(Last Updated On: November 25, 2021)

The exchange makes it easier to sell and buy cryptocurrencies, but you can still hold onto those assets.

Tesla CEO Elon Musk has backed the idea that investors will continue to own crypto assets like Dogecoin rather than relying on middlemen like Binance and Robinhood. These exchanges make it easy to sell and buy cryptocurrencies, but also to manage these assets. It doesn’t appear to be sponsored by Musk. He posted his thoughts on Twitter, responding to further comments on the topic.

Bill Lee, co-founder of West Coast Holdings and investor in the Musks company, tweeted that he shouldn’t think about owning his own crypto unless he has a wallet key.

In a one-word reply, Musk supported the notion and wrote, “Exactly”.

Elon Musk

While Musk hasn’t explicitly expressed his point of view, it’s no surprise that the governor’s supporters have helped people conserve their own resources rather than relying on them for solidarity.

Scammers who target meat targets often see the exchange in the middle as their target point. Hackers often try to break into the servers of these exchanges and steal cryptocurrencies.

However, using private cryptocurrency wallets reduces the risk of theft or fraud and allows traders to hold onto their assets.

With the crypto culture gathering around the world, scammers have targeted investors in every way they can. For example, Robinhood recently announced that its servers were compromised by an unauthorized third party earlier this month.

Earlier this week, the official Shiba Inu token Twitter account warned traders that cybercriminals had lured unsuspecting people into fraud by carelessly responding to messages related to SHIB.

In October, a massive strike resulted in a loss of $ 130 million (around Rs 972 million) in crypto asset value for Ethereum-based loans called “Cream Finance”.

Total cryptocurrency fraud in 2020 will reach $ 10.52 billion (around Rs 79.194 billion), an announcement was made in early April.

The same report also states that frauds and frauds affecting the crypto environment are serious issues that account for 67.8% of all crypto crimes in 2020.

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