The PENGU Spot ETF is the first NFT-based crypto ETF application, as Canary Capital aims to merge NFTs and DeFi—will the SEC approve this groundbreaking move

January 2024 marked a pivotal point in the crypto industry: the US Securities and Exchange Commission (SEC) approved a bunch of 

 (ETFs) after a decade of resisting it. Later that year, several Ethereum (ETH) Spot ETFs were also approved. These early successes encouraged investment funds focused on digital assets to seek approvals for other 

 (AVAX) and other high-cap cryptos have ended up on the SEC's desk in recent months.

Until Mar 20, 2025, one thing had never occurred: an 

-based crypto ETF application. Such a move was thought to border on impossibility, given how stringently and at length the SEC evaluated ETF applications even for established fungible cryptos. And yet, the Canary Capital investment manager submitted an application to the SEC for approval of the first NFT-focused crypto ETF product, the PENGU Spot ETF, triggering a mini-revolution in the emerging space at the junction of crypto and traditional finance.

If approved, this ETF will be the first of its kind in the industry, based on a mix of 

. Many observers expect Canary Capital to struggle mightily for SEC endorsement of its revolutionary product. Nevertheless, the SEC now has a track record of approving crypto ETFs — which raises hopes for both the altcoin ETFs mentioned above and the PENGU Spot ETF application.

The PENGU Spot ETF is a proposed exchange-traded fund (ETF) product introduced by the Canary Capital investment management firm, and is currently awaiting approval by the SEC. 

 on Mar 20, 2025, making this the first crypto ETF product with an NFT component that’s vying for the approval of America's primary financial regulator. The ETF has been registered in the US state of Delaware.

The Pengu Spot ETF's portfolio is envisioned as consisting primarily of PENGU tokens that will make up anywhere between 80% and 95% of total assets held, with the rest allocated to Pudgy Penguins NFTs. Small portions of Solana's SOL coins and Ethereum's ETH tokens will also be included in order to facilitate transactions and liquidity support, as PENGU tokens are mainly issued on the Solana blockchain, and Pudgy Penguins NFTs are an Ethereum-based collection. 

Since Canary Capital will hold these assets and periodically rebalance the portfolio, gas fee payments on Solana and Ethereum will apply, with fees paid in SOL and ETH, respectively.

Launched in 2021 on Solana, the Pudgy Penguins NFT collection consists of 8,888 items, each depicting a cute penguin with a distinct combination of five different traits. In December 2024, the project introduced a related fungible cryptocurrency, the Ethereum-based PENGU token. As of Apr 2, 2025, PENGU is a smaller-cap asset, ranked 191st in the crypto market, with a total 

 of $319 million. In contrast, Pudgy Penguins are among the leading projects in the NFT space, ranked second among all NFT collections, with a market cap of $155 million.

Canary Capital's application to the SEC is unique in two ways: it’s the first ETF with an NFT component, and it marks the first time ETF approval has been sought for a relatively smaller-cap cryptocurrency, PENGU, which isn’t even among the top 100 crypto assets by market cap. All of the other crypto ETF applications approved by the SEC (or currently vying for approval) are based on high-cap, leading assets that are typically ranked within the top 30.

As of Apr 2, 2025, the SEC has had the application for the PENGU Spot ETF application for just two weeks. The regulator has up to 240 days to review such applications, although historically, the SEC has pondered over crypto ETF applications for years. Now, however, the string of Bitcoin and Ethereum Spot ETF approvals in 2024 raises hopes that newer submissions may be subject to an already established evaluation framework — and thus greenlighted much faster.

At the moment, the SEC is also considering spot ETF applications for several high-cap cryptocurrencies, including Dogecoin, Solana, Polkadot, 

 (XRP). If the regulator decides to approve the applications in batch mode — all or several at once — Canary Capital will have reason to hope that its ETF is included.

