Reddit Posts
Was the Coldcard exploit staged to kill self-custody?
My condolences to ColdCard victims - spurs a paper wallet question.
I am so glad I moved all my BTC to exchanges years ago, after a nearly a decade of stress with cold storage.
I am so glad I moved all my BTC to exchanges years ago, after a nearly a decade of stress with cold storage.
PSA: the Coldcard exploit is likely tax deductible
Victim of the Coldcard. Years of DCA Bitcoin gone overnight
Is holding BTC in cold wallet like trezor or ledger still okay?
Do you guys see now why maybe it’s never been such a bad idea to hold your BTC thru Robinhood after all?
A third ColdCard hack has been reported. Another 207 BTC stolen. 1,367 BTC total, and climbing.
Will the Coldcard hack be the bottom of this bear market?
Is Ledger Trezor and Tangem safe?
Now is a good time to share my slides on how to secure your BTC
Based on current prices, which token do you think is most likely to 3x next bull run? I asked chatgpt and it gave me this list, do you agree?
The Coldcard situation is nothing new: Cake Wallet (a hot wallet) also had an entropy issue in 2020/2021, resulting in 550 BTC being stolen
From 1 TH to 5 PH: GoMining now competes with ASIC hosters on price — while offering far more flexibility
Why is BTC maximalism still the default take here?
From 1 TH to 5 PH: GoMining now competes with ASIC hosters on price — while offering far more flexibility
I Just Sold So It Will Skyrocket Shortly. Congrats Holders.
8 years of stacking, gone. I think it's time to move on.
🟠 U.S. government holds 328,372 BTC (~$19.8B), far ahead of the UK 61,245 BTC and UAE 20,703 BTC.
The sad truth is that all this stolen BTC from ColdCard event will probably never be recovered
How to protect against potential vulnerabilies using hardware wallets?
So how safe is my BTC stored on my Trezor hardware wallet bought directly from Trezor?
The Coldcard fiasco will likely be cited in every BTC ETF pitch
Coldcard multi-sig wallets that have never spent.
Tested how Koinly handles messy exchange↔wallet transfers. It linked 3 out of 24. I'm kind of shocked.
Donald Trump is the worst thing to happen to crypto!
I am going to be a contrarian. It's okay to buy the ETF.
The Bitcoin Entropy Nightmare: ColdCard Vulnerability Analysis Report. Critical Vulnerability in ColdCard Wallets: The $38 Million Crisis.
If Coldcard acknowledged the seed generation flaw, shouldn’t they reimburse users who lost BTC?
What's your experience swapping on Trezor Suite?
Best wallet for newbies or those without tech / dev understanding
COLDCARD, CLN disclosures, zk proof of reserves - Bitcoin Optech Newsletter #416
Is there a final number of how much BTC was stolen from the Coldcard hack?
AI might have helped hackers steal $38M in bitcoin
Now that Coldcard is exploitable, where to transfer bitcoin?
ETH ETFs are pulling ahead of BTC ETFs on institutional money right now
Strategy's Q2 $8.2B loss confirms the STRC problem we found in our Q2 crypto industry report
BTC is around $64k but miners are still getting paid like it isn’t
BTC is around $64k but miners are still getting paid like it isn’t
IS DOGECOIN EVER COIN BACK TO 0.5 USD ?
BTC USDT Long Signal – 31 July 2026
BTC USDT Long Signal – 31 July 2026
ETF money came back. BTC still barely moved
Glad to see so many moving to safety tonight in the onchain data!
Strategy creates and updates 10+ new metrics after its older metrics no longer meet its goals and narratives
BTC is coiling tighter than a spring – here’s my hourly setup (July 31 AM)
BTC now the DEFAULT payment method on all square invoices
BTC options were very bullish into month end. Price didn’t follow
Traders who short BTC for last 3 quarters, how well do you make so far?
Coldcard MK3 vulnerability just got announced. In one of coldcards older firmware(4.0.1) updates the wallet was using weak entropy for seedphrase generation. Over $38 million in BTC stolen. Coldcard confirmed this on their X page. If you use a coldcard id play it safe and move your BTC asap.
If BTC is worth so much, why don't the rich buy all the available BTC?
Coldcard CEO Denies Wallet-Wide Vulnerability After 594 BTC Transfer From 500 Addresses
How do you personally handle moving larger amounts of Bitcoin between wallets?
Is Auction Market Theory relevant when trading BTC perp (or crypto in general) ?
With 25,000+ cryptocurrencies out there, how do you decide what to invest in?
Have you guys struggled with Crypto-to-cash conversion somehow?
Mentions
Dude replying unironically that that's a good idea. How quickly BTC is no longer about "self-custody", the end is near.
Not crypto values, blah, blah, blah...yes, I know. BUT For most people (even veteran crypto users), Fidelity BTC is probably the best and safest option for them to use. take from that what you will wrt the greater cypto industry \*if Fidelity goes down, we are going to have a lot bigger problems to deal with
Yep. If my bank offered insured BTC custody I’d jump on in in a heartbeat, as long as I was able to withdraw onto whatever address, whenever I wanted to.
