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Crypto
Coldcard outflow shakes bitcoin self-custody model as Bloomberg raises ETF alternative
An outflow of about $89 million from the Coldcard hardware wallet platform has reignited debate over the safety of bitcoin self-custody. Bloomberg senior ETF analyst Eric Balchunas said the incident could underscore the benefits of regulated spot bitcoin exchange-traded funds. He pointed to a firmware flaw in Coldcard and questioned the scale of its maker Coinkite, while noting ETFs are less suitable for spending bitcoin directly.
Crypto
1,082 bitcoin stolen in Coldcard incident; Strive says institutional custody should be considered
About 1,082 bitcoin were stolen by exploiting a weakness in Coldcard hardware wallets, prompting bitcoin-holding firm Strive to suggest institutional custody as an alternative for large holders. The vulnerability involved weak randomness in seed generation and was identified in Coldcard version 4.0.0, with a fix later released in version 4.2.1. The incident fueled debate over self-custody, market sentiment turned sharply negative, and analysts noted custody risks can shift rather than disappear.
Crypto
Galaxy Research says 1,196 Coldcard addresses compromised, 1,082 bitcoin stolen
Galaxy Research said nearly 1,200 addresses linked to transactions associated with a vulnerability in Coldcard hardware wallets were compromised, with more than 1,000 bitcoin worth about $70 million stolen. Coldcard maker Coinkite warned that seeds generated on certain devices could be at risk and expanded its notice to more models, issuing an emergency firmware update. Coinkite CEO Rodolfo Novak apologised and said the firm would take responsibility.