Dogecoin owners, according to Elon Musk, must abandon centralized exchanges.

Elon Musk, the CEO of Tesla, believes that investors should preserve custody of their crypto assets like Dogecoin rather than depending on centralized exchanges like Binance and Robinhood. These exchanges not only make it easier to sell and buy cryptocurrencies, but they also keep track of them, which Musk opposes. While replying to another article on the subject on Twitter, he shared his thoughts. In the United States, Dogecoin was just discovered to be the most popular cryptocurrency.

Bill Lee, a founding partner at West Coast Holdings and a shareholder in Musk’s enterprises, recently tweeted that crypto-holdings should not be considered personal property until the wallet keys are not in one’s hands.

Musk agreed, writing “Exactly” in a one-word response. While Musk did not expand on his position, it is unsurprising that the Doge supporter favors people holding their own assets rather than allowing them to be held by centralized exchanges.

Scammers looking for easy prey frequently exploit centralized exchanges. Hackers continue to attempt to hack the servers of these exchanges in order to steal the cryptocurrency held there.

Using a private crypto wallet, on the other hand, lowers the danger of being hacked or compromised while allowing investors to self-hold their funds.

Scammers have been pursuing investors from all angles as the cryptocurrency culture has grown in popularity throughout the world.

Robinhood, for example, reported earlier this month that its systems had been hacked by an unauthorized third party.

Cybercriminals are responding to generic SHIB-related postings and mimicking official accounts linked to the meme-based dog currency to pull in naïve individuals into their scam, according to the Shiba Inu token’s official Twitter account earlier this week.

A massive cyber assault in October lost the Ethereum-based lending protocol “Cream Finance” $130 million (approximately Rs. 972 crores) in crypto assets.

According to research published in April, overall crypto crime in 2020 will be around $10.52 billion (around Rs. 79,194 crores).

Scams and frauds, which have plagued the crypto-space, are a huge concern, accounting for 67.8 percent of overall cryptocurrency crime in 2020, according to the same analysis.

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