The Rising Threat: Crypto Security Crisis Reaches Critical Levels
The cryptocurrency security landscape has become increasingly dangerous for investors worldwide, including in the Philippines. Recent data reveals that cyberattacks resulted in massive financial losses throughout 2025, with institutional investors entering the space only exacerbating the security challenges. The urgent need for robust investor protection has never been more apparent.
Alarming Statistics: The Soaring Cost of Crypto Insecurity
The numbers paint a disturbing picture of the current crypto security environment. According to Chainalysis data, 303 cryptocurrency attacks were reported in 2024, representing a significant 22.2% increase compared to 2023. The total amount stolen reached $2.2 billion, marking a 7.45% rise from the previous year.
The situation deteriorated further in 2025. Pascal Gauthier, CEO of Ledger, disclosed a startling statistic: $2.2 billion had already been stolen in just the first half of 2025, matching the entire previous year's total. This unprecedented criminal activity occurred despite growing acceptance of cryptocurrency by traditional financial institutions.
The most devastating hack in cryptocurrency history occurred at Dubai-based trading platform Bybit, where an astonishing $1.5 billion worth of Ethereum (ETH) disappeared. Security analysts have linked this sophisticated attack to the North Korean hacking group Lazarus.
Best Wallet: A Secure Solution for Filipino Crypto Investors
Faced with this persistent insecurity, Filipino cryptocurrency users are becoming more vigilant and seeking safer alternatives. Many are turning to cold storage solutions, with the hardware wallet market valued at $918.28 million and projected to reach $14.5 billion by 2033 - a staggering 1,479% increase.
Meanwhile, non-custodial Web3 wallets like Best Wallet are gaining significant traction. Their appeal lies in combining the security of self-management with the convenience of a mobile application. With 250,000 monthly active users already, Best Wallet is establishing itself as the preferred choice for Filipinos seeking both seamless transactions and robust security.
Inside Best Wallet's Multi-Layer Security Architecture
Best Wallet protects every user interaction through multiple layers of advanced security measures. At its foundation lies a non-custodial architecture that ensures users maintain exclusive control of their private keys, embodying the famous "not my keys, not my coins" principle.
The platform strengthens this foundation by integrating Fireblocks' MPC-CMP technology, which divides private keys into multiple encrypted fragments stored in a distributed manner. This approach enhances security beyond traditional methods.
Additional security features include:
- Two-factor authentication (2FA) and biometric verification
- Personal cloud backup with streamlined recovery methods replacing conventional seed phrases
- Advanced Anti-Fraud Protection that detects and prevents suspicious activity before transaction completion
- MEV protection shielding users from front-running and sandwich attacks
The wallet also features an integrated DEX, allowing users to trade directly within the application without risky connections to external platforms.
Industry Recognition and Future Prospects
Best Wallet's commitment to security and user experience earned it the official WalletConnect certification in 2025. This distinction recognizes wallets that meet the strictest requirements and ensures reliable connectivity between the application and thousands of dApps on major networks including Ethereum, Polygon, and BNB Chain.
This achievement places Best Wallet alongside industry leaders like MetaMask and Trust Wallet in terms of technological capability and ecosystem access. The platform is further distinguished by its native BEST token, which serves as the core utility asset within the ecosystem, providing holders with various advantages and participation opportunities in the platform's growth.
