CZ Says Less Than 10% of Binance Withdrawals Went to Other Centralized Exchanges

Binance founder CZ said less than 10% of funds withdrawn after an attack on the exchange went to other centralized platforms, as users weighed where they could hold their assets more safely. CZ said most of the withdrawn funds may have moved to self-custody wallets. He cautioned that users who manage their own holdings need to back up their seed phrases and protect them from loss or damage. He also said many self-custody losses do not result from hacking. CZ pointed to attacks involving hardware wallet supply chains and seed phrase generation.