Changpeng Zhao (CZ), the former CEO of Binance, has issued a stark warning to cryptocurrency holders, urging them to avoid accepting digital assets through shared private keys or pre-configured wallets.
In a recent post on social media platform X, CZ highlighted the risks of shared access to crypto wallets, explaining that accepting assets in this way leaves users vulnerable to theft. “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 cautioned.
CZ emphasized that anyone receiving cryptocurrency should immediately transfer the funds to a wallet under their exclusive control or ensure the sender directly transfers assets to a personal wallet. Failure to do so can expose users to significant financial risks, as the original wallet owner retains access to the private keys or seed phrases.
Zhao’s advice comes amid his transition from Binance leadership. After pleading guilty to U.S. federal charges, including anti-money laundering violations, CZ stepped down as CEO in November 2023. He served a four-month prison sentence, followed by time in a halfway house in Long Beach, California, before his release in September 2024.
Since then, CZ has announced plans to focus on investments in blockchain, artificial intelligence, and biotechnology, distancing himself from Binance’s operations. Richard Teng, who succeeded CZ as Binance’s CEO, continues to lead the company through regulatory challenges in various jurisdictions.
By sharing his insights, CZ aims to protect crypto users from falling victim to preventable mistakes that could jeopardize their assets.
