CZ: Storing Cryptocurrency on an Exchange is Safer than Self-Custody

August 4th, Binance founder CZ stated that from a statistical perspective, storing cryptocurrency on an exchange is safer than self-custody. Some thoughts:

If the data is correct, my impression is that Willy has always been a staunch advocate of self-custody. Regarding centralized exchanges, data on hacker attacks is more easily accessible, usually involving major news. On the other hand, in self-custody, events such as hacker attacks or cryptocurrency loss are often not reported, making it more difficult to collect such data. In the case of exchanges, some closed platforms can lower the quality of the data. Binance (and some other exchanges) has always provided users with protection against hacker attacks.

I am not saying which method is better. Different approaches have different risk profiles (and product services) and may be more suitable for different audiences. A balanced approach may be the best choice.