Fake cold wallets can harm you. Learn these tips to protect your assets!

Author: SuperEx

Translated by: Plain Language Blockchain

The cryptocurrency world is once again in turmoil. A news article 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 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. 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 cryptocurrency 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 upon seeing 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, it is very common for users to accumulate wealth far beyond their technical understanding. 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 an effort to be "safer," you purchased a hardware wallet. But you did not verify the source; instead, you ordered it through random links from live streams, short videos, or shopping platforms, without confirming whether it came from official channels.

What was the result? Your assets disappeared.

Because what you bought was not a cold wallet, but a wallet pre-installed with a backdoor. The attacker had already mastered the recovery phrase. As soon as you deposited your assets, it was equivalent to handing them over to the attacker.

Cold Wallet ≠ Absolute Security

Cold wallets also have their 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 protocols must be followed when using them.

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 include:

Paper Wallet: The "coldest" method—writing the private key on paper and locking it in a safe, completely offline.
Hardware Wallet: A USB-like device 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., 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 have risks?

  "Aren't hardware wallets offline? They have encrypted chips, and private keys are stored locally, isn't that safe?"

  The problem lies in:

  Connected = Exposed: Once connected via USB or Bluetooth, it is no longer "cold."

• Firmware Tampering Risk: 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 Errors: Taking screenshots of recovery phrases, entering them on a 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 truly safe? Just follow these points

  Regardless of which wallet you use, keep the following rules in mind:

  1. Only purchase from official channels

  Whether it's Ledger, Trezor, Keystone, or other brands, only buy through official websites or authorized dealers. No matter how persuasive a live stream is, do not take risks.

  2. Recovery phrases/private keys should only exist on paper, never online

  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 method? 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 can 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. When using platform wallets, understand their risk control system

  Even centralized wallets vary greatly in security. Some platforms have robust 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 secure and transparent platform wallets

  Look not only at functionality but also at security architecture

  For many users, centralized exchange platform 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 important to 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:

  BN: The world's largest trading platform, with leading asset reserve management and SAFU insurance fund, separating hot and cold storage.

• OK: 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.

  Conclusion: 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 lies in your own awareness, habits, and respect for risk.

  A few final suggestions:

  Purchase 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 afterward

  The crypto world is never short of stories of overnight wealth.

  But those who can preserve their wealth and survive long-term are always the vigilant ones.

  Article link: https://www.hellobtc.com/kp/du/06/5901.html

  Source: https://a.c1ns.cn/Uyoc7

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