Multisig cold wallets are highly secure but not immune to attacks, as demonstrated by incidents like the February 2025 Bybit hack, emphasizing the need for additional precautions.
Multisignature (multisig) cold wallets are often considered one of the safest ways to store digital assets, providing an extra layer of protection against theft. However, even these advanced security measures are not infallible, as demonstrated by the February 2025 Bybit hack.
Before diving into their security, let’s break down what multisig cold wallets actually are.
Over 18 million US-based cryptocurrency users’ records are reportedly up for sale on the dark web, raising alarms about the security of personal data in the digital asset space.
The database includes sensitive personal information sourced from more than 20 major cryptocurrency exchanges and platforms.
Dark Web Sale: Crypto Data for $10,000 Exposes Millions
“A threat actor is allegedly selling a large US-based cryptocurrency user database, sourced from multiple exchanges and platforms,” the post read.
For just $10,000, buyers can access detailed information, including full names, email addresses, phone numbers, and physical addresses. The data, sourced from prominent platforms, could potentially expose millions of users to identity theft and other cybercrimes.
The leaked data reportedly includes around 1.5 million Binance US phone records and 79,743 full records. In addition, 1.8 million records were from Crypto.com, 432,000 from Coinbase, 197,000 from Robinhood, 121,071 from Kraken, 800,000 from Gemini, and 76,710 from CoinMarketCap.
“We want to clarify that there has been no data leak from Binance’s systems. Our security team has been actively monitoring a known hacker on the Dark Web who collects data by compromising browser sessions on infected computers,” Binance told BeInCrypto through an email.
Dark Web Informer shared a screenshot of the alleged sale listing, which also highlighted additional records from Ledger, Bitfinex, Coinmama, BearTax, USA Crypto Legacy, and others. The total dataset spans over 18 million lines of user information.
Dark Web Sale of Cryptocurrency User Data. Source: DarkWebInformer
This report follows another alarming disclosure by Dark Web Informer. The analyst revealed that a separate threat actor was selling crypto investor leads tied to Robinhood accounts across the US and Europe.
The affected countries included the Netherlands, Switzerland, France, Germany, Poland, Spain, and the UK. The listing featured data that was not publicly scraped, suggesting that the information was obtained through unauthorized access or breaches.
Robinhood Crypto Data For Sale on Dark Web. Source: DarkWebInformer
This is not the first time such warnings have surfaced. BeInCrypto previously reported that someone was selling the crypto user database from Ledger, Gemini, and Robinhood. Similarly, last month, the news emerged that over 230,000 combined user records from Binance and Gemini had reportedly been listed for sale on the dark web.
Following this crash, there is widespread fear across the crypto industry of similar events occurring in projects undergoing key phases of development and token unlocking. Among such projects is Pi Network, which recently transitioned to Open Mainnet.
Dr Altcoin, a crypto analyst and advocate for decentralized ethics, relates the OM incident to the Pi Network and calls for stricter regulation.
“The OM incident is a wake-up call for the entire crypto industry, proof that stricter regulations are urgently needed. It also serves as a huge lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet,” he tweeted.
Some users defended Pi Network’s fundamentals, highlighting its utility-focused roadmap and avoidance of speculative hype. However, Dr Altcoin doubled down on concerns over a lack of transparency.
“One thing is clear about the PCT, they are not transparent,” he added.
Still, the broader Pi community remains optimistic. The account Pi Open Mainnet, presented as a pioneer, posted a rebuttal citing reasons Pi may avoid OM’s fate. It highlighted Pi’s slow token release strategy and absence of large early-sell events as elements central to that confidence.
“Massive community (35M+ pioneers), steady unlocks, growing utility (.pi domains, dapps), and a clean track record,” they wrote.
Indeed, Pi’s ecosystem is expanding. The integration with Chainlink, new fiat on-ramps, and Pi Ads are creating what the team calls a “virtuous cycle” of adoption and utility, according to Pi Open Mainnet 2025, a senior pioneer’s account.
“These advancements form a virtuous cycle for Pi Network. Easier fiat ramps bring in more users (Pi’s community is already ~60M strong), Pi Ads drive more apps & utility, and Chainlink integration adds trust and interoperability. More users →more utility,” it stated.
With a community reportedly approaching 60 million, many believe the project has a strong user-driven foundation, unlike OM’s more centralized dynamics.
Is This Enough to Prevent OM-Like Fate?
However, not everyone is convinced this will be enough. Mahidhar Crypto, a Pi Coin validator, urged users to withdraw Pi coins from centralized exchanges (CEXs) to prevent price manipulation.
“We have seen what happened to OM—how market makers dumped on users…When you deposit your Pi Coins on CEX, the Market makers will use bots to create artificial buy/sell walls to manipulate prices or Liquidity,” they warned.
This aligns with recent concerns about collusion between market makers and CEXs. Mahidhar also called for the Pi Core Team to scrutinize KYB-verified businesses and avoid listing Pi derivatives on CEXs, citing the risks of leveraged trading on still-maturing assets.
Further fanning skepticism is on-chain behavior tied to OM. Trading Digits, a technical analysis firm, pointed out that the “Pi Cycle Top” indicator, a pattern often signaling market tops, had triggered twice for OM since 2024, the most recent being just two months before its collapse.
