Ellipal Shifts Focus to Offline Cold Storage Amidst Security Breach

Crypto wallet service Ellipal is shutting down its hot wallet operations, shifting resources towards developing and supporting offline storage devices as a response to a recent security breach. The company cites the increasing sophistication of cyberattacks targeting connected wallets and exchanges in justifying this strategic shift. 5 million XRP was reportedly stolen from a user’s Ellipal wallet earlier this month, highlighting vulnerabilities in hot wallets while emphasizing the need for increased offline security.