Exit The Exchange Enter The Wallet
The fall of the FTX empire not only made the associated indebted cryptocurrency exchange the scapegoat, but it also paved the way for the halalization of unrelated companies. Now people are being suggested to transfer their assets to non-custodial wallets, where the termination of any exchange will have no Impact as the owner of the asset will retain the key.
From Exchange To Exchange Owned Wallets
Strong Exchange Platforms too cannot play the "we are safe" card anymore, so they are promoting their own wallets because, even though they will not HODL the crypto, but all swap fees, staking charges, DAPP expenses, etc. will still profit them. For example, Binance is promoting the Trustwallet, and Coinbase is promoting the Coinbase wallet.
Cold Hardware Wallet
Cold hardware wallets have also increased their promotion. Being hardware, they are not free; they have to be paid for, but their reliability is high.
To prevent hacking, the exchange platform itself stores the incoming investments in cold wallets.
No Many Wallets
Other popular wallets are Kosala Hemachandra 's My Ether Wallet, Joseph Lubin's Metamask, Paul Sokolov's Guarda Wallet, JP Richardson's Exodus, Thomas Voegtlin's Electrum, Alexander Kuzmin's Mycelium wallet etc.
Thoughts
There are hundreds of thousands of wallets, but one must be careful when selecting one and stay away from any wallet that is run by a fraudster because inbuilt trading and swapping as well as staking will finance the wallet owner as well.
