A viral video circulating on Twitter showed two police officers searching a suspect’s car and coming across notes, one of which contained key phrases.

While self-custody is seen as the ultimate way to secure one’s funds, many don’t appreciate the risks of physically storing seed phrases. A raid by the Nevada State Police Agency ended with the release of a suspect’s seed sentence after he was captured by bodycam.

A viral video circulating on Twitter showed two police officers searching a suspect’s car and came across notes. The suspect turned out to be a firm believer in self-custody, as unfolding the slips revealed the suspect’s handwritten phrase – a popular technique for avoiding online compromise.

The Nevada State Police body camera records the suspect’s opening sentence. Source: Twitter
Since the incident was recorded by one of the officer’s body cameras, the suspect’s opening sentence has now become public information.

Binance CEO Changpeng “CZ” Zhao saw the video and warned investors not to educate themselves about the different risks associated with different methods of storing cryptocurrencies. He said:

“I believe in free choice. Feel free to hold your crypto however you see fit. But learn the risks of each method.
The video sparked conversations about the best way to memorize keyphrases, with the most popular suggestion being to memorize the keyphrase. While the idea of memorizing the seed phrase – a unique combination of 12 or 24 words – seems safe, CZ pointed out that lack of heredity and forgetfulness of the human mind are two of the biggest mistakes when this is important information. brain wallet”.

Related Topics: How to Protect Your Cryptocurrency After the FTX Collapse

The arrest of former FTX CEO Sam Bankman-Fried for alleged embezzlement has been seen as a clue to reconsider long-term cryptocurrency storage strategies.

While an immediate response was to withdraw funds from crypto exchanges, CEOs have come forward to ensure that investors’ funds are safe wherever they choose to store their cryptocurrencies.

On the other end of the spectrum, Ray Youssef, the CEO of crypto exchange Paxful, sided with Bitcoin
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self-guard. He promised to send weekly reminders to all investors to withdraw their funds from the exchange.

“My only responsibility is to help and serve you. That’s why today I’m sending all our [Paxful] users a message to move your bitcoin into self-custody. You shouldn’t keep your savings on Paxful or any other exchange and only keep what you trade here,” he said.

Source: CoinTelegraph

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