hot wallet Archives - Coin Engineer

Large Amount of Money Detected to Withdraw from Phemex’s Hot Wallets

Emre Yumlu — Thu, 23 Jan 2025 16:30:37 +0000

A large amount of money was detected to leave the hot wallets of the cryptocurrency exchange Phemex. The exchange did not make a statement.

Recently, one of the notable events in the cryptocurrency world took place on the Phemex exchange. A large amount of money was detected to leave the hot wallets of Phemex, and the exchange has not yet made a statement on the matter. This situation has caused concern and speculation among cryptocurrency users.

Phemex draws attention by not making any statement despite the time that has passed since the incident. This silence can shake the trust of users and damage the reputation of the exchange. Especially in cases where large-scale money outflows occur, exchanges are expected to provide transparent information to their users. This silence from Phemex makes one wonder whether there is a bigger problem behind the incident.

Such events often cause fluctuations in the cryptocurrency market. A large outflow of money from Phemex‘s hot wallets can shake investors’ confidence and cause sudden price drops in the market. In addition, such events can lead other exchanges to review their security measures and offer more security guarantees to their users.

This incident at Phemex had a significant impact in the cryptocurrency world. The silence of the exchange created great uncertainty among users and led to a loss of trust. Such events once again reveal how important security and transparency are in the cryptocurrency market. It is important for users to be careful and pay attention to the security protocols of the exchanges in order to keep their investments safe.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

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It is Claimed That There Was an Attack on Fantom Wallets!

Yunus Taşlı — Wed, 18 Oct 2023 16:45:50 +0000

Disappointing developments have occurred for the Fantom project listed on Binance. It was claimed that the hot wallets belonging to Fantom were attacked.

Fantom Foundation oversees developments on the Fantom blockchain, but the recent attack caused losses for both FTM and Ethereum. Individuals conducting research discovered that the attacker moved the stolen assets from a wallet holding 4500 Ethereum to another wallet.

The company stated that attackers targeted only a small portion of their wallets and that the total loss amounted to approximately $550,000. Detailed research on the subject is ongoing at the moment.

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Reports stating that thieves attacked the hot wallets purportedly belonging to the Fantom Foundation, containing FTM, and stole a substantial amount of FTM, led to a significant drop in the value of the FTM altcoin.

We are carefully following the developments regarding the attack. The community is waiting for future updates to learn the measures taken by companies and the real dimensions of the incident.

In the comment section, you can freely share your comments about the topic. Additionally, don’ t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.

The post It is Claimed That There Was an Attack on Fantom Wallets! appeared first on Coin Engineer.

DogeCoin (44 billion) can belong to Elon Musk

admin — Wed, 19 Jul 2023 15:52:34 +0000

DogeCoin which has high volatility increased very much because of Elon Musk’s tweets. These tweets made Doge Coin very popular. It is also thought that Elon Musk bought lots of DogeCoin before his tweets. Thus, He may have made high profits.

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DogeCoin Wallet and Elon Musk’s tweets

Elon Musk, the CEO of Tesla that is an electrical car company, started to tweet about supporting DogeCoin in 2021. According to some researchers, that mysterious Doge wallet also started to buy DogeCoin on February 6 in 2019 when the DogeCoin price was approximately 0.0018 dollars. The price increase started after those dates. In addition, it is known that the wallet which has 44 billion coins belongs to the Robinhood cryptocurrency exchange. These situations make investors suspicious of Elon Musk and DogeCoin.

Besides, Elon Musk tweeted again on February 10 in 2021. It says that he bought a few Doge Coins for his son and described him as a baby investor (toddler holder).

Bought some Dogecoin for lil X, so he can be a toddler hodler

— Elon Musk (@elonmusk) February 10, 2021

Also, he started to collect the coins 2 months before selling them according to transfers in the wallet. Furthermore, it is clear that he sold the coins when the price was 0.23 dollars. Because of this selling, he made a lot of money. You can take a look at wallet transactions in the picture below:

Suspicious wallet transfers and tweets show he can be the owner of the biggest Doge wallet which is worth 44 billion. Besides, On-chain data indicates that Wallet made a profit of about 9.5 billion dollars.