However, there's been skepticism regarding the PENGU Spot ETF application, with some analysts believing that its chances might differ from those of the larger, more established altcoin ETFs. This isn't surprising, as a PENGU Spot ETF would be a distinct product, being the first NFT-focused ETF. In addition, NFTs have more limited liquidity than fungible cryptocurrencies. 

NFTs may also be harder to valuate objectively. The prices of fungible cryptos are easily sourced from the crypto market, where supply and demand establish their value. In contrast, the limited liquidity and uniqueness of NFTs makes it much harder to price them efficiently.

Moreover, the PENGU token — which will make up most of the proposed ETF — isn't among the most traded assets in the crypto market. Because PENGU has a modest position in the crypto space (along with its origins as a 

), the SEC could view it with more skepticism than it does the leading altcoins.

Naturally, all these factors are just speculation at this point, and we’ll need to wait on the SEC’s initial comments regarding the first NFT-based ETF under their consideration in order to form a more defined view of the product's prospects for approval.

Current impact of the PENGU Spot ETF application on the crypto market

The news of the PENGU Spot ETF application has so far had no appreciable impact on the price of the PENGU token itself. On the day of the application (Mar 20, 2025), the token was trading at around $0.007. Two weeks later, it's still hovering around the same price. 

On the other hand, there's been a modest increase in the average price of Pudgy Penguins NFTs traded on the market: between March 20 and 28, the average price rose by 16% from around $16,450 to $19,120, though it has since retraced slightly to $17,490 as of Apr 2.

Given the modest price effect, investors are likely still cautious about the chances for the PENGU Spot ETF's approval.

However, if it is approved, the broader impact on the crypto market could be far-reaching, as such a step would signify the SEC's openness to both NFT-based ETFs, and ETFs made up of smaller-cap cryptocurrencies, including meme coins. The number of tokenized asset funds that offer NFT-based products would then be likely to increase significantly, facilitating mainstream NFT adoption within traditional financial markets.

An SEC approval of the PENGU Spot ETF may lead to a flurry of further ETF applications based on NFTs in some form. This could even include the first ETFs composed entirely of NFTs. Other crypto asset types — e.g., 

 (RWAs) — may also become candidates for the SEC’s consideration. Furthermore, in the unlikely event that Canary Capital’s PENGU Spot ETF were to be approved ahead of the altcoin spot ETFs currently in the SEC’s pipeline, it would send a very strong signal that those ETF applications are also a sure bet.

The current PENGU Spot ETF application is a pioneering event that may open up opportunities for NFT ETFs and other crypto ETFs based on partial NFT holdings. Although the SEC approved multiple Bitcoin Spot ETFs in early 2024, few people expected an NFT-based ETF to emerge so soon afterward. Probably even fewer expected a meme coin–based ETF to be taken seriously by the SEC. Unique in so many ways, the PENGU ETF flips the entire concept of traditional ETFs on its head.

Canary Capital's attempt to get approval for an NFT-backed ETF is truly a bold undertaking, though observers said the same thing about 

 just a few years ago. Someone needed to become a trailblazer in this area — and Canary Capital has taken up the noble role without hesitation. Now, all eyes are on the SEC as it prepares to weigh in on a product it has never before encountered.

Intermediate

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PENGU Spot ETF: A bold move for NFT investing — or just hype?

In this article, we break down what to expect from Liberation Day and how it could shape the outlook for equities, the US economy and crypto markets.

 April 2, 2025 as "Liberation Day" — a moment he claims will restore America's trade fairness through sweeping reciprocal tariffs. With few concrete details confirmed, global markets remain on edge. Investors are bracing for the economic fallout of a potential trade war, and crypto traders are watching closely to assess the impact on digital assets. In this article, we break down what to expect from “Liberation Day” and how it could shape the outlook for equities, the US economy and crypto markets.

