CZ Warns of Single Wallet Risks After $70M Coldcard Hack

Binance founder Changpeng Zhao (CZ) is warning investors about the risks of relying on a single wallet, following a $70 million exploit of the Coldcard hardware wallet.

CZ emphasized the importance of diversifying one's digital assets after the recent hack of the Coldcard wallet. The incident has highlighted the need for users to have multiple wallets and to be cautious about storing large amounts of cryptocurrency in a single location.

The $70 million exploit occurred when hackers gained access to a user's Coldcard wallet, allowing them to steal funds.