If you want to learn more information, you can follow from here: Elon Musk’s wallet.

You can present your thoughts as comments about the topic. Moreover, you can follow us on Telegram and YouTube channels for this kind of news.

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How To Set Up Metamask?

admin — Tue, 18 Jul 2023 10:17:47 +0000

Metamask is a wallet for holding cryptocurrencies. Besides, you can swap, bridge, and stake them. Today it is one of the most popular cryptocurrency wallets. Also, Metamask was used by DeFi users. Because all DeFi projects and dApp support the wallet. If you want to connect to any dApp or blockchain network, you should have it. That’s why Metamask is one of the most useful wallets.

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How To Set Up Metamask?

Metamask has 2 versions: Mobile, and Extension. If you want to use the mobile version, you can download it using Google Play or App Store. But the Extension version is available on the Chrome Store.

An extension version exists on the Chrome Store. And you click the “Add to Chrome” button to get it. After that, you must click the “Add extension” button and the downloading process has been completed.

The first task was completed. So, we had already downloaded the app to our own devices. Secondly, we should set our own keywords. For the first time, it gives you unique 12 words. And you should save and keep them. Because they are key to your money. If somebody burgles them, he/she will be the new owner of your money. That’s why you should keep them on a piece of paper or secure digital storage.

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You will see a new window. In there, Metamask asks you a question: “New to Metamask?”. If you already had a recovery phase (12 words), you don’t need any new Metamask. That’s why you must choose your first choice. On the contrary, you should choose the second choice, in this case, you will get a new secret recovery phase.

Later on, you should write all recovery phases in a specific area, because Metamask requires it for creating a new wallet.

And then, you need a password. Please, pay attention to security. First of all, you should save your own recovery phase and password. And don’t forget them. Because, if you forget them, you lose your own assets and in this situation, there is one responsible person, and that’s you.

In the end, you will face a new window about doing all tasks. Congratulations! You had already been to a Web 3.0 user!

If you want to learn about the details of Metamask, you can visit the Coin Engineer YouTube channel and watch the video about the topic.

You can present your thoughts as comments about the topic. Moreover, you can follow us on Telegram, Twitter, and YouTube channels for the kind of news

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CoinEngineer – Ledger AMA Summary

admin — Mon, 17 Jul 2023 10:23:05 +0000

Ledger Authorities answered our questions and shared some knowledge about the project at the AMA (Ask Me Anything) event, which was realized as CoinEngineer on 4 July 2023.

You can access details and content about the AMA from there.

First of all, Ledger Authorities introduced themselves and briefly mentioned their works.

I’m Dan from Ledger Support, my business is providing keeping your cryptocurrencies secure. I’m excited to meet the community and become here.

My name is Prinjal, and I work for Ledger as a Senior Crypto Experience Specialist.

Our Ledger AMA event started with some introductory questions which we asked as CoinEngineer. These questions and answers are:

Q1: What is Ledger? What is it used for?

A1:I’ll take that question, in a nutshell, Ledger is a hardware wallet you can use to self-custody your crypto safely. We’re the biggest brand on the market and have the largest integration in crypto projects. But at the core, the ledger is about giving folks the power to self-custody your crypto, your keys, and your coins.

Q2:What sets Ledger apart from other competitors?

A2: What sets Ledger apart from others is the ease of use, never compromising security, and support for multiple blockchains and NFTs. We provide best-in-class customer service to our users and are ready to help them.

Q3: What is Ledger planning to innovate in the future?

A3: So many things! More devices, and support for new chains, and protocols. improved Ledger Live ecosystem, and new collaborations with NFT communities. We also want to keep integrating as many Ethereum L2s as we can. Support for different domains within Ledger Live. Better protection against scam NFTs, airdrops, etc. Right now we support Arbitrum, Optimism, and Metis, hopefully, we can add Starknet, zkSync, etc in the future!

