Hardware Wallets Not as Secure as Thought, Says Binance Founder CZ

Binance founder Changpeng Zhao has sounded a warning to investors about the security of hardware wallets after a recent cold-wallet hack. On August 1, he took to X (formerly Twitter) to caution that even long-established hardware wallets can be vulnerable to bugs and defects.

Zhao noted that there is no method of storing assets that is completely secure. He advised investors to stay informed about the latest security developments and manage their assets prudently.

In response to the hack, Zhao suggested splitting assets across multiple wallets as a possible mitigation strategy. However, he acknowledged that this approach also comes with its own set of risks.