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Elon Musk Wants Dogecoin Holders to Not Rely on Cryptocurrency Exchanges. Know Why

CEOs of big tech firms like Microsoft, Google, Palo Alto Networks, IBM and Adobe are also from India.

CEOs of big tech firms like Microsoft, Google, Palo Alto Networks, IBM and Adobe are also from India.

Elon Musk, Tesla CEO's latest stance on cryptocurrency became clear when he had delivered a rebuke to Binance chief executive officer Changpeng Zhao on Twitter over Binance's policy

Elon Musk, a staunch supporter of cryptocurrency, wants the cryptoholders not to rely on any centralised cryptocurrency exchanges like Binance or Robinhood. Tesla CEO’s latest stance became clear last week when he had delivered a rebuke to Binance chief executive officer Changpeng Zhao on Twitter over Binance’s policy. The biggest mover of Dogecoin, raised concern on social media on behalf of Dogecoin holders facing issues at cryptocurrency exchange Binance. “Hey @cz_binance, what’s going on with your doge customers? Sounds shady,” Musk tweeted after cryptocurrency exchange had limited withdrawals of meme-based digital currency dogecoin.

Recently, Musk replied to a tweet by Bill Lee, stating that people investing in Dogecoin, the meme-coin cryptocurrency, should keep the custody of their ‘keys’. “The core focus of the @MyDogeOfficial vision is to break the dependence on CEXs like Binance and Robinhood and let #shibes take custody of their own coins!” a Twitter user named @MyDogeCTO said. “Not your keys, not your crypto,” Lee replied to this. Musk backed Lee with his one-word response, “Exactly.”

Musk wanted cryptocurrency holders to own their private keys — a super-secure password without which people can not access their currency — rather than exchanges handling it. It must be mentioned hackers often target crypto exchanges to get possession of investors keys. Earlier this month, Robinhood, one of the most popular crypto exchanges in the world was hacked with more than five million customer email addresses and two million customer names taken.

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first published:November 29, 2021, 11:27 IST