Compilation: Popular Blockchain
The cryptocurrency world has once again stirred up a storm. A news article titled 'Investors Buy Cold Wallets, Lose All Assets Overnight' has sparked widespread discussion online.
Event Summary:
A cryptocurrency investor bought a so-called 'cold wallet' through a short video platform, and then transferred digital assets worth about 50 million yen (about 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 event. 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 true case as a starting point to discuss 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 are cold wallets still being 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 exceeding 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. Now, its value has increased a hundredfold or more. Your asset portfolio has surged, but your security habits have not kept up.
So, in order to be 'safer,' you bought a hardware wallet. But you did not verify the source; instead, you ordered it through a live stream, short video, or a random link from a shopping platform, without confirming whether it was from an official channel.
What was the result? The assets disappeared.
Because you didn't buy a cold wallet, but a wallet pre-installed with a backdoor. The attacker has already mastered the recovery phrase. Once you deposit assets, it is equivalent to actively handing them over to the other party.
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 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 refers to storing private keys or recovery phrases in a completely offline environment, isolated from the network.
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 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 (for example, some Web3 multi-signature wallets)
Wallets that automatically sync on-chain data through a mobile app during use.
Wallets that generate recovery phrases in a connected environment.
2. Why are hardware wallets still risky?
'Isn't a hardware wallet offline? It has a cryptographic chip, and the private key is stored locally, isn't it safe?'
The problem is:
Connecting to the internet = exposure: once connected via USB or Bluetooth, it is no longer 'cold.'
Firmware tampering risks: 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 if the firmware has been tampered with.
User errors: taking screenshots of recovery phrases, entering them into the computer, 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 by purchasing through official channels, initializing it yourself, and generating recovery phrases completely offline can it be considered 'relatively safe.'
What kind of wallet is really safe? Just follow these 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, only purchase through the official website or authorized dealers. No matter how persuasive the live stream 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 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. 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 centralized wallets vary greatly in security. 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 safe and transparent platform wallets.
Look not only at functionality but also at the security architecture.
For many users, centralized exchange wallets are convenient and easy to use, but there are risks - you are entrusting your assets to a third party. Therefore, focus not only on functionality but also 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: Super Wallet perfectly integrates with the SuperEx operating system, providing asset isolation for everyone, 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.
A hardware wallet is not a panacea, and a cold wallet is not infallible.
True defense is your own awareness, habits, and respect for risk.
A few final suggestions:
Purchase wallets only from the official website.
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 afterwards.
The crypto world never lacks stories of overnight wealth.
But those who can preserve wealth and survive for a long time are always the vigilant ones.
