Joo Ki-young Warns That Self-Custody May Not Be the Best Choice
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Joo Ki-young, the founder of CryptoQuant, claimed that self-custody is not the safest method for all cryptocurrency users. He emphasized that while managing private keys directly allows users to secure control over their assets, the responsibility for security lies entirely with the user. Joo cited examples of people storing gold in banks during times of frequent bank robberies, explaining that a home safe managed without expertise may not necessarily be a safer choice. Self-custody involves holding private keys directly without relying on exchanges or custodians, and CoinMarketCap warned that users who lose their seed phrases or approve incorrect transactions may find it difficult to recover their assets. On the other hand, there are arguments for holding private keys directly to avoid the risks of centralized exchange bankruptcies and hacking. Ultimately, the choice of custody method is a matter of comparing third-party risks with user operational risks, and users must consider whether they prioritize convenience or security. KPMG analyzed that, in the custodial structure for institutional investors, internal controls and incident response systems are also necessary in addition to private key management. Joo's statements emphasize the need to choose a custody method that aligns with the user's security capabilities rather than outright denying self-custody.
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