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.

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.

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