A shocking incident of digital asset loss has recently attracted widespread attention in the crypto world. An investor lost assets worth 8.43 million USDT while using what is considered the safest Cold Wallet storage method. This event reveals that even the most cautious investors may inadvertently fall into danger.

The protagonist of the event took many common security measures: using a Ledger Cold Wallet, never exposing private keys in an online environment, and even carefully recording the mnemonic phrase on paper. However, these measures ultimately failed to prevent the tragedy from occurring.

The root of the problem lies in a seemingly harmless browser plugin Wallet. This plugin offers attractive features such as synchronization with Cold Wallet, a user-friendly interface, and an asset overview, and has even received recommendations from the community. Investors believe that merely viewing assets should not pose any risks, yet they overlook a critical step in the connection process—authorization signature.

This authorization actually granted a third party the transfer rights for all tokens in the Wallet. Three days later, when the Cold Wallet received 8.43 million USDT, the hacker immediately withdrew the entire balance in one go by calling the contract. The whole process had no additional confirmation steps, just like a blank check that had been signed in advance being cashed.

On-chain records show that this is a standard "SetApprovalForAll" contract authorization, with the authorized object being a collection contract controlled by hackers. The funds were quickly transferred on the same day they arrived, leaving only a single call event in the transaction record.

This event reminds us that even Cold Wallets are not infallible. Hackers do not need to directly breach the private key; as long as they obtain improper authorization, it is equivalent to gaining control over the funds. In the crypto world, the biggest risks often do not stem from technical vulnerabilities, but rather from seemingly safe yet actually dangerous operations.

Currently, relevant parties have intervened in the investigation, and some of the involved funds have been frozen. However, this incident undoubtedly serves as a wake-up call for all Crypto Assets holders: one must exercise extra caution when performing any authorized operations, even when using what is considered the safest storage method.

Crypto Assets investors need to be vigilant, carefully scrutinizing each authorization request and understanding its potential impact. At the same time, there is a call for the industry to develop safer and more transparent asset management tools to prevent similar tragedies from happening again. Only by establishing a correct security awareness and taking comprehensive protective measures can one truly protect their digital assets.