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    Most Secure Coinbase Alternatives as Exchange Suffers Major Hack

    Oliver DaleBy 5 Mins Read
    Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

    While no funds were stolen in the recent Coinbase hack, the bad actors acquired something even more important in today’s age: data.

    This has led to serious concerns around Know Your Customer (KYC) security and pushed a lot of people to secure Coinbase alternatives.

    Coinbase Employees “Bribed and Recruited”

    Coinbase CEO Brian Armstrong said the firm won’t pay a $20 million ransom but will offer an equal-sized reward fund for information that leads to the arrest and conviction of the bad actors.

    Offshore Coinbase support agents were compromised and handed over confidential customer data to unknown assailants, with Armstrong claiming they were “bribed and recruited.”

    Coinbase says that the primary reason for stealing customer data was to run phishing scams, where the hackers will act as Coinbase and dupe customers into handing over their funds, but some critics believe there could be ulterior motives.

    Some of the stolen data includes customers’ names, addresses, government ID images, and account balances.

    Concerns are brewing that this may not just threaten users’ digital safety, but also their physical safety.

    Lefteris Karapetsas called Coinbase’s centralized data storage system a “disaster waiting to happen” and referenced a “violent attack in Paris” targeted at a prominent crypto figure that occurred just days before this data breach was announced.

    Meanwhile, Web3 attorney Ariel Givner shared that one client fears for their safety since their home address was leaked.

     

     

    The Coinbase ($COIN) stock price has plunged 7.2% in the past 24 hours, and the exploit also briefly dented crypto prices, although they’re now rising again.

    Experts have long warned against using centralized exchanges, with the recent exploit reflecting a clear reason why.

    Trusted intermediaries, custodians, and centralized data storage all oppose crypto’s core tenets and put users at risk.

    As the industry progresses, there are increasingly robust alternatives that investors can use to manage their digital assets. With that in mind, here are some secure, KYC-free Coinbase alternatives:

    Best Wallet

    Best Wallet is a KYC-free crypto wallet that’s exploded in popularity over the past year. It has a cross-chain DEX with support for over 60 blockchains, fiat on and off-ramping, derivatives trading, and much more.

    It’s more secure than Coinbase and far more feature-rich than your average crypto wallet.

    Since it’s KYC-free, Best Wallet doesn’t store private data that hackers could apprehend.

    It also features innovative security mechanisms such as advanced fraud protection, which helps spot and block potential scams.

    Moreover, the wallet uses multi-factor authentication and integrates Google and Apple for account recovery, meaning users can securely retrieve access to their wallet without worrying about managing private keys.

    The project also offers a native cryptocurrency, Best Wallet Token, which has so far raised over $12 million through its presale. This provides trading fee discounts, higher staking yields, governance rights, and access to promotions on partner projects.

    Best Wallet Token allows investors to speculate on Best Wallet’s performance, and considering people are awakening to the risks of centralized exchanges, this could prove a lucrative opportunity.

    Analyst Jacob Bury responded to the Coinbase news and suggested Best Wallet is the most fitting alternative.

     

    Not only is the wallet a secure Coinbase alternative, but its wide-ranging ecosystem cultivates a user experience unlike anything else on the market. As such, we could see Best Wallet become one of the industry’s most popular tools in the coming months.

    Phantom

    While Phantom may offer fewer built-in features and support less blockchains than Best Wallet, it undoubtedly deserves a mention as another secure Coinbase alternative.

    Like Best Wallet, Phantom has a built-in DEX and fiat on-ramping through MoonPay.

    The main blockchain that Phantom supports is Solana; but it also recently added support for Sui.

    Solana is the world’s most popular blockchain by number of users, with 3.5 million people interacting with it today. It’s also highly popular for meme coin trading, with platforms like Pump.fun, Letsbonk.fun, and Believe giving users many opportunities to catch brand new, high-potential launches.

    This marks another advantage over Coinbase, which only lists a limited number of meme coins.

    Ledger

    Best Wallet and Phantom are great for active traders who are looking for new opportunities on the market. However, if you are a passive investor and plan on holding cryptos for multiple years, then you should consider using Ledger.

    Ledger is a cold wallet, meaning it’s not connected to the internet. This makes it a safer option for long-term storage since it cannot be hacked.

    But there are some drawdowns. One is that it’s inconvenient, which is why it’s typically used for only long-term holding. And since Bitcoin is the only cryptocurrency that most investors hold for multiple years, this limits Ledger’s potential applications.

    Another drawback is that Ledger requires you to possess a physical USB device, and also manually store your seed phrase with limited account recovery options.

    In comparison, Best Wallet uses advanced cryptographic techniques to enable decentralized wallet recovery, helping offset the risks associated with self-custody of private keys.

     

     

    Overall, if you’re building a long-term Bitcoin stack, then it might be worth using Ledger or another cold storage wallet. But for altcoin holders and active investors, hot wallets like Best Wallet and Phantom are more convenient and offer a wider suite of capabilities.

    Disclaimer: This media platform provides the content of this article on an "as-is" basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Editor-in-Chief of CoinCentral and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@coincentral.com

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