A new video has recently gone viral on Twitter. The video showed some police officials searching a suspect’s vehicle. The officers saw some papers in the car, and one contained a series of words meant to give access to the suspect’s Crypto Wallet.
Most crypto exchange executives have recommended that self-custody is the best method of keeping digital assets safe. However, self-custody, which sometimes involves physically storing seed phrases, can expose people’s digital wallet details.
A Wrongful Search?
A search carried out by a police department in Nevada has revealed the seed phrases of a certain suspect. The viral video featured police officers looking to ensure that a suspect’s car was thoroughly searched.
While searching, their body camera revealed the seed phrases of the suspect’s crypto wallet. The suspect is a strong advocate of self-custody. However, it is unfortunate that millions of Twitter users now have access to the suspect’s crypto wallet.
Reputable software engineer and Bitcoin Veteran – James Lopp tweeted that the video of police officers searching a vehicle and discovering a series of phrases that gives access to a crypto wallet is weird. He added that it’s difficult to imagine that a set of confidential phrases can become a piece of information in the public domain.
Suggestion from Changpeng Zhao – The CEO of Binance
Changpeng Zhao – Binance CEO, also commented on the video, saying that this unusual occurrence should serve as a warning for investors. He further said that investors should be fully aware of the risks associated with various means of keeping digital assets.
Zhao added that everyone has the right to store their crypto keys in the way they feel is best. However, it is always nice to be fully aware of the risks associated with every method of storing cryptocurrencies.
This video has resulted in a hot debate on Twitter. The debate centers around the best way to store crypto seed phrases. Even though the video has revealed the disadvantage of physically storing seed phrases, many still believe that self-custody is the best way to store crypto wallet seed phrases.
However, some suggest memorizing these seed phrases is the best option. Nevertheless, Zhao argued against this suggestion. According to him, the human mind can sometimes become forgetful.
Hence, this method of storing seed phrases becomes a huge disadvantage. However, the Binance CEO maintained that everyone has the right to store their seed phrases in the way that suits them.