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After Gerald Cotton, founder and CEO of Canadian crypto exchange QuadrigaCX sadly passed away on the 15th of January, a complex situation has started for users of the platform. The deceased founder was the only person with the keys to the storage wallets, making it extremely difficult to now recover those funds.
Changpeng Zhao, Forbes cover man in February 2018 and CEO of Binance, has twitted the following about the impasse in which users and managers of the QuadrigaCX are currently involved:
That's sad. There are many solutions to split private keys or signing to achieve 3/5, 5/7 etc. Never neglect security.
— CZ Binance (@cz_binance) February 2, 2019
Also, never have CEO carry private keys. Bad on many levels.
Personally, in good health and intent to live longer and prosper. Thx for asking. Stay #safu. https://t.co/4uPQnXNN2D
Read more: Canadian crypto exchange QuadrigaCX owes $190 million to customers
The recommendations also shed light into some of the security diligences that CZ approves of, such as splitting private keys. The display of common sense also extends to avoiding the CEO carrying private keys.
If regular traders and hodlers have already been involved in threats and safety incidents concerning their access information, it seems even more necessary to ensure that the keys to the funds of the millions of Binance users are not held by a single person.
Twitter has been replying to CZ´s latest thoughts, with many expressing their happiness for his good health and general safety policies.
A fast DEX coming very soon.
— CZ Binance (@cz_binance) February 2, 2019
Cz please tell us what you do for living long?
— Cezmi-PhD (@Dr__Cz) February 2, 2019
I hope your health is good, we don't want to lose our coins. Please exercise regularly, eat a lot of vegetables and don't argue with wife, that can shorten a man's life drastically.
— johnyqi (@JohnyQi) February 2, 2019
Read more: CZ elaborates on Binance AI data security saving victim from 46 BTC sim swap hack; CZ: Binance Chain is “much faster” and “cheaper” than Ethereum