Elon Musk Tells Crypto Holders To Do This Immediately: ‘You Want To Control The Password’ — Bitcoin (BTC/USD), Ethereum (ETH/USD)

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Sev­er­al wal­lets belong­ing to taint­ed cryp­tocur­ren­cy exchange FTX were alleged­ly hacked Fri­day night, with ana­lysts esti­mat­ing that $515 mil­lion worth of assets may have been with­drawn. The devel­op­ment comes amid the exchange fil­ing for bank­rupt­cy protection.

Tes­la CEO Elon Musk joined a Twit­ter Space host­ed by Mario Naw­fal to dis­cuss the FTX hack and chimed in with his views.

When the host asked him about his rec­om­men­da­tions for stay­ing immune to such mishaps, Musk agreed with the view that peo­ple should be out of exchanges and be in charge of their own cryptos.

“As the say­ing goes – ‘not your keys, not your wal­let,’ and so, you real­ly do want to just keep in a cold wal­let and not at an exchange,” he said.

Hard­ware wal­lets can store a wide vari­ety of cryp­tocur­ren­cies, includ­ing Ethereum ETH/USD and Bit­coin BTC/USD

See also: Sam Bankman-Fried Claims To Be In Bahamas As Flight Track­er Show His Pri­vate Jet Fly­ing To Argentina

The blockchain is a long ASCII string and you want to con­trol your ASCII string, so don’t put it in some­body else’s hands, Musk said. If you want that ASCII string back, you want to con­trol the pass­word to it and not some­one else, he added.

“I would reaf­firm that, if you have cryp­to, you should have it in a direct­ly-acces­si­ble cold wal­let. Not in an exchange,” Musk said, adding that would be wise.

Read Next: Best Cryp­tocur­ren­cies To Hedge Against Inflation

Pho­to: Cour­tesy of Daniel Ober­haus on flickr

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