Elon Musk tells crypto holders to do it immediately: “You want to control the password” – Bitcoin (BTC/USD), Ethereum (ETH/USD)

Multiple wallets belonging to a contaminated cryptocurrency exchange FTX would have been hacked As of Friday evening, analysts estimate that $515 million in assets may have been withdrawn. The development comes amid the filing for bankruptcy protection.

You’re here CEO Elon Musk joined a Twitter space hosted by Mario Nawfal to discuss the FTX hack and share their views.

When the host asked him about his recommendations for staying safe from such incidents, Musk agreed that people should be off exchanges and be in charge of their own cryptos.

“As the saying goes – ‘not your keys, not your wallet’ and so, you really want to keep in a cold wallet and not in an exchange,” he said.

Hardware wallets can store a wide variety of cryptocurrencies, including Ethereum ETH/USD and Bitcoin BTC/USD

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The block chain is a long ASCII string and you want control of your ASCII string, so don’t put it in someone else’s hands, Musk said. If you want to recover that ASCII string, you want to control the password and not someone else, he added.

“I would reiterate that, if you have crypto, you should have it in a directly accessible cold wallet. Not on an exchange,” Musk said, adding that would be wise.

Read more : Best cryptocurrencies to hedge against inflation

Photo: Courtesy of Daniel Oberhaus on flickr

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