ByBit Hack Reinforces Need for Self-Custody as Web3 Wallet Best Wallet Raises $10.5M in ICO

Best Wallet’s ($BEST) funding milestone continues to break records week after week as it reached $10.5 million on Monday.

The latest influx of capital into its presale follows the ByBit hack, which saw $1.4 billion in funds stolen from the exchange.

This underscores the growing demand for self-custody wallets as a safer way to protect digital assets.

Best Wallet not only offers this security but also features that have made it a top choice among investors in less than a year.

Currently, Best Wallet’s funding stage prices each token at $0.0241 for the next 11 hours before the next round increases the price.

With the presale running for over three months, Best Wallet may be nearing its funding goal. Missing out now – while $BEST is at one of its lowest prices – could be like passing on a presale for a better version of MetaMask.

ByBit aftermath fuels the shift to non-custodial solutions like Best Wallet

Dubai-based ByBit suffered a hack on February 21 that drained its ETH cold wallet.

The attacker, believed to be North Korea’s Lazarus Group, used a “masked” URL to trick signers into making it appear legitimate through Safe.

By altering the contract logic, the hacker was able to take control of the cold wallet.

Following the attack, ByBit moved quickly to restore its ability to back investor assets 1:1.

According to Lookonchain, the exchange received 446,870 ETH – worth $1.23 billion at current prices – through loans, large deposits, and ether purchases over the past two days.

Since being hacked, #Bybit has received ~446,870 $ETH($1.23B) through loans, whale deposits, and ETH purchases.#Bybit has nearly closed the gap. pic.twitter.com/0oz3ytLi4X

— Lookonchain (@lookonchain) February 24, 2025

The incident highlights the increasing sophistication of hacks targeting multi-signature cold storage solutions.

Former Binance CEO CZ pointed out that despite using different multi-sig providers, both WazirX and Phemex suffered similar breaches, underscoring the growing risks in the industry.

CZ stressed the importance of users safeguarding their assets, referencing a 2020 article he wrote on the fundamentals of doing so.

Last week, he also encouraged using wallets for daily crypto transactions rather than relying entirely on exchanges, which remain prime targets for attacks.

Some thoughts on the recent hack(s).

There is a pattern where hackers were able to steal large amounts of crypto from multi-sig “cold storage” solutions, as with ByBit, Phemex, WazirX and potentially others. In the most recent ByBit case, the hackers were able to make the…

— CZ 🔶 BNB (@cz_binance) February 22, 2025

Amid these developments, the new non-custodial Web3 wallet Best Wallet has seen a surge in presale purchases, pushing it closer to its funding goal.

This influx of fresh capital isn’t just due to the crypto wallet’s self-custody features, which help investors avoid exchange-related risks, but also because of its advanced capabilities, setting it apart from older-generation wallets in the space.

The Best Wallet advantage extends beyond security to superior transaction capabilities

Best Wallet has built a strong reputation, attracting over 500,000 users since its launch less than 12 months ago.

Much of its success comes from its advanced capabilities, which are increasingly valuable in today’s crypto market.

When it comes to transactions, Best Wallet stands out with reduced fees, making it highly competitive. Users can further benefit from lower costs by holding $BEST tokens.

Its extensive integration with over 200 decentralized protocols and 20 cross-chain bridges also ensures fast transaction speeds.

Best Wallet is also a leader in on-ramping, offering users quick and easy conversion of over 100 fiat currencies to crypto at the lowest exchange rates and processing fees in the market.

As the recent ByBit hack demonstrated, reliance on exchanges can create market panic, making self-custody solutions more appealing.

Beyond functionality, Best Wallet prioritizes user experience with a simple, intuitive UI and streamlined transactions.

Its multichain capabilities stand out in two key ways: users can easily import and manage multiple wallets within the app and seamlessly conduct cross-chain transactions.

💡 Need to import your wallet into Best Wallet? Here’s how.

Watch our step-by-step tutorial on how to import all your wallets into Best Wallet and manage everything in one place.

This video will show you:
✅ How to import your existing wallets
✅ How to manage multiple wallets… pic.twitter.com/j133Pb0Gzb

— Best Wallet (@BestWalletHQ) February 23, 2025

One emerging crypto project leveraging these features is BTC Bull Token, which allows holders to earn Bitcoin as if they were running mining operations.

By securing the ERC-20 token $BTCBULL, users receive $BTC airdrops – all within a single app.

Gaining the alpha in trading through Upcoming Tokens

One of Best Wallet’s standout features is its ability to give users a trading edge.

While CZ suggests that exchanges should be reserved for professional traders, Best Wallet could eliminate the need for them entirely as, in addition to enabling efficient daily transactions, it allows users to trade directly within the app.

Furthermore, its Upcoming Tokens feature further sets it apart by identifying promising projects with long-term trading potential in a crowded market.

Investors who bought early into Pepe Unchained ($PEPU) and Catslap ($SLAP), featured in Upcoming Tokens, have seen gains of over 700% and 7,000%, respectively.

BTC Bull Token also made the Upcoming Tokens list and has already raised $2.75 million in just two weeks.

🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.

With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU

— Best Wallet (@BestWalletHQ) February 10, 2025

How and where to purchase $BEST

To get the most out of Best Wallet, users should hold $BEST tokens.

Visit the Best Wallet presale website, connect your wallet, and purchase $BEST, or buy it directly within the Best Wallet app.

The app offers multiple ways to acquire $BEST, including purchases with other cryptocurrencies or a bank card. Users can exchange crypto for ETH or USDT for $BEST.

Download Best Wallet on Google Play or the Apple App Store.

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