Crypto

Research: The Top Cryptocurrency Wallets Have Very Few Complaints Regarding Theft, Hacks, or Stolen Funds

There are many different cryptocurrency wallets for users to choose from. Although most of these projects are legitimate, keeping tabs on the overall user feedback remains crucial. For example, new research by Oplink.net shows Trust Wallet gets negative publicity due to hacks and thefts, whereas Crypto.com has a much better reputation. 

Comparing Cryptocurrency Wallets

Finding the right solution among the myriad of cryptocurrency wallets can prove somewhat tricky. Users have different needs and expectations, and not every software solution suits everyone. That is a good thing, as freedom of choice is, like decentralization, a big selling point of crypto. However, there are popular wallets and less popular solutions, even if the overall rankings tend to shift from time to time. 

The research by Oplink.net analyzes the four most popular cryptocurrency wallets: Crypto.com, Coinbase.com, Trust Wallet, and Binance. It is evident three of these four wallets are custodial, with Trust Wallet being the exception. However, the other three brands have a solid reputation in the crypto space, and their wallets’ convenience should not be underestimated. 

Interestingly, it appears Trust Wallet is often named along with thefts and stolen funds. That may be due to users sending funds to shady projects and addresses, yet it still creates negative sentiment toward the project. Moreover, the people using Trust Wallet represent the smallest user base of the four wallets, lending more weight to this negative sentiment. Even so, Trust Wallet itself remains one of the most secure cryptocurrency wallets, and users need to be more careful about how they handle funds. 

Conversely, most people have a better experience using the Crypto.com wallet. That is rather interesting, as it is the most popular of the cryptocurrency wallets on this list. It has over 50 million users, yet only 0.001% have any negative experiences with it. That starkly contracts Trust Wallet’s 10 million users, with 0.006% of users complaining. Even so, complaints are very rare where these four wallets are concerned, which is a good sign overall. 

Building A Secure Future

Contrary to what some may think, there is little consumer protection in the cryptocurrency world. In fact, users are often responsible for their funds, even if they are glad to delegate it through custodial solutions. Those custodians do not necessarily offer more protection, though, and people need to be aware of how that may affect their experience. It is up to the user to ensure precautions to avoid hacks, theft, and loss of funds. 

The percentage of mentions of the four analysed cryptocurrency wallets in negative sentiment threads against their respective number of users result in the following metrics:

  1. Trust Wallet (10 million users): 0.006% of users complained
  2. Coinbase (43 million users): 0.003% of users complained
  3. Binance (28.6 million users): 0.002% of users complained
  4. Crypto.com (50 million users): 0.001% of users complained

Overall, there is no reason to be concerned over security with these popular cryptocurrency wallets. Most of the issues are due to user error rather than the software causing any issues. Big opportunities come with big responsibilities, and many newcomers tend to underestimate the risks. Using the top cryptocurrency wallet can prove worthwhile, although there is a growing landscape of solutions to store your digital assets. 


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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