Business owners must choose between hot and cold wallets for cryptocurrency management, balancing speed and safety for transactions. Hot wallets offer quick access for daily payments, while cold wallets provide enhanced security for long-term storage. A hybrid approach, using both types of wallets, is often the most effective strategy.

Scammers have exploited users of CoinMarketCap, using a method called "Inferno Drainer" to drain funds from their crypto wallets. The fraudulent operation has raised concerns about the security of digital assets and the need for users to be vigilant against such threats.

Wallets can indeed be hacked, posing significant risks to digital asset security. Users must be aware of vulnerabilities in wallets and take necessary precautions to protect their funds from potential breaches and theft.

El Salvador has decided to distribute its Bitcoin holdings across multiple wallets to enhance security and manage risks effectively. This move comes as part of the government's ongoing strategy to integrate cryptocurrency into its national economy while addressing concerns about potential vulnerabilities associated with holding large amounts of Bitcoin in a single wallet.

Coinbase has introduced CDP Wallets, a developer-focused wallet infrastructure that allows the creation of secure, programmable wallets via API without the need for private key management. Utilizing Trusted Execution Environments, these wallets provide full control and flexibility, making them suitable for various applications including DeFi bots and enterprise systems.