- Elon Musks tweets that the FTX meltdown is being tracked in real-time on Twitter.
- Documenting Bitcoin shares an old interview clip with Musk discussing private keys.
- Musk feels private keys should only be shared with crypto owners.
New Twitter CEO, Elon Musk joined Documenting Bitcoin for an interview to discuss how to empower users in the crypto space while protecting their assets, in July 2021. The Twitter account has now shared a glimpse of the recording while retweeting Musk’s tweet that read, “FTX meltdown/ransack being tracked in real-time on Twitter.”
According to Musk, if users own crypto on a cryptocurrency exchange, but the platform doesn’t provide them with any private keys, it’s not transparent that the user owns the crypto after all.
If the crypto exchange breaks, is hacked or is subject to seizure by the government, your crypto is gone.
Musk claims that he is a big decentralized finance enthusiast, however, he believes that properly regulated DeFi will enable users with private keys. He further adds that users should be the only ones with authority over the private keys.
If someone else has access to a user’s private keys, it effectively means that they own it too, shared the Tesla CEO. This means that the security of the cryptocurrency owned by the users depends on anyone with information about their private keys and any external entity that can affect them.
He then concludes by saying that having a hardware wallet as the only thing containing a user’s private keys is an idea Musk agrees with. Moreover, he feels that everyone should have their own wallets with private keys associated with them.
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