Since returning to the White House in January 2025, President Trump has prioritized reshaping US trade policy with a renewed focus on tariffs. His administration has already announced 

 on all steel and aluminum imports. Many of these actions take effect this week, coinciding with his so-called Liberation Day.

Trump argues that tariffs are a necessary tool to reduce the US trade deficit and force foreign nations to stop what he calls "economic warfare" against the American worker. Treasury secretary Scott Bessent 

 countries with persistent trade surpluses — dubbed the 

 — as primary targets for reciprocal tariffs. These include China, the EU, Canada and Mexico.

However, critics point to the growing risk of a global trade war, with multiple partners already threatening or initiating retaliatory measures. Goldman Sachs recently 

, citing declining business confidence and mounting economic uncertainty. The tariffs, designed to protect US industries, could instead raise prices and weigh on consumer spending.

What to expect from Trump's ‘Liberation Day’ announcement

Trump is expected to reveal his tariff plans in a Rose Garden press conference on April 2. White House press secretary Karoline Leavitt 

 that the president would impose tariffs on "any country that has treated the American people unfairly" — though no nation-specific exemptions have been confirmed. Trump has promised these reciprocal tariffs will be 

While final details remain under wraps, proposals have included both country-wide and sector-specific tariffs. These could range from uniform, percentage-based levies to targeted charges on industries like pharmaceuticals, semiconductors and autos. Trump's advisers, including Trump trade adviser Peter Navarro and commerce secretary Howard Lutnick, claim the new tariffs could generate over $600 billion annually — though many economists dispute this figure.

Delayed tariffs on Canadian and Mexican imports, 

 in early March, are also set to take effect this week. These include taxes on agricultural products, energy goods and automotive components. Trump has also 

 a 25% tariff on imports from countries that purchase oil or gas from Venezuela.

Given the administration's conflicting signals in recent weeks, there's a wide range of potential outcomes. Whether “Liberation Day” ushers in immediate enforcement, additional delays or future negotiation rounds remains to be seen. For now, uncertainty reigns.

Potential impact on the US economy and global markets

Economists warn that broad-based tariffs could lead to slower US growth, higher consumer prices and widening inequality. Goldman Sachs now 

 Trump's trade policies to reduce annual GDP growth to 1.5% from 2%, while the odds of a recession are being raised from 20% to 35%.

Global equity markets have already shown signs of stress. European and Asian indices dipped ahead of “Liberation Day,” while the S&P 500 and Nasdaq-100 

 in March (respectively). Auto manufacturers, tech firms and retailers could be especially vulnerable if tariffs disrupt global supply chains.

There's also the question of the Federal Reserve's response. With inflation risks rising, policymakers may hold off on anticipated rate cuts, further complicating the economic outlook heading into Q2.

How will ‘Liberation Day’ affect the crypto industry?

Crypto markets have mirrored broader risk sentiment over the past quarter, with investors reducing exposure amid macroeconomic turbulence. As of April 1, the 

 is down 16.9% year-to-date. Bitcoin has fallen 10.48%, Ethereum 44.2% and Solana 33% — despite reaching new highs in January on hopes for pro-crypto policies from the Trump administration.

Investor optimism has since cooled as recession risks, inflation concerns and policy unpredictability drive a risk-off mood. Bitcoin dipped to $81,656 over the weekend, marking its weakest Q1 since 2018. Traders remain cautious ahead of “Liberation Day,” awaiting clarity before opening new positions.

“Liberation Day” could further weigh on crypto prices if market volatility increases and capital rotates out of risk assets. However, some analysts believe any resulting sell-off may offer an opportunity to 

 — especially if Trump follows through on crypto-friendly regulation later this year. For now, though, many eyes are on April 2.

With details still unknown, the crypto market remains in a "wait-and-see" phase. “Liberation Day” could mark a turning point — for better or worse — depending upon the scope and execution of Trump's tariff agenda.

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Trump's 'Liberation Day': What it means for crypto markets

Grayscale has filed to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). 