Q4: How safe is Ledger? How likely is it to be hacked? How can we protect ourselves?

A4: So, with Ledger, your security hinges on your 24-word recovery phrase, scammers will try to get that. I think it’s super important to highlight that although we’re here today on Telegram, Ledger does NOT have official social accounts on Telegram, so beware of scams and fake Ledger and Ledger Support accounts on Telegram.

To protect yourself and your crypto assets while using Ledger:

1. Buy Ledger devices from official partners and download the Ledger Live desktop app from our official website.

2. Set up your Ledger device securely and make sure no one has access to the 24 words seed phrase.

3. Anyone asking for the 24 words is a scammer. The Ledger will NEVER DM you and for them.

4 . Be cautious of Phishing attempts

5. Don’t give unlimited token approval

6. Never interact with scam NFT and try to move it.

You might like it: What Is Hardware Wallet: Ledger Overview

Keep in mind some simple rules:

Never share your 24-word recovery phrase, and never type it anywhere, anyone asking you for your phrase is trying to scam you.

Also, be careful:

1. Address switching malware that can affect your computer. So always verify the address on your Ledger screen. If you give someone your 24 words, they’ll be able to access your crypto and steal your funds, even without your device! Ledger is a fortress but if you give the keys (24 words) to anyone a fortress can also not protect your assets.

Q5: Can you tell us about the Ledger team?

A5: We got a diversified team of people from different parts of the world. We are trained and equipped to provide assistance with most technical protocols on blockchains. It’s definitely fun to work at Ledger too, if you’re a crypto geek you should apply, we could use your talents. We not only provide normal support services to our users but also work on creating video tutorials and help center content that will help them in securing their assets correctly.

Yes, that keeps the work interesting, that and the fact that crypto is moving so fast. As a team, we speak multiple languages and provide our services via different social platforms like Youtube, Facebook, Instagram, Twitter, and Discord.

Next asked by CoinEngineer in the project scope and answered questions by Ledger Authorities, 6 questions were selected among Telegram users, and the Authorities answered them.

Twitter Questions on Ledger AMA:

Q1: Can someone who already uses a cold wallet transfer their crypto to Ledger? And how? (@bahadircglr)

A1: Yes absolutely, all you need to do to transfer your existing accounts to your new Ledger is to grab the recovery phrase generated by your old wallet and type it into your Ledger device. By the way, your Ledger is the only place where it’s safe to type your phrase.

I should also add that while it’s fine to import a phrase generated by a COLD wallet in your Ledger, you should never import a phrase generated by a HOT or software wallet like Metamask, this could compromise your accounts! We also have different steps mentioned in our Help Center for better assistance.

Q2: How can I stake my cryptocurrencies with Ledger Nano S Plus? Could you tell us about this? (@rifatturan19)

A2: Staking Crypto assets are not specific to any Ledger devices. You can stake your assets with all your Ledger devices. To stake your assets you simply need to send them to your Ledger account and use the Ledger Live interface to stake them in different blockchains.

And we have a large selection of assets you can stake right in Ledger Live: ETH, DOT, SOL, ATOM, TRX, and many more. If you’re holding an asset you can stake, you should definitely stake it to create passive income.

Here’s an article from our Help Center to get you guys started. You can find a detailed tutorial on our Ledger Youtube Channel.

Last Question on Ledger AMA:

Q3: How is a Ledger different from a wallet like a Trust wallet metamask? Why should we choose a Ledger? (@murattakca1)

A3: The main difference between Trust Wallet/Metamask or Coinbase and Ledger is the generation of your seed phrase. When using Metamask or Trust wallet, your seed is generated online and can be exposed at a given point in time. Whereas when set up your Ledger device, it will generate your seed phrase offline inside the secure element chip and so your seed phrase remains offline at all times.

