Bought a Cold Wallet, Lost ¥50 Million?This Incident Rings the Alarm for Every Crypto User’s Security Awareness
The crypto world is in an uproar again. A recent headline — “Investor bought a cold wallet and lost all assets overnight” — has sparked widespread debate across the internet.
Here’s how it started:A crypto investor purchased a so-called “cold wallet” via a short video platform, then transferred digital assets worth around ¥50 million (~$6.9 million USD) into it. Not long after, the assets were completely drained by a hacker overnight.
According to confirmations from blockchain security firms, this isn’t some fictional drama — it’s a real incident. And the likely cause? The wallet was a compromised third-party device, tampered with before delivery.
So today, using this real case, let’s unpack an essential question:Is a cold wallet really the safest way to store your crypto?What can ordinary users do to secure their assets?What traps must be avoided at all costs?
The Tragedy: How Can a Cold Wallet Still Get You Hacked?
Many people’s first reaction to the news was: “How can someone holding ¥50 million not understand basic security?”But in reality, the type of user who has wealth without technical knowledge is very common in crypto.As the saying goes:“Wealth grows faster than awareness.”
Maybe you bought some Bitcoin back in 2013. At the time it was worth a few thousand RMB. Today, it’s increased 100-fold or more. Your portfolio ballooned — but your security habits didn’t.
So, out of a desire to be “more secure,” you buy a hardware wallet. But instead of verifying the source, you click a random link in a livestream, short video, or shopping platform. You place the order without checking if it’s from the official source.
And what happens? Your assets vanish.
Because what you bought wasn’t a cold wallet — it was a wallet with a pre-installed backdoor. The attacker already had access to the recovery phrase.The moment you stored your assets, you were voluntarily handing them over.
Cold Wallet ≠ Guaranteed Safety
Cold Wallets Come with Their Own Risks!
When people hear “cold wallet,” they immediately think “absolute safety.” But the truth is: there are real vs. fake cold wallets, different levels of coldness, and proper usage practices you must follow.
✅ What Is a Cold Wallet?
Broadly speaking, a cold wallet is any method of storing your private key or recovery phrase offline and disconnected from the internet.
Common examples:
Paper Wallet: The “coldest” method — write the key on paper, lock it in a safe. Completely offline.
Hardware Wallet: USB-like device storing the private key. Connects via USB or Bluetooth. Emphasizes physical isolation.
Air-Gapped Devices: Veteran users may set up offline Linux systems to generate and sign transactions.
❌ What Are Fake Cold Wallets?
Hardware wallets not purchased through official channels
Wallets that require internet connection to function (e.g., certain Web3 multisig wallets)
Wallets that auto-sync chain data through mobile apps during use
Wallets that generate recovery phrases in an online environment
⚠️ Why Can Hardware Wallets Still Be Risky?
“But hardware wallets don’t connect to the internet, use encryption chips, and store keys locally — isn’t that safe?”
Here’s the problem:
Power = Exposure: Once connected via USB or Bluetooth, it’s no longer “cold”
Compromised firmware risk: An attacker could pre-modify the firmware, making your “secure” device fully visible to them
Impossible to detect externally: Even if the packaging looks new, you have no way to verify if the firmware has been tampered with
User error: Saving your recovery phrase as a screenshot, typing it into your computer, or emailing it to yourself — all fatal mistakes
So, it’s not about using a hardware wallet — it’s about how you use it:Only when purchased through official channels, self-initialized, and recovery phrases generated fully offline, can you call it “relatively safe.”
What Kind of Wallet Is Actually Safe? Just Follow These Points:
Regardless of the wallet you use, never forget the following rules:
✅ 1. Only Buy from Official Channels
Whether it’s Ledger, Trezor, Keystone, or other brands — only buy through official websites or authorized resellers.No matter how convincing that livestream is — don’t risk it.
✅ 2. Recovery Phrase / Private Key Should Only Exist on Paper — Never Online
No screenshots, no copy-pasting, no photos.Storing it in Notes, cloud drives, or emailing yourself is like handing it to hackers.The safest way? Write it down by hand and store it in your home safe.
✅ 3. Keep Your Phone and PC Clean — Avoid Suspicious Wallet Apps
Many fake wallet apps look identical to real ones.But once installed, they steal your private key in the background.Before installing any wallet app, always verify the official site, developer identity, and store ratings.
✅ 4. Use Multi-Signature or Multi-Device Verification
Don’t store all your assets in one wallet.Split between hot and cold layers. Keep large holdings offline; only small amounts in mobile hot wallets.
✅ 5. When Using Platform Wallets, Understand Their Risk Control Systems
Even centralized wallets vary greatly in security.Some platforms have mature risk control and withdrawal limits.Others let backend employees move your funds freely.
Choose wallets with transparent security systems and good user reputation.
Choose Secure, Transparent Platform Wallets
Look Beyond Features — Check Security Infrastructure
For many users, centralized exchange wallets are convenient. But they come with risks — you’re entrusting your assets to someone else. That’s why it’s not just about features, but about risk control frameworks.
Here are some recommended platform wallets with strong security records and user trust:
Binance: The world’s largest exchange, with leading asset reserve management and the SAFU insurance fund. Separates cold and hot storage.
OKX: Technologically robust, supports MPC wallets and provides public proof-of-reserves.
Bitget: Known for copy-trading and derivatives. Strong in wallet isolation and layered encryption.
SuperEx:The perfect combination of Super Wallet and the SuperEx operating system provides asset isolation for everyone, ensuring 100% security of assets. At the same time, SuperEx offers the trading efficiency of a CEX and the storage security of a DEX.
In Conclusion: Security Awareness Is Your First Line of Defense in Crypto
Hardware wallets are not a cure-all. Cold wallets are not bulletproof.
The true defense is your own awareness, habits, and respect for risk.
A few final suggestions:
If you want to buy a wallet, only use the official site
Don’t let your recovery phrase touch the internet — paper is best
Enable multi-layer verification — don’t rely on one device
Don’t blindly distrust platforms — but don’t blindly trust them either
Make security mindset part of your financial strategy — not an afterthought
The crypto world has never lacked stories of overnight wealth.
But those who survive and preserve their profits are always the ones who stay vigilant.
SuperEx will continue investing in security systems and technology upgrades — guarding the assets of every user.You focus on spotting opportunities — we’ll focus on protecting your wallet.
