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CZ warns that upgrading wallets modifies the derivation path, and self-custody requires caution regarding software changes
The founder of Binance, CZ, responded to early Bitcoin investor Davinci Jeremie regarding the "zero balance" experience of his multi-signature wallet, stating that if a wallet software upgrade changes the derivation path, it is "very bad and scary," referring to it as "self custody perks."
Previously, Davinci pointed out that his 2-of-3 multi-signature wallet was unable to find the original address and balance despite using the correct private key due to a software change in the derivation path, and he ultimately relied on the saved old path to recover it. Several industry participants added that different standards (such as BIP44, BIP84, BIP86) can generate different addresses under the same mnemonic phrase, and if a wallet upgrade is not adequately prompted and migrated, it could lead to users misjudging the risk of asset loss.
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