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Why Banks are Fragile - the case for cold storage (Patreon)

Published:
2025-06-19 01:13:05
Imported:
2026-06
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Content

Suspected Israeli hacking group 'Predatory Sparrow' allegedly erased all data from Iran's state-owned Bank Sepah, revealing the fragility of traditional finance. This cyberattack obliterated customer records, underscoring the risks of centralized banking systems.

But it gets worse.

Not just a bank, Over $90 million was drained from Nobitex, a crypto exchange with 6M+ users. But instead of laundering it, the hackers sent the funds to vanity burner ! The money is now permanently inaccessible.

Despite risks, cold storage—storing Bitcoin offline—provides strong protection against hacks, ensuring users maintain control over their assets. As centralized systems falter under modern threats, attackes etc, Bitcoin remains a resilient, permissionless store of value.

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Suspected Israeli hackers claim to destroy data at Iran's Bank Sepah

An anti-Iranian government hacking group with potential ties to Israel and a track record of destructive cyberattacks on Iran claimed in social media posts on Tuesday that it had destroyed data at Iran's state-owned Bank Sepah.

Comments

Sven

I believe I have found a very very secured way to store your cold storage. Without ever loosing your keys. 🔑 or loosing your storage, or when something happens to you, it is accessible for your loved ones. While you are still alive it is not accessible by anyone but you. How can I share it with the community. It is a little complex but it works.