Elon Musk Tells Crypto Holders To Do This Immediately: 'You Want To Control The Password'

Several wallets belonging to tainted cryptocurrency exchange FTX were allegedly hacked Friday night, with analysts estimating that $515 million worth of assets may have been withdrawn. The development comes amid the exchange filing for bankruptcy protection.

Tesla CEO Elon Musk joined a Twitter Space hosted by Mario Nawfal to discuss the FTX hack and chimed in with his views.

When the host asked him about his recommendations for staying immune to such mishaps, Musk agreed with the view that people should be out of exchanges and be in charge of their own cryptos.

“As the saying goes – ‘not your keys, not your wallet,’ and so, you really do want to just keep in a cold wallet and not at an exchange,” he said.

Hardware wallets can store a wide variety of cryptocurrencies, including Ethereum ETH/USD and Bitcoin BTC/USD

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The blockchain is a long ASCII string and you want to control your ASCII string, so don’t put it in somebody else’s hands, Musk said. If you want that ASCII string back, you want to control the password to it and not someone else, he added.

“I would reaffirm that, if you have crypto, you should have it in a directly-accessible cold wallet. Not in an exchange,” Musk said, adding that would be wise.

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Photo: Courtesy of Daniel Oberhaus on flickr