Daily top performer — Compound Finance (COMP)

The S&P 500 rose 0.38% as investors awaited new tariffs amid weak factory data and declining job openings. Gold eased to $3,113 after hitting a record high, driven by profit-taking ahead of Trump's tariff announcement, but remains strong due to safe-haven demand and economic uncertainties. The Coindesk Indices, which tracks the broader crypto market, are up by 1.30%, with Bitcoin and Ether are up 3.10% and 5.19%, respectively, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is COMP, up 14.3%, following the proposal for the creation of a foundation to ensure consistent leadership and coordination by Compound.

Compound Finance (COMP), launched in September 2018, is a DeFi lending platform that allows users to earn interest on crypto assets. Built on smart contracts, it adjusts interest rates based on supply and demand, connecting lenders and borrowers without intermediaries. In June 2020, Compound decentralized with the launch of COMP and full governance transfer. However, it lacks a core operational pillar. With Compound v4 development and increased community engagement, the need for consistent leadership has grown. To address this, Compound Labs 

 creating a Compound Foundation for structure, clarity, and coordination, similar to other ecosystems like Uniswap.

Check out the latest prices, charts, and data of 

 to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). The fund, which currently holds 79.4% Bitcoin and 10.69% Ethereum, has grown by 478.83% since its launch in 2018. The conversion would allow everyday investors to access the crypto market, covering about 75% of the digital asset market cap. If successful, it would eliminate the current barrier that restricts access to accredited investors. The filing is still in progress, with management fees and other details pending.

Yesterday, BTC spot ETF had a total outflow of $157.8 million, with GBTC seeing a loss of $10.1 million and non-GBTC products losing $147.7 million.

 that its airdrop might be approaching, with a claim page now live. Registration for the airdrop runs from April 2 to April 17, and claims are expected to open on April 22. However, nothing has been officially confirmed yet. Stay tuned for updates.

Beginner

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Grayscale files to convert digital large cap fund into publicly accessible crypto ETF

In this guide, we'll dive into how to trade crypto with the Bybit app, a convenient and feature-rich platform. Explore spot and derivatives trading for beginners on the Bybit app.

Welcome to our step-by-step guide on trading using the Bybit app. In this article, we’ll walk you through everything you need to know — from downloading the app and setting up your account to executing spot, margin and derivatives trades. Bybit is a leading cryptocurrency exchange that offers a fully localized and user-friendly mobile experience, making it easy for both beginning and seasoned traders to manage their investments seamlessly.

First, download the Bybit app from the App Store (iOS) or Google Play (Android). Once you’ve installed the app, open it and select your preferred language.

 and register using your email address or phone number. Complete the verification process by submitting your mainland Chinese ID or passport as required. This step is crucial to ensure your account is secure, and to unlock higher withdrawal limits.

After verifying your identity, head over to the 

 tab to fund your account. You can directly deposit cryptocurrencies like BTC or USDT. Our 

 (UTA) streamlines fund management, allowing you to trade seamlessly across different markets without the hassle of multiple wallets.

Spot trading with Bybit lets you buy or sell cryptocurrencies at current market prices with immediate settlement.

To begin, log in to the app and tap on the 

Choose your desired trading pair, such as BTC/USDC or ETH/USDT, from the list.

 lets you specify a price at which you want to buy or sell. 

Enter the amount you wish to trade, review the details and confirm your order.

Once your order is executed, monitor its status in the 

Bybit has an intuitive interface that displays real-time updates, so you can track your trades anytime with ease. 

How to execute a spot margin trade with the Bybit app

For traders looking to leverage their positions, Bybit offers a spot margin trading feature that allows you to borrow funds to increase your buying power. Start by logging into your account and tapping on 

Choose a trading pair, such as ETH/USDC, which supports margin trading with leverage options of up to 10x. 

Once your trading pair is selected, you’ll need to select the margin amount (e.g., 

 at which you want your limit order to execute.

