Looking at the massive security risks of Web3 wallets from the fomopeek hack incident 1️⃣ Why isn’t iOS safe? App Store reviews didn’t catch the issue + iOS vulnerabilities—basically, it’s Apple’s fault. 2️⃣ Why did the private key get leaked? The hacker app broke through the sandbox, accessed keychain files and wallet files, then cracked them offline. It’s also possible they directly read plaintext keys from memory. 3️⃣ Which wallets are affected? Any self-custody wallet is at risk (since private key credentials are stored locally), including OKX Wallet, Gate Wallet, MetaMask, etc. 4️⃣ Are exchange apps affected? For now, the risk seems low because exchange credentials are stored on servers and require user input for passwords. Even if passwords are stored in the keychain, exchanges often have two-factor authentication, like biometric passkeys stored in Secure Enclave, which current hacker backdoors can’t access. 5️⃣ Why isn’t Binance Web3 Wallet on the attack list? Because most of Binance’s Web3 Wallet uses MPC (multi-party computation), meaning private keys are sharded and not fully stored locally. Obtaining other key shards makes fomopeek attacks very costly. Gotta say, as the top exchange, Binance’s Web3 wallet security design is ahead of others. 6️⃣ What’s the ultimate solution to self-custody wallet security issues? As long as private keys are stored in your phone or computer’s memory or files, it’s always a huge risk. The ultimate solution is to move private keys to external hardware chips—this is where hardware wallets like @OneKeyHQ come in. Highly recommend storing all your important assets in a hardware wallet. #Web3 #CryptoSecurity #HardwareWallets