I think that most people don't fully grasp this concept until they experience it. Happened to me and it completely crushed me in all dimensions of my existence. Brutal.
Yes. Crypto wallets — especially software wallets — aren’t as secure as many believe. I had some funds drained from a wallet I downloaded years ago, with a seed phrase created 8 years ago. Luckily, it was only a few hundred dollars, and I see it as a lesson learned. I’m not the only one this has happened to. The usual explanations are: you were hacked, a keylogger was installed, or the send address was switched right before the transaction.
But honestly, isn’t it simpler to suspect the wallet developer — or someone on the inside — than an elaborate hack? They always default to blaming the user, and no one ever finds the real cause. And if my system was compromised, why weren’t my bank accounts or credit cards targeted? How were my 12 seed words exposed? This happens to so many people that I’ll never trust a software wallet again. In fact, you might be safer using an exchange with strong 2FA across phone, email, password, and an authenticator app. Exchanges have risks too, but software wallets feel far more vulnerable.”
