Cobo Vault Blogs

One single vulnerability is all a hacker needs! Like you, most people buy their first cryptocurrency on an exchange, and they leave them lying there simply because it’s convenient to do so. But what they don’t realize is that exchanges are sitting ducks for hackers. Cryptocurrency exchanges charge fees for trading and store funds for their customers, but they’re prone to hacks because they centralize the risk and store a part of their private keys online for real-time withdrawals.

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That’s what we’ve learned from the recent Binance hack!

The global cryptocurrency exchange that lost 7000 BTC in a recent attack has driven home an important point —

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It’s extremely important that you know how to update the Cobo Vault in order to benefit from the updated features, additional coins and tokens that have been added. As best practice, all firmware updates must be downloaded from the official Cobo website, uploaded onto a TF Card, and then installed in the Cobo Vault.

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That’s a cry we’ve been hearing far too frequently these days! Let’s take Tim for example. A fastidious crypto investor, he uses a hardware wallet and keeps his keys and passphrase under lock and key. Tim was very sure that...
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