You’ll also see several other important metrics, such as 

Enter the amount you wish to trade, and then carefully review all of the details.

After confirming your order, your margin trade will be executed. You can track your position in the 

 tab, where you can also set up stop-loss or take-profit orders to manage risk. 

How to trade derivatives with the Bybit app

Bybit also offers derivatives trading, which allows you to speculate on the price movements of cryptocurrencies without actually owning the underlying assets. Derivatives include Futures and Perpetual contracts, which can be traded with leverage, sometimes up to 100x.

To start, log in to your account and tap on 

Set your desired leverage (e.g., 50x) and choose between 

 margin modes, based on your risk preference.

 (if using limit or conditional orders) and 

Once you’re satisfied with your parameters, confirm your order and your position will appear in the 

Trading with the Bybit app offers numerous advantages that make managing digital assets both efficient and secure. The platform’s user-friendly design, high-speed execution and comprehensive risk management tools cater to traders of all levels. Our Unified Trading Account (UTA) streamlines fund management by consolidating assets for spot, margin and derivatives trading under one account, which reduces operational complexity and enhances overall efficiency. This streamlined approach lets you focus on strategy rather than logistics.

Additionally, Bybit’s state-of-the-art security measures — such as multi-factor authentication, regular independent audits and cold storage of assets — ensure that your transactions are conducted safely and transparently. With an interface designed to minimize distractions and provide real-time data, you can quickly monitor market movements and adjust positions. 

Our commitment to a secure and reliable trading experience is evident in our continuous improvements and proactive customer support. These features empower you to make informed trading decisions, fostering confidence in your ability to navigate the dynamic crypto market.

Bybit delivers a secure, robust and intuitive mobile platform that simplifies cryptocurrency trading for everyone. In this guide, we’ve explored how to set up an account, fund it and execute various types of trades — spot, margin and derivatives — using a fully localized and user-friendly interface. Our Unified Trading Account and comprehensive risk management tools ensure a smooth trading experience so you can focus on growing your investments.

Looking ahead, Bybit remains dedicated to innovation and excellence in the crypto industry. We continually refine our platform, based on user feedback and market trends, ensuring that you have access to the latest tools and features. Our commitment to transparency and security underpins everything we do as we build trust and empower traders. 

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How to trade with the Bybit app

Bybit Learn

Blockchain

As crypto continues to grow, it is attracting the eyes of hackers. Can Cryptocurrency still be hacked today? Read on to find out.

Cryptocurrencies have seen enormous growth over the years. As more users have come on board, the number of hacks have increased. This year crypto hacks cost 

. These thefts are especially rampant with crypto bridges, resulting in $1.4 billion taken in 2022 alone.

The largest single hacking incident, in March of this year, was the 

. Earlier this year, even the large crypto exchange Crypto.com was hacked for millions, causing the network to pause withdrawals for over 14 hours.

Hacks have caused investors to not only lose their life savings, but also their trust in cryptocurrencies, which results in potential investors backing away from the industry. This article explains how cryptocurrencies are being hacked today, why it’s important to stay vigilant, and some tried-and-true ways to avoid getting hacked.

 of having to choose two out of three features (decentralization, security and/or scalability) is fundamental to 

. To compensate, the architecture behind modern cryptocurrencies, decentralized applications (DApps) and NFTs has significant built-in security features. Once data blocks have been added to the blockchain database, they’re immutable and cannot be reversed or hacked. Despite this structure, hackers have made off with millions every year because of shortfalls in bridge, protocol and personal security. As hackers take advantage of fringe vulnerabilities in the system and abuse existing smart contracts, users can effectively combat this by keeping themselves safe through secure crypto wallets.

So, are blockchains safe? The short answer is yes. The blockchain itself is secured through cryptographic techniques and consensus mechanisms from network participants. However, losses happen all the time because of the security shortfalls mentioned above.

