SlowMist CISO Urges Immediate Mnemonic Export and Asset Transfer Before Wallet Upgrade
SlowMist Technology’s Chief Information Security Officer warned users to stop using wallets built on compromised software and to take immediate protective steps ahead of wallet upgrades. The CISO advised disconnecting devices from the internet, performing an offline export of the wallet mnemonic (seed phrase), and transferring assets to secure, offline destinations or cold storage prior to any upgrade. For wallets that already have mnemonic backups, users should still move funds to a safe offline wallet before upgrading to avoid potential exposure during the upgrade process. The guidance underscores heightened risks around wallet integrity and stresses best practices in wallet security, including offline mnemonic export, cold storage, and hardware wallet hygiene. Primary keywords: wallet security, mnemonic export, wallet upgrade. Secondary/semantic keywords: cold storage, hardware wallet, seed phrase, disconnect device, compromised software.
Neutral
This alert is primarily a security advisory rather than a market-moving event tied to a specific token or protocol failure. It increases short-term caution among traders who may temporarily withdraw funds from hot wallets or delay upgrades, possibly reducing on-chain activity and liquidity in the short term. Similar advisories (e.g., wallet provider vulnerability disclosures) often lead to temporary spikes in withdrawals to exchanges or cold storage and modest volatility for affected token communities, but they do not typically change long-term fundamentals unless linked to a major exploit or prolonged compromise. If a wallet upgrade is confirmed as exploiting funds or a widespread exploit follows, the impact would become bearish; absent that, the alert supports prudent risk management and is market-neutral. Traders should monitor on-chain withdrawal volumes, exchange inflows, and any follow-up vulnerability confirmations. For risk-minded traders: short-term increased volatility and reduced on-chain activity; long-term impact depends on whether an actual exploit occurs or is averted.