Compilation: Plain Language Blockchain
The cryptocurrency world has once again stirred up a storm. A piece of news titled 'Investor buys cold wallet, assets wiped out 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 approximately 50 million yen (about 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 culprit? The wallet purchased by the investor is 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 who accumulate wealth far exceed 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 increased a hundredfold or more. Your asset portfolio has skyrocketed, but your security habits have not kept pace.
Thus, in order to be 'safer', you bought a hardware wallet. But you did not verify the source; instead, you placed an order through random links from live broadcasts, short videos, or shopping platforms without confirming whether it was from an official channel.
What was the result? The assets disappeared.
Because what you bought is not a cold wallet, but a wallet pre-installed with a backdoor. The attacker has already obtained the recovery phrase. The moment you deposit assets, it is equivalent to actively handing them over.
Cold wallet ≠ absolute security
Cold wallets also have their own risks!
Upon hearing 'cold wallet', many people immediately think of 'absolute security'. But the truth is: there are both genuine and fake cold wallets, with varying degrees of 'coldness', and correct operational norms must be followed during use.
1. What is a cold wallet?
Broadly speaking, a cold wallet is one that stores 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 remain completely offline.
Hardware wallet: A device similar to a USB that stores private keys and connects via USB or Bluetooth, emphasizing physical isolation.
Air-gapped devices: 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 require an internet connection to use (e.g., certain 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 carry risks?
'Isn't a hardware wallet offline? It has encryption chips, and private keys are stored locally, isn't that very secure?'
The problem lies in:
Connected = exposed: Once connected via USB or Bluetooth, it is no longer 'cold'.
Risk of firmware tampering: Attackers may have pre-modified the firmware, exposing your 'secure' device completely.
Appearance cannot be detected: 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 yourself 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, self-initializing, and generating recovery phrases completely offline can it be called 'relatively secure'.
What kind of wallet is truly secure? Just follow these 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. No matter how persuasive a live broadcast is, do not take risks.
2. Recovery phrases/private keys exist only on paper and are never connected to the internet.
Do not screenshot, do not copy and paste, do not take photos. Storing recovery phrases in notes, cloud drives, or emails is equivalent to directly handing them to hackers. The safest way? Write it down by hand and store it in your home safe.
3. Keep your phone and computer clean, avoiding suspicious wallet applications.
Many fake wallet applications look identical to genuine applications, but after installation, 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 vary greatly in security. Some platforms have complete 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 assets to a third party. Therefore, it's not just 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 largest exchange globally, 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: Super Wallet perfectly combines with the SuperEx operating system, providing asset isolation for everyone to ensure 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 risk.
Final tips:
Buy 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 also do not blindly trust them.
Integrate security awareness into your financial strategy, rather than remedying it afterwards.
The cryptocurrency world is never short of stories about overnight wealth.
But those who can preserve wealth and survive for a long time are always those who remain vigilant.