The Role of Miners in Keeping the Blockchain Secured

 (PoW) blockchains secure from hostile takeovers, spam and attempts to centralize the network. In return, miners are rewarded for contributing their resources. 

On the surface, miners package transactions 

 into candidate blocks. Then each miner uses a computational machine to solve the 

 (for Bitcoin, SHA-256, or Secure Hashing Algorithm 256 bits). Once a hash has been solved and verified, it’s added to the blockchain and the miner receives a reward.

Naturally, blockchains are open to assault from the same miners who secure the network. Using the 

, a group could potentially take over a blockchain if they owned more than 50% of a PoW cryptocurrency. A 51% attack works by overriding the existing network and taking over the set security protocols. Once the attackers control the majority of the 

, they can introduce changes to the blockchain and allow transactions — such as a double spend  —  through majority consensus.

For example, Bitcoin transactions require six confirmations from the network to be processed. An unprocessed transaction could be reversed in a 51% attack in which miners would gain control over coins from unconfirmed transactions. They could then transfer the coins to an address of their choosing. The severity of a 51% attack would depend on what the attackers ultimately decided to do.

Yes — your cryptocurrency can be stolen if you don’t take the necessary steps to secure your coins. Hackers can steal them directly, or use scams to trick you into handing them over. If your 

 aren’t kept safe, it’s possible for a hacker to get into your hot wallet (see 

, below). This can’t happen if you store your coins offline in a cold wallet, such as 

 — one of the best hardware wallets available.

 has improved over the years, but as we see more widespread adoption, crypto hacks are growing. Here are the three most common crypto hacks.

A blockchain bridge allows assets to be sent from one blockchain to another. Users send funds in one asset to the bridge, where the funds are locked into a contract. The user is then issued a 

 — mimicking the characteristics and functions of the target token, once it reaches the target blockchain network.

Bridges have been targeted in the last few years because they often have a central storage point where funds are locked up and used to back the wrapped assets. Whether they’re held by a centralized entity or locked in a smart contract, current bridge designs have yet to solve the challenges among blockchain bridges.

Some bridges are vulnerable because of their poor model. For example, the 

 was hacked for $100 million after attackers compromised two out of five accounts and approved the withdrawal of funds from Harmony to Ethereum.

Wormhole, one of the largest cross-chain bridges, was hacked for $320 million. The hacker managed to mint Wrapped Ethereum (WETH) on 

without putting up the necessary collateral on Ethereum. Fortunately, Jump Trading stepped in to provide the same amount of ETH, saving protocols and users from huge losses.

 to manage your own cryptocurrencies. The keys are required to access your crypto deposits. You have full control over them, and keeping them safe is your most important task. 

. Cold wallets like hardware wallets from Trezor and Ledger are the most secure storage option because it’s not connected to the internet. It's untouchable except during short connection periods for online transactions. 

A hot wallet is connected to the internet and, therefore, more vulnerable to attacks. While most users prefer hot wallets for their convenience, hackers can directly interact with a hot wallet using malware, phishing and other hacking strategies. Recently, over 8,000 hot wallets were hacked and drained of funds, unbeknownst to the users. The attack happened on hot wallets Phantom, Slope and Trust Wallet, and amounted to $5 million worth of native Solana tokens. According to a 

, engineers discovered the bug was not on Solana, but in the software of several hot wallets.

Other hot wallets include desktop wallets (Coinbase Wallet), mobile wallets (Trust Wallet) and browser wallets (MetaMask). These are usually third-party applications that could have security vulnerabilities, which might allow hackers to access your private keys. In the case of MetaMask, there are bogus sites that can induce you to input your seed phrase — and then the scammers immediately convert and drain your funds.

A crypto exchange is a platform where users buy and sell digital assets using 

. The exchanges provide users with custodial wallets and other services, which include managing user accounts and their private keys. Since only a few private keys hold large funds, the wallets become targets for hackers.

