A group member shared the unfortunate incident that his friend had recently encountered: the wealth that this friend had accumulated in the cryptocurrency market for many years was reduced to zero overnight, with a loss of up to 600,000 US dollars, or about 4 million RMB.

This friend recently replaced a new Huawei triple-screen mobile phone and imported the wallet app on the previous Apple phone to the new phone. As a result, his wallet was emptied and all his assets disappeared. Although he did not elaborate on whether he downloaded a fake wallet app, or the mnemonic was leaked, or at which link there was a problem, the balance in the wallet was indeed gone.

This incident reminds us that although the cryptocurrency market may be one of the fastest ways to accumulate wealth, the risk of asset theft and wallet theft also occurs frequently. It may be just a carelessness that will cause all balances to return to zero in an instant.

It is not to say that Android phones are definitely unsafe, but relatively speaking, Apple phones may be more trustworthy in terms of security. For large wallets, it is best to avoid networking or use cold wallets to store them to reduce operations such as importing wallets to new phones and new computers, and minimize interactions with the outside world.

A careless operation may lead to disastrous consequences, which are hard to prevent. If you want to hold Bitcoin ($BTC) steadily and survive the bull and bear cycles of the market, you must not only learn how to use a wallet, but also learn how to store Bitcoin safely in a reliable wallet.