Hot wallets and cold wallets are the two primary ways to store crypto. But which one is right for you?

In a shocking cyberattack, leading cryptocurrency exchange Bybit has suffered a major breach, losing approximately $1.46 billion worth of Ethereum (ETH).

Cryptocurrency exchange Bitget has experienced unauthorized transfers totaling approximately $351.6 million. These transfers affected parts of its hot and warm wallet infrastructure but did not impact cold wallets. Bitget asserts that its User Protection Fund, exceeding $464 million, is sufficient to cover the entire estimated loss. Withdrawals on the platform have been temporarily suspended to allow for a thorough investigation. The exchange is collaborating with law enforcement and security firms to address the breach. Deposits and trading activities remain operational during this period. Bitget has identified and flagged suspicious transfer addresses while initiating contact with relevant authorities. A comprehensive incident report, including a root-cause analysis, is expected within 24 hours. The exchange is refraining from public speculation regarding the attack vector until the investigation concludes. The incident highlights the critical role of exchange protection funds and the distinction between exchange and self-custody of assets.

When it comes to storing cryptocurrency there’s a choice to be made between a cold wallet or a hot wallet. Although both types of wallets have their advantages and disadvantages, it is necessary to un...

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