Earlier this year, one of the biggest crypto exchanges, Crypto.com,  was hit with a $35 million hack that affected over 400 users. The exchange initially found that a small number of users had unauthorized crypto withdrawals from their accounts. This turned into a large number as withdrawals were being approved without using 2FA (two-factor authorization). Crypto.com halted withdrawals for 14 hours and fully reimbursed its affected users.

Following the Solana wallet hack in the same week, a hacker stole $4.8 million worth of cryptocurrencies from the ZB.com exchange (whose homepage states, “The World’s Most Secure Digital Asset Exchange” — so yes, it can happen anywhere). Unfortunately, ZB.com wasn’t fast enough to suspend withdrawals, and the funds were transferred from the exchange wallet to an unknown address thought to belong to the hacker.

 (CeFi) requires a central entity to oversee transactions, while decentralized finance (DeFi) allows users to transact with each other using smart contracts. Both CeFi and DeFi have their benefits, although hacks happen to users on both platforms. In terms of crypto hacks, one advantage of using a CeFi platform is the possibility of recovering your assets, usually at the expense of the platform's insurance fund. When compared to a similar hack in DeFi, the chances of recovery are close to zero, as assets are managed by the individual.

Many crypto exchanges have been targeted over the years, and although users are usually reimbursed, it isn't always the case. Some exchanges don’t have enough to pay out their customers. Despite this predicament, people still want to invest in cryptocurrencies because of their potential to skyrocket in value. If you’re considering adding crypto to your portfolio, it’s worth noting the safest crypto exchanges.

Bybit is the best P2P crypto exchange around the world for trading with leverage. The platform facilitates the buying and selling of cryptocurrencies at an optimal, agreed-upon price, and supports more than 80 types of payment methods. Bybit’s 

 process is straightforward and allows users to make unlimited deposits, withdrawals and trades by complying with Bybit’s KYC.

Considered one of the safest crypto exchanges, Binance allows users to purchase almost 60 types of cryptocurrencies, including Litecoin, Chainlink and Dogecoin. Trading P2P on Binance doesn’t incur any taker fees. However, the P2P altcoin exchange does charge a maker fee of up to 0.35%. That aside, P2P advocates everywhere use it to buy and sell a host of altcoins.

Huobi is among Asia’s best-known crypto exchanges, offering one of the largest platforms for crypto trading since 2013. Customer service is surprisingly quick and responsive, which is comforting in a volatile marketplace. On this P2P crypto exchange, neither buyers nor sellers pay transaction fees, making it extremely competitive against other first-rate P2P crypto exchanges.

Another one of the safest crypto exchanges in more than 200 countries, OKX supports advanced trading for experienced crypto traders. It also offers more than 100 currency pairs for Tether, Bitcoin and Ether, making it a favorite P2P exchange for international users.

KuCoin is one of the safest crypto exchanges for non-American traders who are ready for an advanced trading platform with more features. Traders can also earn interest on their crypto while it sits in their wallets, making it one of the most popular P2P crypto exchanges on the market. KuCoin claims that one in four crypto users hold some assets on its platform, which means there’s a big pool of buyers and sellers to trade with for added liquidity. Transfer fees depend on the currency and on which third-party app is used.

With its peer-to-peer network, Bitcoin is completely open and decentralized. Thousands of nodes in every corner of the globe communicate with each other on transactions and blocks.  As the Bitcoin network has grown and the price has risen, so has the hash rate of Bitcoin miners. This has made 51% attacks increasingly harder and more expensive to execute over the years, resulting in Bitcoin becoming more secure. If an attack were to happen, it would crash Bitcoin’s price, devaluing any Bitcoin that was stolen.

Bitcoin can be stolen if a hacker gains access to your wallet. Hackers can accomplish this in one of two ways: 1) Directly, through email 

 that give hackers access to your wallet, enabling them to transfer your Bitcoin into theirs. 2) The other way is through crypto exchanges, where hackers steal directly from custodial wallets once they gain access to the private keys.

