Trusted wallets for storing crypto in Chile: how to choose between custody, hot wallets and cold wallets (2026)

In 2025 there were 158,000 thefts from personal cryptocurrency wallets, affecting at least 80,000 victims, according to Chainalysis. Losses from those wallets totaled US$ 713 million. Choosing trusted wallets and understanding how they work matters as much as deciding what to buy.

In this guide we explain the types of wallets as described by the U.S. Securities and Exchange Commission (SEC), and where to check crypto custodians in Chile. We don't recommend any brand or platform.

158,000

Thefts from personal wallets

incidents in 2025

80,000

Victims

unique people or entities, at least

US$ 713 M

Losses from personal wallets

versus US$ 1,500 M in 2024

US$ 3,400 M

Total crypto stolen

includes the US$ 1,500 M Bybit hack

Source: Chainalysis, December 18, 2025

View the data as a table

Thefts from personal wallets	158,000 | incidents in 2025
Victims	80,000 | unique people or entities, at least
Losses from personal wallets	US$ 713 M | versus US$ 1,500 M in 2024
Total crypto stolen	US$ 3,400 M | includes the US$ 1,500 M Bybit hack

What a crypto wallet is

A wallet doesn't hold the cryptocurrency itself: it holds the private keys that let you use it. According to the SEC, a private key "is like a password to your crypto wallet", with two important differences: it can't be changed or replaced, and if you lose it, you permanently lose access to your crypto assets.

Many wallets also provide a seed phrase: a sequence of words that lets you restore the wallet if you lose the key or the device. The SEC recommends keeping it in a secure place and not sharing it with anyone.

Hot wallet or cold wallet: the differences

	Hot wallet	Cold wallet
What it is	A wallet connected to the internet (app, program or web)	A device not connected to the internet, such as a USB drive or even paper
Convenience	More convenient for transactions	Less convenient for transactions
Main risk	More exposed to cyberattacks	Can be lost, damaged or stolen
Cost	May be free at first	Usually has to be purchased

Source: SEC, Crypto Asset Custody Basics for Retail Investors (December 12, 2025).

According to the SEC, cold wallets are generally more secure from cyberthreats, but if they're lost or damaged without a backup, the loss can be permanent.

Third-party custody or self-custody

The other big decision is who holds the keys:

• Third-party custody: a platform or custodian manages the keys for you. The SEC warns that if the custodian is hacked, shuts down or goes bankrupt, you may lose access to your crypto assets.
• Self-custody: you control the private keys and are solely responsible for protecting them. If you lose them or they're stolen, no one can restore your access.

Chainalysis figures show attackers target both. In 2025, the largest theft hit a centralized service (Bybit, US$ 1.5 billion), while thefts from personal wallets rose in number even as they fell in value:

20241,500

2025713

Source: Chainalysis, December 18, 2025

View the data as a table

2024	1,500
2025	713

Chainalysis reads the decline this way: attackers are reaching more people but taking less from each one.

Where to find trusted wallets in Chile

If you choose third-party custody: check the CMF registry

In Chile, the Fintech Law (Law 21,521) recognizes crypto assets as financial instruments, and custody of financial instruments is one of the services that require registration in the CMF Registry of Financial Service Providers. When the transition period ended in February 2025, the Financial Market Commission (CMF) had received 23 authorization applications for that service.

Before leaving your crypto assets on a platform, look up its name in that registry and in the CMF citizen alerts. If it isn't registered, the CMF can't supervise or sanction it.

If you choose self-custody: download and buy only from the source

• App or software wallets: download them only from the developer's official site or your phone's official app store, and check that the developer's name matches. Scammers publish fake copies.
• Hardware wallets: buy them from the manufacturer or an authorized reseller, never second-hand, and set them up yourself from scratch.
• Seed phrase: write it down offline, keep it somewhere safe and never type it into a website, chat or email.

Questions the SEC recommends asking a custodian

1. Where and how does it store and safeguard my crypto assets?
2. Does it store them in its own facilities or subcontract to another company?
3. Does it use hot wallets, cold wallets or other methods?
4. Does it have insurance against loss or theft, and what are its terms?
5. What fees does it charge?

Checklist for choosing trusted wallets

• The platform is listed in the CMF registry and doesn't appear in its alerts.
• The app or device comes from the official site or the manufacturer.
• Your seed phrase is stored offline, in a safe place.
• You turned on two-step verification.
• You keep money for frequent use, in a hot wallet, separate from what you hold long term.

This article is for information only and is not a recommendation to invest or to use any wallet or platform.

If you're just starting out, see how to invest in crypto with little money from Chile, the security measures to protect your crypto assets and the market overview in crypto in numbers.