Author: SuperEx
Compiled by: Blockchain in Plain Language
The cryptocurrency world has been stirred up once again. A news headline "Investor Buys Cold Wallet, Loses All Assets Overnight" has sparked widespread discussion online.
Event Details:
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) into it. Shortly 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 third-party device that had been tampered with, with a backdoor already implanted before delivery.
Today, using this real case as an entry point, we explore a key question: Is a cold wallet truly the safest method of storing crypto assets? How can 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 can 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 knowledge are very common. As the saying goes: "Wealth grows faster than security awareness."
Perhaps you bought some BTC in 2013 when it was only worth a few thousand yuan. Now, its value has multiplied a hundredfold or more. Your asset portfolio has skyrocketed, but your security habits have not kept up.
So, to be "more secure," you bought a hardware wallet. But you didn't verify the source, instead ordering through live streams, short videos, or random links on shopping platforms, without confirming if it came from official channels.
The result? Assets disappeared.
Because what you bought was not a cold wallet, but a wallet pre-installed with a backdoor. The attackers had already obtained the recovery phrase. As soon as you deposited assets, you essentially handed them over directly.
Cold Wallet ≠ Absolutely Safe
Cold Wallets Also Have Their Risks!
When people hear "cold wallet," they immediately associate it with "absolutely safe." But the truth is: Cold wallets can be real or fake, have different levels of "coldness," and require correct operational guidelines when used.
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, locking them in a safe, completely offline.
- Hardware Wallet: USB-like devices that store private keys, connected via USB or Bluetooth, emphasizing physical isolation.
- Air-gapped Devices: Advanced users might use offline Linux systems to generate and sign transactions.
What is a Fake Cold Wallet?
- Hardware wallets purchased through non-official channels
- Wallets that require network connection to use (e.g., some Web3 multi-sig wallets)
- Wallets that automatically sync on-chain data through mobile apps
- Wallets that generate recovery phrases in an online environment
2. Why Do Hardware Wallets Still Have Risks?
"Aren't hardware wallets offline? Don't they have encrypted chips with private keys stored locally, making them very secure?"
The problem is:
- Networking = Exposure: Once connected via USB or Bluetooth, it's no longer "cold"
- Firmware Tampering Risk: Attackers might modify firmware in advance, 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 on computers, or emailing them to yourself—these are 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 Truly Safe? Just Follow These Points
Regardless of which wallet you use, remember these rules:
1. Purchase Only from Official Channels
Whether it's Ledger, Trezor, Keystone, or other brands, only purchase through official websites or authorized dealers. No matter how convincing a live stream might be, do not take risks.
2. Recovery Phrases/Private Keys Exist Only on Paper, Never Online
Do not screenshot, do not copy-paste, do not take photos. Storing recovery phrases in notes, cloud drives, or emails is equivalent to handing them directly to hackers. The safest method? Handwrite them and store in a home safe.
3. Keep Phones and Computers Clean, Avoid Suspicious Wallet Apps
Many fake wallet apps look identical to real ones but steal private keys in the background after installation. Always verify the official website, developer identity, and app store ratings before installing any wallet app.
4. Use Multi-Signature or Multi-Device Verification
Do not store all assets in one wallet. Implement layered storage: Keep large amounts offline, small amounts in mobile hot wallets.
5. Understand Risk Control Systems When Using Platform Wallets
Even centralized wallets have vastly different security levels. Some platforms have comprehensive risk control and withdrawal restrictions, while others might allow backend employees to move your funds arbitrarily.
Choose wallets with transparent security systems and good user reputations.
Choose Safe, Transparent Platform Wallets
Look Beyond Features, Examine Security Architecture
For many users, centralized exchange platform wallets are convenient and easy to use, but they also carry risks—you're entrusting assets to a third party. Therefore, focus not just on features, but on risk control frameworks.
Here are some platform wallets with good security records and high user trust:
- BN: The world's largest trading platform, with leading asset reserve management and SAFU insurance fund, cold and hot storage separation.
- OK: Strong technical capabilities, supports MPC wallet, provides public asset reserve proof.
- Bitget: Known for copy trading and derivatives, with powerful wallet isolation and layered encryption technology.
- SuperEx: Super Wallet perfectly integrates with SuperEx operating system, providing asset isolation for everyone, ensuring 100% asset safety. Simultaneously, 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 impenetrable.
True defense is your own awareness, habits, and respect for risks.
Final advice:
- When buying wallets, use only 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
- Integrate security awareness into your financial strategy, not as an afterthought
The crypto world is never short of overnight success stories.
But those who survive and preserve their wealth are always those who remain vigilant.
Article link: https://www.hellobtc.com/kp/du/06/5896.html
Source: https://a.c1ns.cn/Uyoc7