Can Bitcoin Be Hacked by Quantum Computers?

A popular theory about the possibility of Bitcoin getting hacked involves the implementation of quantum computers. Quantum computers can perform computation with extraordinary efficiency and speed. While scientists have theorized about the possibilities of quantum computers, 

Quantum computers could dominate any crypto blockchain, and would potentially have the power to execute a 51% attack on coins such as Bitcoin. Applying their force, they could also steal the private keys of wallet addresses and confiscate any and all Bitcoin.

Bitcoin, however, is actually one of the safer systems as compared to bank accounts or credit cards. If quantum computers are indeed implemented, the entire financial system will be at risk.

To date, the biggest crypto hack happened in March 2022 when the Ronin Bridge of 

, the popular play-to-earn game, was targeted. The hackers stole a whopping $615 million worth of ETH and USDC, and although a small percentage of it was recovered within the month, the Ronin Bridge hack remains the biggest in history. The 

 hack is a close second, with $611 million stolen in August 2021.

 from being stolen. As mentioned above, the least secure wallets are hot custodial wallets because of their constant connection to the internet, and because you don't have access to your private keys. Never store your keys on a device with a connection that’s constantly on — always hold onto them. Hot custodial wallets can be hacked easily and used to access your keys.

The most secure wallets are noncustodial hardware wallets, 

. Store your private keys for these wallets by writing them down on a piece of paper and keeping the paper in a safe, also known as a paper wallet, or by using a device that uses extra encryption. Since paper wallets are easily damaged, the first method should only be temporary.

Your private keys should always be held in cold storage without a wired or wireless connection. If you want to use your 

, transfer only the keys you need for that transaction to your hot wallet, conduct the transaction, then remove the keys from the hot wallet immediately. Finally, never share your private keys with anyone if you’re uncomfortable with the risks.

A simple way to know if your wallet has been hacked is to look for any unauthorized transactions. Should this happen, it’s likely someone has gained access to your wallet.

If your wallet has been hacked, immediately create a new wallet and transfer any existing funds out of your current wallet. Be sure to check your device for viruses, such as malware, beforehand to avoid having your new wallet get hacked.

If you’re using a centralized exchange, change your login details, and ensure that you have two-factor authentication turned on. Notify the crypto exchange as soon as possible for help. They might be able to freeze your funds before they’re drained from the exchange, or offer reimbursement while they work with authorities to resolve the issue.

What’s the Safest Cold Wallet for Your Crypto Storage?

Hardware wallets are a form of cold wallets that offer the safest crypto storage. They let you keep your crypto wallet and your seed phrase offline when you don't want to trade or make a transfer. While your hardware wallet is offline, a hacker or malware still could seize the wallet.

Popular wallets such as Ledger Nano X, Trezor Model T and KeepKey allow you to authorize transactions directly from the physical device. While you do need to connect your device to the internet to trade crypto, your private keys will never be sent over. Even if the connected device or DApp is compromised, your wallet remains secure.

What’s the Least Safe Place to Store Your Crypto?

The internet is the least safe place to store your crypto. It’s possible for hackers to break into 

 on the internet. For example, someone who keeps their private keys on a cloud storage account makes the process of getting into their wallet too easy, as the only line of security for hackers to get past would be their iCloud password, especially if it’s not strong.

Also, avoid keeping your private keys on computers or phones in case of viruses, such as malware, which can pull information from your devices — even if they’re not connected to the internet.

Cryptocurrency and DeFi protocols continue to grow, and users who deposit money into crypto are growing in numbers as well. As the underlying technology of blockchains is safe and almost impossible to attack, hackers look to exploit funds directly from protocols or users themselves. Therefore, it’s important to protect your funds so you can enjoy crypto protocols with peace of mind.

Crypto Hacks: Can Cryptocurrencies Like Bitcoin Be Hacked?

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