A recent staff misconduct incident has cast fresh doubts over the security of the Binance Wallet, raising concerns about whether it is the safest and best crypto wallet for users.

Binance's internal audit team received allegations that an employee exploited insider information to conduct front-running trades, further intensifying scrutiny of the exchange's internal controls.

A recent incident of staff misconduct at Binance has brought fresh attention to the security of the Binance Wallet, prompting discussions on whether it is the safest and best crypto wallet.

The internal audit team at Binance uncovered an instance of an employee engaging in front-running trades using non-public information, which has raised further concerns over the exchange’s internal controls.

The employee, who was a part of the Binance Wallet team and had previously held a business development role at BNB Chain, used his knowledge of upcoming projects to engage in insider trading. Due to his previous role, the employee had insight into a major project that was planning a Token Generation Event (TGE).

Before the project’s launch was announced publicly, the individual purchased a “large volume” of the project’s tokens. After the announcement, he sold off the tokens for significant gains.

“The employee’s actions were a clear violation of Binance’s policies and internal controls,” said Binance in its report.

The exchange has suspended the employee and is taking appropriate legal action. It has also claimed that it has zero-tolerance for any form of insider trading or the misuse of company funds or assets.

However, the ease with which the staff member was able to use his previous and current roles for insider trading does raise some serious concerns over the exchange’s security.

Moreover, this incident of staff misconduct is only the latest in a string of safety concerns and security vulnerabilities associated with popular crypto brands. Last month, Bybit’s multisig wallet was hacked for over $1.5 billion worth of Ethereum in what many are calling the biggest crypto heist in history. Earlier this year, the popular Solana wallet Phantom drew significant community criticism for ignoring a critical security vulnerability. Similarly, Indian crypto exchange WazirX got hacked for $230 million.

These security incidents have forced users to look for safer and newer crypto wallets.

Why Best Wallet Is A Safer Alternative

Best Wallet has already established itself as one of the leading Bitcoin and crypto wallets, largely due to its cutting-edge, up-to-date security protocol. For instance, it employs Non-Custodial MPC, a cutting-edge method that splits users’ private keys into two separate shares. One half is securely stored on Fireblocks’ servers, while the other remains on the user’s device. This ensures that neither Fireblocks nor Best Wallet can independently access the user’s complete private key, granting users complete control and enhanced security.

Users also have the option to back up their private key to Google Drive or iCloud. However, they will encrypt it with a secret question, the answer for which is only known to them.

Additionally, with features like two-factor authentication, unique secure passcodes, biometric verification, and frequent security updates, Best Wallet provides robust protection to ensure the safe management of user assets.

Best Wallet: An All-In-One Web3 Wallet

Besides its cutting-edge security, Best Wallet has separated itself from legacy brands like MetaMask and Phantom in several areas. For instance, unlike them, Best Wallet has multi-chain functionality. Users do not need separate wallets for Bitcoin, Ethereum and Solana networks — they can use Best Wallet instead. Soon, it will offer wallet functionalities on 60-plus chains.

Beyond its multi-chain, non-custodial, and no-KYC identity, the wallet offers a wide range of features, aiming to serve as an all-in-one Web3 platform—not merely a crypto wallet. Its crypto debit card, staking aggregator, portfolio management dashboard, futures trading, etc., make it a one-stop shop for all things crypto. For instance, its presale aggregator, labelled as “Upcoming Tokens”, lists the top trending crypto presales, helping users find the next 100x cryptos.

It is not without any reason that Best Wallet already has over 500,000 users, with a 630% MoM growth rate. Its native token, the Best Wallet Token (BEST), has also raised over $11 million in its presale, with many calling it the next 100x crypto.