Changpeng Zhao Says Cloud Storage of Wallet is a Bad Idea

As the value of cryptocurrencies rises, so are the number of incidences of cryptocurrency theft. On Twitter, cryptocurrency wallet service MetaMask issued a warning about how Apple iCloud backups may be exploited as a phishing technique. This was after an Apple user complained that his MetaMask cryptocurrency wallet had lost cryptocurrency coins worth $650K. Changpeng Zhao even posted a tweet earlier today stating how using cloud storage for your wallet isn’t a good idea. MetaMask’s iCloud Backup When someone sets automatic iCloud backups for app data, the new fraud includes basic device settings featured in Apple devices that save MetaMask users’ seed phrase. People who use Metamask can store their crypto assets, like ETH, DOGE, and BTC. They can also store NFTs that can’t be exchanged for other cryptocurrencies. You’ll need a seed phrase to get into the wallet,’ which is effectively your password. Disabling iCloud Backups A warning tweet from Metamask has encouraged users to stop iCloud backups. However, after MetaMask issued the warning tweet earlier today, the victim who lost crypto funds, “revive dom,” expressed his displeasure with MetaMask stating that he’s not saying they shouldn’t do it but they should inform users. They shouldn’t tell us that we should never keep our seed phrase online, then go ahead and do it without our permission. If 90 percent of users were aware of this, he could bet that no MetaMask user will h...