The security of crypto exchanges is again under the microscope, as major exchanges, Coinbase and Cetus, are hit with major incidents within a week of each other.
If nothing else, it’s been a hard lesson in the importance of using a secure crypto wallet like Best Wallet.
On May 22, hackers exploited a vulnerability in the Cetus automated market maker (AMM), letting them establish large positions with just a few clicks, and eventually drain $223M worth of digital assets within 24 hours.
The decentralized exchange (DEX) and the Sui Network have since worked together to freeze much of the lost assets.
Coinbase Hack: Over 69,000 Users’ Data Breached
The week before, centralized exchange (CEX) Coinbase was also a victim of a security incident, though of a more low-tech nature.
In a blog post, the company revealed that cybercriminals bribed and recruited some of its overseas support agents to steal customer data and perpetrate social engineering attacks.
The data gathered includes over 69,000 customers’ personal information, the last four digits of their social security numbers, images of their government IDs, and portions of their bank account numbers.
The criminals tried to extort $20M from Coinbase to keep the news of the incident from leaking. The company refused. It also estimates that it could sustain up to $400M in damages because of the incident.
The Case for Self-Custodial Crypto Wallets
These incidents have brought into sharp relief the need for more secure ways of securing your digital assets. One such way is storing them in a crypto wallet like Best Wallet.
Aiming to capture 40% of the crypto wallet market by 2026, Best Wallet is a non-custodial crypto wallet. This means that only you have access to your wallet’s private keys. It’s more secure than custodial wallets, wherein a third party, often a crypto exchange, manages your keys.
The private key acts like your password, which lets you access your funds and sign off on your crypto transactions. Having total control over this key keeps your assets a lot safer than having the exchange keep it secure for you, especially in the event of a breach or an asset freeze.
In addition, Best Wallet is a no-KYC crypto wallet. In other words, it doesn’t require you to undergo Know Your Customer (KYC) verification and submit your sensitive identification information to be able to use the wallet.
This prevents your personal information from leaking out in a data breach, since Best Wallet doesn’t have it in the first place.
Powering the wallet is the Best Wallet Token ($BEST). Holding $BEST gives you exclusive perks within the Best Wallet ecosystem. These include lower transaction fees within the ecosystem, higher staking rewards, and early access to new presales.
Plus, you’ll get governance rights, letting you vote on key decisions relating to Best Wallet.
You can buy $BEST tokens for $0.025085 each on the Best Wallet Token presale page. To get started, simply connect your crypto wallet to the presale widget, enter the number of tokens you want to purchase, and pay with your credit/debit card or cryptocurrency.
Our Best Wallet Token buying guide gives you step-by-step instructions on how to get your hands on $BEST.
You can also stake your tokens as soon as you buy them. This lets you multiply your gains as the $BEST price increases and Best Wallet grows its share of the market.
To date, the project has raised over $12.7M, with investors staking over 234M $BEST tokens, and has already earned a place as one of the best crypto presales of 2025.
Best Wallet: Your First Line of Defense Against Hacks
From what we’ve learned from the Coinbase and Cetus hacks, it’s safest to store your digital assets in a secure, non-custodial crypto wallet like Best Wallet, as you have more control over your assets’ security.
But this level of control comes at a price. You’re now solely responsible for your wallet’s security. That’s why it’s important to take every precaution, including using strong passwords and biometrics, to keep your wallet safe.
Also, remember to do your own research if you’re investing in crypto. This will help you stay alert when it comes to social engineering attacks and steer clear of crypto scams such as rug pulls and pump-and-dump schemes.