Compiled by: Blockchain in Plain Language
The cryptocurrency world has once again stirred up a storm. A news headline titled 'Investor Purchases Cold Wallet, All Assets Lost Overnight' has sparked widespread discussion online.
Event timeline:
A cryptocurrency investor purchased a so-called 'cold wallet' through a short video platform, 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 confirmation from a blockchain security company, this is not a fictional story but a real event. Possible culprits? The wallet purchased by the investor was a tampered third-party device, which had already been implanted with a backdoor before delivery.
Today, we will 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 is: 'How could someone with 50 million yen in assets not understand basic security knowledge?' But the reality is that in the cryptocurrency field, it is very common for users to have wealth accumulation far exceeding their technical understanding. As the saying goes: 'Wealth grows faster than security awareness.'
Perhaps you bought some Bitcoin in 2013 when it was worth only a few thousand RMB. Today, its value has multiplied by hundreds or even more. Your asset portfolio has skyrocketed, but your security habits have not kept pace.
Thus, to be 'safer', you purchased a hardware wallet. But you did not verify the source, instead ordering through live streams, short videos, or random links on shopping platforms, without confirming whether it came from official channels.
And the result? Assets disappeared.
Because what you bought was not a cold wallet, but a wallet with a pre-installed backdoor. The attacker already has the recovery phrase. Once you deposit assets, it is equivalent to actively handing them over.
Cold wallet ≠ absolute security
Cold wallets also have their own risks!
When people hear 'cold wallet', many immediately think of 'absolute safety'. But the truth is: there are both real and fake cold wallets, with varying degrees of 'coldness', and correct operational standards 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 and network-isolated environment.
Common forms:
Paper wallet: the 'coldest' method—write the private key on paper, lock it in a safe, 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 internet connectivity to use (such as some Web3 multi-sign wallets)
Wallets that automatically sync on-chain data through mobile applications during use
Wallets that generate recovery phrases in a connected environment
2. Why is there still a risk with hardware wallets?
Aren't hardware wallets offline? They have encrypted chips, and private keys are stored locally, isn't it very safe?
The problem lies in:
Online = exposed: once connected via USB or Bluetooth, it is no longer 'cold'
Risk of firmware tampering: attackers may have pre-modified the firmware, completely exposing your 'secure' device
Appearance cannot be detected: even if the packaging looks brand new, you cannot confirm whether the firmware has been tampered with
User errors: taking screenshots of recovery phrases, entering them on a computer, or sending them 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 from official channels, initializing by yourself, and generating recovery phrases completely offline can it be considered 'relatively safe'.
What kind of wallet is truly safe? Just follow these few points.
No matter which 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. Regardless of how persuasive a live stream may be, do not take risks.
2. Recovery phrases/private keys exist only on paper, never online
Do not take screenshots, copy and paste, or take photos. Storing recovery phrases in notes, cloud drives, or emails is equivalent to handing them directly to hackers. The safest method? Write it down by hand and store it in a safe at home.
3. Keep your mobile and computer clean, avoid suspicious wallet applications
Many fake wallet applications look exactly like real applications but will steal your private keys in the background after installation. Before installing any wallet application, be sure to verify the official website, developer identity, and app store ratings.
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 systems
Even centralized wallets vary greatly in security. Some platforms have robust risk control and withdrawal limits, while others may allow backend staff to freely move your funds.
Choose wallets with transparent security systems and good user reputations.
Choose a safe 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 come with risks—you have entrusted your assets to a third party. Therefore, it's important to pay attention to both functionality and risk control frameworks.
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, and provides publicly available asset reserve proofs.
Bitget: Known for copy trading and derivatives, with strong wallet isolation and layered encryption technology.
SuperEx: The Super Wallet perfectly integrates 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 without flaws.
True defense is your own awareness, habits, and respect for risks.
A few final suggestions:
Purchase wallets only from official websites
Recovery phrases must never touch 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
Incorporate 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 hold onto their wealth and survive in the long run are always the vigilant ones.
