Re: CZ Sentenced, Your Bitcoin in their Custody

Quote from: 348Judah on May 01, 2024, 07:24:02 AM

https://twitter.com/BitcoinMagazine/status/1785384669812273570?t=ZGZzfngY_UpyDCLbq4hWTA&s=19

What next after four months,

On Tuesday, the Binance CEO CZ was sentenced to four months imprisonment all on the charges of allowing for the participation of illegal money laundry from his exchange Binance, the US government gile a lawsuit against him and charged him, same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

With all these happening, I suggest we should be reminded as bitcoiners on what we are made for and should not loose focus on how we can achieve our target with the use of bitcoin for our financial economy in all modules of it's applications Privacy should be our heritage with bitcoin, using centralized exchanges is the weakest means to have it, because the governments will be after you when you're under a centralized exchange, they have all your details with them.

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

Surprised he was only jailed for four months, people who have dealt with the same crime for less than the amount involved in this case get years and years, and this is after they have paid their fines too, which I believe ChangPeng did before in hopes of not facing jail time.

In that regard, you're right this goes to show that just keeping your money in exchange wallets are a massive death sentence, we're only able to survive by the skin of our teeth this time because Binance is secured financially and would not lose to bank runs and stuff like these. If it was a different exchange, (as evident with FTX and Sam Bankman-Fried who is jailed for 25 years) we would've been fucked sideways lol.

Anywho, hope this becomes a wakeup call for the newbies and people who are like me once upon a time, die-hard fans of Binance and internet protector of CZ to maybe check and transfer all their assets in their cold wallets.