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Binance founder Changpeng Zhao has urged crypto users to prioritize wallet security, highlighting the risks associated with hardware and software wallets
In an October 10 post on X, Zhao backed self-custody and referenced YZi Labs’ investments in hardware wallet makers OneKey and SafePal, alongside mobile wallet provider Trust Wallet. He urged users to “Stay SAFU out there” and understand the security risks of different wallet types
Stay SAFU out there!FWIW, I am not against hardware wallets, or self-custody. Different wallets/product for different use cases. All have different security implications and best practicies. YZiLabs invested in OneKey, SafePal (hardware wallets), TrustWallet (mobile), etc
Zhao previously advised users to keep newly purchased hardware wallets and newly downloaded software wallets separate from their main funds for several weeks. He recommended monitoring security reports before transferring large amounts of cryptocurrency
Related: XRP Ledger Fixes Exploit That Could Create and Spend XRP Without Payment
The advice follows reports of $86 million to $87 million in losses linked to a third-party Ledger reseller in Southeast Asia. Attackers allegedly replaced instructions containing seed phrases. Ledger said its manufacturing process, firmware, and official software had not been compromised
Former Mt. Gox CEO Mark Karpelès reported finding a small component inside a Ledger device shipped from Malaysia. He described it as a “spy SIM card,” but its function remains unclear. No confirmed link to the reported losses has been established
My spy-implanted ledger came from Malaysia, and had flawless shrink wrap. Even opening it, at first you don't see the implant which is cleverly hidden where the screen's padding is supposed to be.Follow Ledger's guidance to check yours: pic.twitter.com/D8mixF1o9L
The finding does not prove hardware wallets are inherently unsafe. It highlights the importance of verifying device sources and protecting recovery phrases
Related: TRON Tests Quantum-Resistant Technology: Are Bitcoin, Ethereum, and BNB Ready?
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