Compiled by: Plain Language Blockchain.
The cryptocurrency world is once again stirring up a huge uproar. A news headline titled "Investor purchases cold wallet, assets wiped out overnight" has sparked extensive discussion online.
Incident summary:
A cryptocurrency investor purchased a so-called "cold wallet" through a short video platform, and then transferred digital assets worth about 50 million yen (approximately 6.9 million USD) into it. Soon after, these assets were completely stolen by hackers overnight.
According to confirmations from blockchain security companies, this is not a fictional story, but a real incident. Possible culprits? The wallet purchased by the investor was a tampered third-party device that had a backdoor implanted before delivery.
Today, we take this real case as a starting point to explore a key question: Is a cold wallet really the safest way to store crypto assets? How should ordinary users protect their assets? What traps must be absolutely avoided?
Tragedy: Why can cold wallets still be hacked?
Many people's first reaction to this news is, "How could someone with 50 million yen in assets not understand basic security knowledge?" But the reality is that in the cryptocurrency field, users whose wealth accumulation far exceeds their technical knowledge are very common. As the saying goes: "Wealth grows faster than security awareness."
Perhaps you bought some Bitcoin in 2013 when it was only worth a few thousand RMB. Today, its value has multiplied by a hundred times or more. Your asset portfolio has skyrocketed, but your security habits haven't kept up.
So, in order to be "safer," you bought a hardware wallet. But you didn't verify the source; instead, you ordered through random links from live broadcasts, short videos, or shopping platforms, without confirming whether it came from official channels.
And what was the result? The assets disappeared.
Because what you bought was not a cold wallet, but a wallet pre-installed with a backdoor. The attacker already had control of the recovery phrase. As soon as you deposited assets, it was equivalent to handing them over voluntarily.
Cold wallet ≠ absolutely secure
Cold wallets also have their own risks!
When hearing "cold wallet," many people immediately associate it with "absolute security." But the truth is: there are both real and fake cold wallets, with varying degrees of "coldness," and proper operational protocols must be followed when using them.
1. What is a cold wallet?
Broadly speaking, a cold wallet refers to storing private keys or recovery phrases in a completely offline, network-isolated environment.
Common forms:
Paper wallet: The coldest method—writing private keys on paper and locking them in a safe, completely offline.
Hardware wallet: A USB-like device that stores private keys, connects via USB or Bluetooth, emphasizing physical isolation.
Air isolation device: Experienced users may generate and sign transactions using an offline Linux system.
What is a fake cold wallet?
Hardware wallets purchased from unofficial channels.
Wallets that require internet access to use (e.g., some Web3 multi-signature wallets).
Wallets that automatically sync on-chain data through mobile applications when in use.
Wallets that generate recovery phrases in a connected environment.
2. Why do hardware wallets still carry risks?
"Isn't a hardware wallet offline? It has an encrypted chip, and private keys are stored locally. Isn't that very secure?"
The problem is:
Connected = exposed: once connected via USB or Bluetooth, it is no longer "cold."
Firmware tampering risk: Attackers may have pre-modified the firmware, exposing your "secure" device completely.
Visual inspection cannot detect: even if the packaging looks brand new, you cannot confirm whether the firmware has been tampered with.
User error: Taking screenshots of recovery phrases, entering them on a computer, or sending them to oneself via email—these are all fatal mistakes.
Therefore, the key is not whether to use a hardware wallet, but how to use it: only by purchasing through official channels, initializing it yourself, and generating recovery phrases completely offline can it be considered "relatively secure."
What kind of wallet is truly secure? Just follow these points.
No matter what wallet you use, remember the following rules:
1. Only purchase from official channels.
Whether it's Ledger, Trezor, Keystone, or other brands, only purchase through official websites or authorized dealers. No matter how persuasive a live broadcast is, do not take risks.
2. Recovery phrases/private keys should only exist on paper and never be connected to the internet.
Do not take screenshots, do not copy and paste, do not take photos. Storing recovery phrases in notes, cloud drives, or emails is equivalent to handing them directly to hackers. The safest way? Write it down by hand and store it in a safe at home.
3. Keep your phone and computer clean; avoid suspicious wallet applications.
Many fake wallet applications look identical to real applications, but once installed, they will steal private keys in the background. Always verify the official website, developer identity, and app store ratings before installing any wallet application.
4. Use multi-signature or multi-device verification.
Do not store all assets in one wallet. Use layered storage: keep large assets offline and small assets in a mobile hot wallet.
5. When using platform wallets, understand their risk control system.
Even centralized wallets have vastly different levels of security. Some platforms have well-established risk control and withdrawal limits, while others may allow backend employees to move your funds freely.
Choose wallets with transparent security systems and good user reputations.
Choose secure and transparent platform wallets.
Look not only at functionality but also at security architecture.
For many users, centralized exchange wallets are convenient and easy to use, but they also carry risks—you're entrusting your assets to a third party. Therefore, not only functions but also risk control frameworks should be considered.
Here are some recommended platform wallets with good security records and high user trust:
Binance: The world's largest exchange, with leading asset reserve management and a SAFU insurance fund, separating cold and hot storage.
OKX: Strong technical capabilities, supports MPC wallets, and provides public asset reserve proof.
Bitget: Known for copy trading and derivatives, with strong wallet isolation and layered encryption technology.
SuperEx: The Super Wallet perfectly combines with the SuperEx operating system, providing asset isolation for everyone, ensuring 100% asset security. At the same time, SuperEx offers the trading efficiency of a centralized exchange and the storage security of a decentralized exchange.
Summary: Security awareness is your first line of defense in the crypto world.
Hardware wallets are not a panacea, and cold wallets are not infallible.
Real defense is your own awareness, habits, and respect for risks.
Final points of advice:
Purchase wallets only from official websites.
Recovery phrases should never touch the internet; paper is best.
Enable multi-layer verification; do not rely on a single device.
Do not blindly distrust platforms, but do not blindly trust them either.
Incorporate security awareness into your financial strategy, rather than remedying it after the fact.
The crypto world is never short of stories about getting rich overnight.
But those who can preserve their wealth and survive in the long run will always be the vigilant ones.
