Compiled by: Plain Language Blockchain
The cryptocurrency world has once again stirred up a storm. A news piece titled 'Investor purchases cold wallet, loses all assets overnight' has sparked widespread discussion online.
Event timeline:
A cryptocurrency investor purchased a so-called 'cold wallet' through a short video platform, and then transferred digital assets worth approximately 50 million yen (about 6.9 million USD) into it. Soon after, these assets were stolen by hackers overnight.
According to confirmations from a blockchain security company, this is not a fictional story, but a real incident. What could be the culprit? The wallet purchased by the investor was a tampered third-party device that had a backdoor implanted before delivery.
Today, we use this real case as a starting point to explore a key question: Is a cold wallet really the safest way to store cryptocurrency 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 was: “How can 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 understanding are very common. As the saying goes: “Wealth grows faster than security awareness.”
Perhaps you bought some Bitcoin in 2013, which was worth only a few thousand yuan at the time. Now, its value has multiplied by a hundred times or more. Your asset portfolio has skyrocketed, but your security habits have not kept pace.
Thus, to be 'safer', you bought a hardware wallet. But you didn't verify the source; instead, you ordered through random links from livestreams, short videos, or shopping platforms, without confirming whether it came from official channels.
And the result? The assets disappeared.
Because what you bought was not a cold wallet, but a wallet with a pre-installed backdoor. The attacker had already acquired the recovery phrase. Once you deposited the assets, it was equivalent to voluntarily handing them over.
Cold wallet ≠ absolute security.
Cold wallets also have their own risks!
When people hear 'cold wallet', many immediately think of 'absolute security'. But the truth is: there are genuine and fake cold wallets, and they have different levels of 'coldness'; correct operating norms must be followed during use.
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 — write the private key on paper, lock it in a safe, and keep it completely offline.
Hardware wallet: A USB-like device that stores private keys, connects via USB or Bluetooth, emphasizing physical isolation.
Air-gapped devices: Experienced users may use offline Linux systems to generate and sign transactions.
What is a fake cold wallet?
Hardware wallets purchased from unofficial channels.
Wallets that require an internet connection to use (such as certain Web3 multi-signature wallets).
Wallets that automatically sync on-chain data through mobile applications during use.
Wallets that generate recovery phrases in a connected environment.
2. Why do hardware wallets still pose risks?
'Aren’t hardware wallets offline? With encrypted chips and private keys stored locally, aren’t they very secure?'
The problem is:
Connected = exposed: once connected via USB or Bluetooth, it is no longer 'cold'.
Firmware tampering risk: attackers may pre-modify the firmware, leaving your 'secure' device completely exposed.
Appearance cannot be detected: even if the packaging looks brand new, you cannot confirm whether the firmware has been tampered with.
User mistakes: taking screenshots of the recovery phrase, entering it on a computer, or sending it to yourself via email — these are all fatal errors.
Therefore, the key is not whether to use a hardware wallet, but how to use it: only by purchasing through official channels, initiating it yourself, and generating the recovery phrase completely offline can it be considered “relatively secure.”
What kind of wallet is truly secure? Just follow these few points.
Regardless of which wallet you use, remember the following rules:
1. Only purchase from official channels.
Whether it’s Ledger, Trezor, Keystone, or other brands, always purchase through official websites or authorized dealers. No matter how persuasive the livestream may be, do not take risks.
2. Recovery phrases/private keys should only exist on paper and never go online.
Do not take screenshots, do not copy and paste, do not take photos. Storing the recovery phrase in notes, cloud drives, or emails is equivalent to directly handing it to hackers. What’s 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 after installation, they 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. Understand the risk control system when using platform wallets.
Even with centralized wallets, security varies widely. Some platforms have comprehensive risk control and withdrawal limits, while others may allow backend staff to move your funds at will.
Choose wallets with transparent security systems and good user reputations.
Choose a secure and transparent platform wallet.
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 are entrusting your assets to a third party. Therefore, it is not only about functionality but also about focusing on the risk control framework.
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 SAFU insurance fund, separating hot and cold storage.
OKX: Strong technical capabilities, supports MPC wallets, 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 and ensuring 100% asset security. At the same time, SuperEx combines the trading efficiency of centralized exchanges with the storage security of decentralized exchanges.
Summary: Security awareness is your first line of defense in the cryptocurrency world.
Hardware wallets are not a panacea, and cold wallets are not infallible.
True defense lies in your own awareness, habits, and respect for risk.
A few final suggestions:
Buy wallets only from official websites.
Never expose the recovery phrase to the internet; paper is best.
Enable multi-layer verification; do not rely on a single device.
Do not blindly distrust platforms, but also do not blindly trust them.
Integrate security awareness into your financial strategy rather than remedying it after the fact.
The cryptocurrency world is never short of stories of overnight wealth.
But those who can safeguard their wealth and survive long-term are always those who remain vigilant.
