Compilation: Plain language blockchain
The cryptocurrency world is once again in an uproar. A news headline titled 'Investor Buys Cold Wallet, Loses All Assets Overnight' has sparked widespread discussion online.
Event Summary:
A cryptocurrency investor purchased a so-called 'cold wallet' through a short video platform and subsequently 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. The possible 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 crypto assets? How can ordinary users protect their assets? What traps must be absolutely avoided?
Tragedy: Why do cold wallets still get 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 understanding 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 yuan. Today, its value has multiplied by hundreds or even more. Your asset portfolio has skyrocketed, but your security habits have not kept pace.
Thus, in order 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 from shopping platforms, without confirming whether they came from official channels.
And the result? The assets disappeared.
Because what you bought is not a cold wallet, but a wallet with a pre-installed backdoor. The attacker already had the recovery phrase. Once you deposited assets, it was equivalent to handing them over voluntarily.
Cold Wallet ≠ Absolute Security
Cold wallets also have their own risks!
When people hear 'cold wallet', many 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 operating protocols 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—writing private keys on paper and locking them in a safe, completely offline.
Hardware Wallet: A device similar to a USB that stores private keys, connects via USB or Bluetooth, emphasizing physical isolation.
Air-gapped Device: Experienced users may use an offline Linux system to generate and sign transactions.
What is a fake cold wallet?
Hardware wallets purchased from unofficial channels.
Wallets that need to be connected to the internet 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 do hardware wallets still have risks?
'Isn't a hardware wallet offline? With an encrypted chip, and private keys stored locally, isn't it very secure?'
The problem is:
Connected = Exposed: Once connected via USB or Bluetooth, it is no longer 'cold'.
Risk of firmware tampering: Attackers may have modified the firmware in advance, 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 computers, or emailing them to oneself—these are all fatal mistakes.
Therefore, the key is not whether to use a hardware wallet, but how to use it: Only purchasing from official channels, initializing by yourself, and generating recovery phrases completely offline can be considered 'relatively safe'.
What kind of wallet is truly secure? Just follow these points.
Regardless of which wallet you use, remember the following rules:
1. Purchase only from official channels.
Whether it's Ledger, Trezor, Keystone, or other brands, purchase only through official websites or authorized dealers. No matter how persuasive the live stream is, do not take risks.
2. Recovery phrases/private keys exist only on paper and must 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 them down by hand and store them in a safe at home.
3. Keep your phone and computer clean, avoiding suspicious wallet applications.
Many fake wallet applications look exactly like real ones, but after installation, they will steal private keys in the background. 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. Layered storage: Large assets stored offline, small assets kept 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 comprehensive risk control and withdrawal limits, while others may allow backend employees to move your funds at will.
Choose wallets with transparent security systems and good user reputations.
Choose secure, transparent platform wallets.
Don't just look 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 are entrusting your assets to a third party. Therefore, it is not only about functionality but also about 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, and provides public asset reserve proof.
Bitget: Known for copy trading and derivatives, with strong wallet isolation and layered encryption technology.
SuperEx: 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 crypto world.
Hardware wallets are not a panacea, and cold wallets are not infallible.
True defense is your own awareness, habits, and respect for risks.
Final suggestions:
Purchase wallets only from official websites.
Recovery phrases must not touch the internet; paper is the best.
Enable multi-layer verification; do not rely on a single device.
Don't blindly distrust platforms, but also don't blindly trust them.
Incorporate security awareness into your financial strategy instead of remedying it after the fact.
The crypto world is never short of stories of overnight wealth.
But those who can protect their wealth and survive in the long run are always the ones who remain vigilant.
