Topic: Binance Founder CZ warns against receiving assets through shared private keys an (Read 39 times)

It's your private keys, it's your coins, but do any generous person needs to give you private key?

Honestly, if the giveaway, airdrop is legit, it is simple to give it away by sending coins to giveaway hunters with no or simple tasks.

If it is required steps for you to receive it in private keys in files, hardware wallets, there are threats that can infect your devices, and steal your coins on it.

Hardware wallets even if you buy them, you need to buy them a right way. Now its giveaway hardware wallets, do you see potential threats?
[GUIDE] How to buy a Hardware Wallet the right way

Fortunately my skepticism level is really high, whenever I don't feel right or safe, I would force the other party to do what I want, if not I will refuse to make a deal.

What was your reason to bought a physical coin loaded with balance? do you want to buy the collectible or the balance? people who interested with collectible should just bought the coin. There was a case where a trusted member in this forum steal people's money, he sold collectible with loaded balance.

Sharing your seed phrase with others has never been a good act for holders and not even advisable to be exhibited with people we called out loved ones because when the repercussions strikes on our wallets, it could be untraceable when the fund is sent on the self custodial wallets where KYC are not needed during creating the wallet account.
Then everyone becomes suspect to you even th innocent ones will you become enemies of being responsible for your lost.
The clear advice is that let your private keys being your seed phrase remains your secret to you because there're more malwares to fight against and more varieties of conciousness to be abided. All race is to keep your foods secure so trusting your seed phrase to anyone has potential to the lost of your funds.
The warning was a genuine one.

"Not your keys, not your assets" pretty much sums it up perfectly. Knowing this should already encourage crypto holders to move their coins to wallets where only they control the private keys. It’s similar to trusting your coins to an exchange, you might see your balance there, but since you don’t hold the keys, you don’t have full control.

What OP mentioned is even riskier as someone knowing your private key. In that case, your assets are always at risk of being hacked since they have access to your funds. I remember a time in the past when I bought a physical crypto coin loaded with actual balance. It had the address and private key attached to it. Luckily, the amount wasn’t transferred or tampered with, and I managed to sell it safely after three years.

Yeah same me too, even with your trusted friend you dont share it cause that friend might change his motive as your friend and aim your asset. I think as long as you live youll need to be careful about private keys.

A newbie should remember that up to now cause the crypto space is full of dangerous thoughts when it comes to money.

Changpeng Zhao (CZ) former CEO of Binance has issued a warning and cautionary message to cryptocurrency holders emphasising on the dangers of accepting assets through private keys or hardware wallets given by others.

In his words; “Recently, I have seen several instances where people receive crypto by receiving a private key or a hardware wallet. This is a bad idea”.
He went on and on about all the disadvantages and dangers that can result from sharing private keys and seed phrases.

He stressed and adviced ; “The giver still has access to those crypto. You should move the crypto to an address you own. Or better, just ask the giver to send it to an address you own,”
He also said;
“Having two people access the same key (or seed) is a bad idea. When those crypto move (or by a hacker), it’s almost impossible to prove who moved it (or got hacked)”.

Source: https://news.bitcoin.com/binance-founder-cz-warns-receiving-crypto-this-way-could-instantly-empty-your-wallet/

This news got me surprised that at this age and time people are still getting involved in this method Coz one of the first things I learnt about Crypto when I first got onboard was to never share my private keys or seed phrases no matter the transactions.
And for CZ to come out to put a warning, a whole lot of people are doing it.

For the Newbies and others who still doing it. Let this SINK IN!
NEVER SHARE YOUR PRIVATE KEYS/SEEDPHRASES OR RECEIVE ASSESTS THROUGH PRE CONFIGURED WALLETS. It always Ends BADLY.

Even those chasing airdrops it’s important and necessary to not use same wallets for your  hodlings to paste in airdrops coz u might be unlucky and paste in a scam project and all your assets will be wiped Out.

LET’S TAKE THESE WARNINGS VERY SERIOUS.