While Ripple has been making headlines in recent days, every chatter about it has been setting the crypto community abuzz. In a recent post on X, EDO FARINA, a prominent advocate for XRP, has issued a stern warning to cryptocurrency holders about misinformation regarding cold wallet storage.
The post, which has gained significant traction within the crypto community, addresses a self-proclaimed “cyber security expert” who claims that cold wallets are a “crypto scam” and advises against their use for storing assets like XRP. While not quoting anyone specific, Edo points out that it is “either the dumbest take of the year or the most criminal.”
Edo’s post emphasizes the critical importance of cold wallets in maintaining the security of digital assets. Unlike hot wallets, which are connected to the internet, cold wallets store private keys offline and ensure that the cryptocurrency remains on the blockchain. Hot wallets, on the other hand—specifically those used by crypto exchanges and leading mobile wallets—are more vulnerable to hacks.
While calling out the misinformation on insecure cold crypto wallets, Edo argues that the misinformation could lead users to keep their assets on exchanges, where they do not own the private keys, thereby increasing the risk of loss due to exchange failures or hacks. Edo stresses that as long as users secure their seed phrases, cold storage remains the most secure option.
“Keeping your crypto on an exchange means you don’t own the keys; the...
Nagpur Municipal Corporation (NMC) claims it has cleaned 97.53% of the Nag River. But the reality is far from this boast. Under the Dhantoli under-bridge, the river remains clogged with water hyac...