The collapse of FTX in 2022 shattered trust in centralized exchanges across the crypto market. Many users began questioning the safety of leaving funds on exchanges. Taiwan-based Zhengcheng Group, having experienced FTX's downfall firsthand, became a distributor for Ledger cold wallets and launched the "Cold Wallet Golden Horse Festival" in 2026, pushing hard for self-custody.
The campaign runs until April 1, 2026, and its core message draws directly from the FTX saga. FTX lured users with high-yield savings accounts starting at 5%, but savvy traders saw red flags: such unreasonable rates often signal fund misappropriation. CZ's FUD then triggered a bank run that wiped out the exchange in days. Zhengcheng argues that exchanges are run by humans with uncontrollable greed, and that every bear market claims at least one major exchange—from Mt. Gox to Bitfinex to FTX. While some exchanges now use Merkle trees for proof of reserves, the actual ownership remains uncertain.
Campaign Mechanics: Two-Phase Lottery with Early-Bird Advantage
Zhengcheng's prize pool totals 3,000 USDT (roughly NT$100,000), split into two phases. The first phase, "New Year Blessings," draws on February 27; the second, "Back to Work," on March 20. Unsuccessful entries auto-carry to the second phase, so early buyers get more chances. There are 24 prizes total, ranging from 100 to 300 USDT each.
Weighted odds boost probability: base weight for any cold wallet purchase; 2x for buying Tangem products or using a KOL link; 4x for combining a KOL link with a Tangem purchase. Zhengcheng stresses that users who leverage the rules significantly improve their odds.
Asset Diversification: Long-Term Holdings Belong in Self-Custody
The group advises non-trading holders to isolate private keys via hardware wallets. Their key recommendation is "asset diversion": keep some funds on-chain and some on top-tier exchanges, but always move long-term holdings to wallets where you control the private keys. They warn against skimping on withdrawal fees to leave assets on smaller exchanges, only to end up with unredeemable numbers.
During the campaign, Zhengcheng offers a 5% discount on all Ledger and Tangem products with code BTCNY26. Entries are tied to cart IDs; each order can only win once, and refunds nullify eligibility. Payouts are via TRC20 addresses.
FTX remains crypto's cautionary tale. Zhengcheng's campaign uses that memory to push cold wallets, but hardware security itself isn't foolproof—recall the 22 BTC lost by Seoul's Gangnam police station or fake cold wallets sold on e-commerce platforms. Real asset safety demands multiple layers of protection.