Last week, crypto exchange BigONE suffered a major security breach, with hackers stealing approximately $27 million in digital assets.
The exchange immediately froze trading and launched an investigation with the help of cybersecurity firm SlowMist.
According to BigONE’s statement, storage wallets and private keys remained secure, and the company has pledged to fully reimburse affected users.
The incident occurred in the same week as CoinDCX, a prominent Indian exchange, disclosed a similar breach involving unauthorized withdrawals.
This has left many investors questioning which Bitcoin wallet to use, given that exchanges are a prime target for hackers.
In fact, more crypto has been stolen in 2025 so far than all of the previous year combined.
Exchange Risk
As a general rule of thumb, you shouldn’t leave more crypto on an exchange than you’re willing to lose. For larger amounts, it’s recommended to use a wallet.
With exchanges, you’re trusting a third party not only to store your assets securely, but also to maintain uninterrupted access.
History continues to show the risks:
- Exchanges targeted and hacked
- Frozen withdrawals during incidents or investigations
- Regulatory or legal interference
Even the most trusted exchanges can become vulnerable to attack. When that happens, users are often the first to feel the impact, being suddenly unable to withdraw their funds as the platform freezes withdrawals to contain the damage and investigate the breach.
Self-Custody: More Important Than Ever
Using a self-custody wallet, whether a hardware device or secure software wallet, puts ownership and control back into your hands.
When you hold your own private keys, you eliminate many of the systemic risks tied to third-party platforms. No more frozen withdrawals or being a prime target of hackers.
Benefits of self-custody include:
- Full control over your crypto assets
- Protection from exchange hacks or freezes
- There’s no waiting in line for withdrawal reactivation
Of course, this approach brings its own responsibilities: safeguarding your seed phrase, maintaining backups, and avoiding phishing attempts.
But it also aligns with the original spirit of crypto: decentralized, censorship-resistant, and user-controlled.
The Bigger Picture
The BigONE and CoinDCX breaches are the latest in a string of reminders that convenience should never replace caution.
It may be convenient to use an exchange to store your crypto, but for larger amounts, it is worth looking into a dedicated wallet.
Exchanges play an important role in onboarding and trading, but they shouldn’t double as wallets.
As crypto continues to mature, both the tools and education around self-custody are getting better. And while no system is completely risk-free, one principle still holds true: ownership begins and ends with your keys.
Whichever option you choose, the most important step is taking full responsibility for your keys and practicing good security habits consistently.
Which Bitcoin Wallet to Use
Recent reports of BigONE and CoinDCX breaches highlight just how sophisticated centralized risks have become, and why secure, self-custodial tools like Best Wallet are more essential than ever for protecting your Bitcoin holdings.
Best Wallet’s self-custodian, Fireblocks-backed architecture, offers a strong line of defense against the malware and drainer exploits plaguing the crypto landscape.
Fireblocks does two things that distinguish Best Wallet from competitors. First, it eliminates the need to use paraphrases to access the wallet, improving accessibility, and second, it insures all assets kept inside the facility, giving users peace of mind.
Best Wallet security-focused design is further reinforced by its no-KYC policy, ensuring that user data remains protected from third-parties.
Basically, it offers an intuitive environment where users can store, buy, swap, stake, and trade Bitcoin and other cryptocurrencies – all without jumping through the hoops of identity verification. This approach makes it immune to data breaches similar to the one experienced by Coinbase a few weeks ago.
Another major advantage of Best Wallet is its full suite of trading tools, designed to help investors take the most advantage of the market. One of them is its on-ramp facility, which allows users to buy thousands of cryptocurrencies, including Bitcoin using fiat.
Next is the staking aggregator, designed to help investors identify and maximize high-yield passive income possibilities across multiple chains.
And perhaps the feature that’s turning heads the most is the token launchpad. It lets investors buy high-potential pre-launch tokens without having to navigate multiple interfaces.
Combined with other key features like cross-chain swaps, portfolio management, iGaming perks, and more, it’s no surprise that Best Wallet is being ranked among the top Bitcoin wallets by leading publications, including the New York Post.
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