CZ, founder of Binance, shared data from analyst Willy Woo showing that 1.57 million BTC have been lost by investors practicing self-custody, compared to 1.51 million for those using centralized platforms. These figures, from a December 2025 report, do not account for recent hacks, including the Coldcard fiasco where the value of stolen BTC increases daily. CZ explained that hack data is easier to collect for centralized platforms as most become major news, while self-custody losses are often unreported. Binance and a few other platforms have always covered users for any exchange-side hacks. CZ concluded that a balanced approach, splitting holdings across multiple custodians, is probably the best solution.
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