Another person's wallet was stolen, nearly 50 million evaporated overnight, all because they bought a 'cold wallet' on Douyin, a bloody lesson!!!

Many friends might not know what a cold wallet is at this point. In the cryptocurrency world, those who are truly big players typically use wallets to store tokens, making it convenient for long-term holding and also more secure.

Wallets are divided into cold wallets and hot wallets. Cold wallets are completely disconnected from the internet, similar to a USB flash drive, and are only connected for use. Hot wallets, on the other hand, are always online. Cold wallets are more secure, but hot wallets are more convenient. Generally, most people using cold wallets are those storing large assets long-term.

So why do assets in wallets disappear or get stolen?

It's mainly because they bought a fake wallet or a manipulated wallet, which is labeled as a cold wallet or a counterfeit brand new one. In reality, it's a premeditated trap organized by criminals, equivalent to having your generated keys monitored. Their team has the wallet's backend technology, and as soon as your funds enter, they can use your keys to steal your funds at any time.

Some friends might say that hot wallets are safer, but they are essentially the same. The key point lies in the authenticity and legitimacy of the wallet. Hot wallets can generally be downloaded and used by anyone, while cold wallets need to be purchased. Make sure to choose reputable platforms and brands, and don't be fooled or tempted by low prices to purchase unknown wallets.

Beware of security risks: Cold wallets must be properly stored in physical media (like hardware wallet recovery phrases, or private keys of paper wallets) to prevent loss or leakage. For hot wallets, make sure to use reliable software and keep your private keys and recovery phrases safe. Do not take screenshots or back them up on any apps on your phone; consider writing them down in a notebook.