Various headlining wallet hacks, scams, and scandals on centralized crypto exchanges have been worrying lately. Time and again self-custody of Bitcoin and that of other cryptocurrencies gets buzzing in the Cryptoverse.
Prominent Cryptoverse executives are actively boasting that their crypto exchanges are potent-enough to safeguard investor funds. But Ray Youssef, CEO, Paxful, is openly advising investors to opt for ‘self-custody’ of their Bitcoin (BTC) holdings for enhanced safety.
Sharing the suggestion, Youssef tweeted:
Will be sending an email every week strongly advising our people to never keep savings on any exchange, including @paxful This is the way ! Self custody your savings ALWAYS! pic.twitter.com/DI95Gaa5Y6— Ray Youssef (@raypaxful) December 11, 2022
Youssef communicated the said stance while reportedly accepting 11 million users’ responsibility. The messy FTX scam wherein Sam Bankman-Fried (SBF) mishandled user funds via Alameda Research was alarming.
Following this, a number of crypto exchanges were directed to make public their exchanges’ proof of reserves via unveiling wallet information.
The Paxful CEO has commendably maintained a user-safety-first personality in the Cryptoverse, making apparent their commitment to user service.
My sole responsibility is to help and serve you. That’s why today I’m messaging all of our [Paxful] users to move your Bitcoin to self-custody. You should not keep your saving on Paxful, or any exchange, and only keep what you trade here
Youssef states to have never ever touched investors’ funds. He is bracing to deliver emails on a weekly basis specifically reminding users to opt for crypto self-custody.
Youssef states that the central issue with SBF-type custodians is that with them,
You’re at the mercy of […] their morals.
Bitcoin is robustly safeguarded from control or manipulation on a centralized basis. Youssef states BTC brings “the chance to finally be in control.”
Youssef also offered the much-needed assurance to users regarding the safety of their BTC on Paxful.
Jeremy Garcia, founder and CEO, Staoshi’s Journal, finds the Ethereum protocol to be weak. This has prompted Youssef to delist ETH from Paxful soon.