Binance CEO Changpeng Zhao (CZ) has warned crypto investors not to buy any coin that someone barely recommended without conducting personal research and seeing self-conviction.
There is no mincing that CZ’s advice is spot on given the number of Web3 projects that have come and gone leaving investors shattered. Recall that the indiscriminate collapse of LUNA under Terraform Lab had devastating effects on investors.
In the same vein, the recent FTX exchange debacle and the consequential effects on its FTT token had not only affected retail and institutional investors of the project but also had ripple effects on the crypto market generally.
Crypto Investors Owning Up to Themselves
More than ever before, crypto investors whether institutional or retail should be ready to own up by conducting rigorous market research before investing in any token.
Asides from crypto investment, the security of digital assets has also come to the fore with leading industry giants like Binance CEO Changpeng Zhao and Micheal Saylor advising individuals on crypto self-custody.
On Nov. 13, CZ urged his 8.3 million followers to preserve and secure their digital assets through self-custody wallets.
In a later development. CZ cautioned crypto users to be wary of crypto self-custody, stressing that 99% of people adopting self-custody of their digital assets will likely lose it one way or another.
In addition, he stressed that many people end up losing their funds due to not backing up security keys, lack of proper encryption for backups and loss of the device, among other reasons.
In light of the foregoing, crypto investors are urged to take note of the pieces of advice above in order not to labour in vain. Taking a step in the right direction could save you from the woes in crypto space.
