Binance CEO Changpeng “CZ” Zhao has been a fierce advocate for self-custody and security, offering his support whenever any crypto theft arises. Following the recent multi-account hack that halted billions’ worth of deposits from leaving Binance, CZ earlier posted a follow-up to his Twitter thread on how self-custody solutions like hot wallets and cold wallets stand as risks for holding cryptocurrency — especially in the face of what is now being termed as “Crypto Winter”.

With thousands seeking refuge from centralized institutions such as exchanges and lenders, there has been an influx of consumers who are opting for the increased safety of self-custody solutions. Nevertheless, Zhao warned in his tweet cautioning against it, arguing that the vast majority would lose their cryptocurrency if they attempted it.

The theft of Dashjr’s encryption program came after he revealed that his server had been breached by new malware. Community members were quick to point out a potential connection between the events leading up to the hack. Binance CEO CZ even offered his support, with promises to monitor the movement of funds in question.

The attack on a tech-savvy figure such as Dashjr is indicative of how even highly sophisticated security measures are not infallible. As such, many have advocated for further focus on cold storage — an issue brought into sharp focus in light of recent events like the FTX collapse — despite self-custody being an increasingly red-button issue. Nevertheless, several theories have been put forward by the community — from lapses of security on behalf of Dashjr himself to a potential case of ‘boating accident,’ tax evasion, or perhaps even hacking of his Twitter account itself — all remain unanswered.

As details continued to emerge about the situation there were some in the community who pointed out potential connections between various events leading up to this hack. While nothing has been confirmed at this time, there is evidence presented by members of the community suggesting that certain individuals may have been aware of or involved in orchestrating this attack prior to it occurring.

The hack on Luke Dashjr’s server is still under investigation but regardless of who was behind it one thing remains clear; security is paramount when dealing with cryptocurrency assets online. These incidents are often complex in nature and can take weeks or even months before all facts are known but by staying informed about current threats we can better protect ourselves against any potential attacks in the future. By learning from these types of incidents we can become better equipped to handle them if they occur again in the future so that our digital assets remain secure at all times.

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