.com accidentally sent 320,000 ETH to Gate.io. <\/p>\n<p>Ethereum bull and host of The Daily Gwei Anthony Sassano on Nov. 13\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sassal0x\/status\/1591656397468758018?s=46&amp;t=7lL9SwaGCcpjGQZ-cGgIuQ\">called<\/a> out the crypto exchange over its mistake and later\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sassal0x\/status\/1591721672432037888?s=46&amp;t=7lL9SwaGCcpjGQZ-cGgIuQ\">stated<\/a>\u00a0that investors should not store assets on centralized exchanges \u201cfor longer than you need to.\u201d<\/p>\n<p>Meanwhile, Blockchain Association head of policy Jake Chervinsky <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jchervinsky\/status\/1591864470862974976\">said<\/a> that self-custody education should be one of the first things newcomers learn, while Bitcoin proponent Dan Held told his 642,800 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers that self-custody is a crucial element to self-sovereignty:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Self custody your Bitcoin and run a full node. <\/p>\n<p>That\u2019s how you achieve self sovereignty. <\/p>\n<p>Don\u2019t trust, verify.<\/p>\n<p>\u2014 Dan Held (@danheld) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/danheld\/status\/1591535050906300417?ref_src=twsrc%5Etfw\">November 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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