Compiled by: Plain Language Blockchain
The cryptocurrency world has once again stirred up a storm. A news article titled 'Investor buys 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 subsequently transferred digital assets worth about 50 million yen (approximately 6.9 million USD) into it. Soon after, all these assets were stolen by hackers overnight.
According to confirmations from blockchain security companies, 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 the 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 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 worth only a few thousand yuan. Now, its value has multiplied by a hundred times or more. Your asset portfolio has skyrocketed, but your security habits have not kept pace.
So, in order to be 'safer', you bought a hardware wallet. But you did not verify the source, instead ordering through random links from live broadcasts, short videos, or shopping platforms, without confirming whether they were from official channels.
And 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 mastered the recovery phrase. As soon as you deposit assets, it's 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 'absolute security'. But the truth is: there are both real and fake cold wallets, with varying degrees of 'coldness', and correct operating protocols must be followed when using them.
1. What is a cold wallet?
In a broad sense, 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 and 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 need to be connected to the internet to use (e.g., some 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 carry risks?
'Isn't a hardware wallet offline? It has an encrypted chip, and private keys are 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 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 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 considered 'relatively secure'.
What kind of wallet is truly secure? 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. No matter how persuasive a live broadcast is, do not take the risk.
2. Recovery phrases/private keys exist only on paper and must never connect 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 ones, but once installed, 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. When using platform wallets, understand their risk control system.
Even centralized wallets can vary greatly in security. Some platforms have complete risk control and withdrawal restrictions, while others may allow backend staff to move your funds at will.
Choose wallets with transparent security systems and good user reputations.
Choose secure and transparent platform wallets.
Not only look 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, pay attention not only to functions but also to 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 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 is your own awareness, habits, and reverence for risk.
A few final suggestions:
Buy wallets only from official websites.
Recovery phrases must never touch the network, 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 instead of remedying it after the fact.
The world of cryptocurrency is never short of stories about getting rich overnight.
But those who can preserve wealth and survive long-term are always those who remain vigilant.