Even when you connect your Ledger to Metamask or Trust wallet using Connect Wallet button, you’re only using their interface like Ledger Live, and your keys remain secured offline.

Telegram Questions on Ledger AMA:

Q1: If my Ledger wallet is stolen or lost, can I locate it? Or can I safely transfer the assets in it to my different wallet? Will Ledger provide convenience to users in this regard? (@romania29)

A1: Thanks for the question. If your Ledger gets lost or is stolen and you have a strong PIN, no need to worry. The device will reset after 3 wrong PINS are entered and wipe your private keys. All you need to do is buy a new Ledger device, type your 24-word recovery phrase into your new device and you’ll get immediate access to your accounts. To learn more.

Q2: Can you share your social media links so we can keep ourselves updated? (@Zidane_8)

A2: Great question!

You can find us:

– Twitter at https://twitter.com/Ledger and https://twitter.com/Ledger_Support

– YouTube at https://www.youtube.com/@Ledger/streams (we run daily Live support sessions)

– Discord at https://discord.com/invite/Ledger

We also have Facebook, TikTok, and Instagram accounts but Twitter, YouTube, and Discord are the best way to get a hold of us!

Last Telegram Question on Ledger AMA:

One last thing, keep in mind that Ledger does NOT have official accounts on Telegram, beware of scams!

Q3: While the security of crypto assets is known to be an evolving field, does your company collaborate with security researchers or have a team of white-hat hackers? What steps do you take to continuously work on security measures and stay prepared for new threats in order to protect crypto assets? (@uiinc35)

A3: We at Ledger believe that security is an ongoing field indeed. we actually have a dedicated security team known as the Ledger Donjon who consistently tries to break into our own devices to find potential vulnerabilities and enhance our security through it. We equally provide firmware/app updates to include these enhancements. You can read more about them here:

You can present your thoughts as comments about the topic. Moreover, you can follow us on Telegram, Twitter, and YouTube channels for the kind of news

The post CoinEngineer – Ledger AMA Summary appeared first on Coin Engineer.

Crypto Wallets: Hot vs. Cold Wallets

admin — Wed, 14 Jun 2023 17:31:09 +0000

Crypto wallets are the product for using, holding, keeping, etc. for cryptocurrencies. With the increasing popularity of cryptocurrencies, more and more individuals are becoming cryptocurrency holders. But where is the ideal place to store our digital assets? There are several options available for cryptocurrency storage, one of which involves utilizing electronic wallets. However, what sets apart these wallets labeled as hot and cold?

A cryptocurrency wallet serves as an application or device designed for the storage of digital currencies. Unlike traditional wallets that house physical coins, crypto wallets are specifically tailored for holding cryptocurrencies. These virtual assets are securely stored within a blockchain and can only be accessed using a private key.

What Is Hot Wallet?

The term hot wallet refers to wallets that are connected to the internet. These wallets can take the form of browser extensions, mobile apps or desktop applications. Hot wallets are particularly convenient for swift transactions. Nevertheless, due to their internet connectivity, these devices and applications come with inherent security risks. Hot wallets are often prime targets for hackers. On the flip side, their online nature grants users various advantages, allowing them to access and transact with their wallets from anywhere as long as there is an internet connection. Consequently, hot wallets provide a more streamlined approach to managing transactions.

What Is Cold Wallet?

In contrast to hot wallets, cold wallets operate without an internet connection. These offline wallets excel in terms of security. Cold wallets offer the most effective means of safeguarding cryptocurrencies against cyber attacks.

Cold wallets, which resemble physical devices similar to USB drives, have gained popularity especially among significant investors. However, due to their lack of constant internet connectivity, we can also acknowledge that cold wallets are comparatively less convenient for everyday usage when compared to hot wallets.

You can present your own thoughts as comments about the topic. Moreover, you can follow us on Telegram and YouTube channels for the kind of news.

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