HOT WALLET
This is the name for an online wallet that is connected to the internet and can be accessed at all times. Though much more convenient than cold wallets, hot wallets are not as secure due to the fact that they are connected at all times and often lack the extra security features of cold wallets.
At Least $150M Stolen by Hackers: BitMart CEO Confirms; While Security Firm Estimates More
BitMart experienced a large-scale security breach in which hackers were able to withdraw assets valued at up to approximately $150m, according to the cryptocurrency trading platform's CEO.
Traditional Financial Giant Lloyd's of London Introduces Cryptocurrency Insurance for Hot Wallets
Insurance giant Lloyd’s has launched a new insurance product to protect digital asset holders against the rising threat of cybercrime in the crypto market.