A half a billion people are directly exposed to BTC. More when you include indexes and other funds. You're worried about a niche wallet with an amateur seed generation bug that drained around 1k addresses? In know it's unsettling, but we're fine. If this still bothers you than use sharded seeds / multisig like was always suggested or just buy insured ETFs. You never keep your life savings with one asset, party, or single key. Spread risk & no single point of failure. *Sidenote: Maxis will never admit it but if there was a catastrophic incident that harmed enough people there would be community support to fork. "Code is law" means nothing when everyone is the victim.*
Which Voyager did to me. Lost two full BTC
I lost 2 full BTC on Voyager. 😞 I was an idiot and I didn’t realize they could just drain my account to pay their other debts, which they did.
....what? Should the guy have split up his 3 BTC into 1.5 BTC into each basket, so that he'd have only lost the 1.5 BTC on coldcard??? Or like, 1 BTC into each wallet so he would only lose 1 BTC? This shouldn't even be a topic for discussion. Crypto can't be this stupidly unsecured.
I mean how hard can this really be, given that majority of the BTC use is criminal in the first place..
You are misunderstanding what "seedless" means here. Cryptocurrencies need a key to access your funds. Feg a mnemonic phrase is often used for BTC wallets, and this list of words is called "seed". Multi- and hardware-wallets also often have one "master key", a mnemonic phrase to restore all other keys on there. Tangem does not have this "master key". It's seedless in that sense. You still need the seeds for the different wallet addresses, there is no way to access feg BTC without. Those seeds are stored on the cards as usual.
Anyone in the mining side of this can tell you the real green flag isn't the flag emoji, it's the halving math nobody wants to model out. I run a small setup (~80 TH, mixed efficiency around 14 W/TH) and even now, with electricity around $0.047/kWh, my margin per TH is thin but positive, maybe a few cents a day after maintenance fees. The problem is April 2028: subsidy gets cut in half again, difficulty almost certainly keeps climbing regardless, and unless BTC price appreciates enough to offset that, the same rig goes from marginally profitable to actively costing more in maintenance than it produces. Nobody posting "number go up" charts is pricing that in. If you're evaluating BTC as a long term hold versus a productive asset, mining hardware specifically has an expiration date built into the protocol that equities don't.
Obviously this is of no conciliation to those who have lost their Bitcoin here, but anyone on any 3rd party wallet really should be making the move to offline Tails with the Bitcoin Core wallet along with solid best practices. It will only take a few hours to learn, and implement. Aside from needing 500GB for the blockchain, there really are no other costs. The Core wallet is by far the most secure, has the most eyes on its open source code and the most history of never being hacked. It is Bitcoin and thus if it goes down, Bitcoin goes down. All other wallets add additional players and therefore risk no matter their marketing. Bitcoin gave us the perfect long term secure storage solution. Cannot recommend more that people here investigate the Core wallet even those with tiny amounts of BTC as more hacks and theft is coming. And for goodness sakes do not run on your daily driver OS. Tails OS offline is best practice here.
You’re literally explaining an add on of BTC
That’s really rough. Losing that much BTC after trying to do everything right must feel awful. Hopefully you can figure out what happened. This is a good reminder that even hardware wallets need careful setup and security habits.
So the Government is stealing as much BTC as they can. Perfect.
I lost 65.7 BTC a few years ago… the experience is enough to warrant a heart attack.
Other more important and vital infrastructures are at more risk BTC, so I'd be worried more about more vital things than BTC. And this hack is nowhere near what quantum computing "would" have the ability to do. I never see anyone else mentioning quantum computing about anything other BTC.. it's played out tbh
I can totally see why everyone hates crypto today. Besides BTC getting stolen, look at all these institutional rugpulls like ICP, RaveDAO and DeXe and so many other cryptos. Bitcoin is maybe the only crypto that goes up every cycle but even that cam change.
People are dumb. They think BTC is actual bitcoin.
What if I buy only one laptop and don't connect to internet ever just to keep this BTC untill I have to sell.. ?
Sigh, yup. No clue, at all. Total loss here. Except I know for a FACT that Ledger owns all the bitcoin in the world and they were renting it to me on a usb stick! All the BTC ever was inside my little computer! And every time I had to update it I was worried I'd tank the whole market and lose every ones BTC, hence my post and why I moved to an exchange! So NOW who's the unforgivable idiot huh? You're welcome.
Oh yes what you’re saying totally makes sense! Monday at 9:00 we should all go trade shares of tinker symbol BTC! (I’m being sarcastic, your comment was really Stupid. Ps I’m from Philly lil bro)
Bro the ETFs are going to be the main way for most people to buy BTC anyway because it's already integrated into tradfi and people don't want to learn how to self custody. Very few people in the world will hold BTC long term in cold wallets, even less now due to the FUD.
No, not the fees. An exchange has some sort of interest in their price matching the price of other exchanges. An ETF does not. Bitcoin ETFs have varied wildly in their behavior over time, seemingly ignoring the actual underlying BTC price. ETFs are stock market bros gambling on exchange prices. They'll never beat the fundamentals because they have no other value to add, only losses.
It is a failure of BTC. That known fraudulent activity can not be reversed is a failure of the technology.
No, traditional finance has safeguards that keep this shit from happening, and fraudulent activities are undone. There is no technical reason BTC could not undo known fraudulent activity as well, it is just a public ledger after all, but there are not provisions to do so nor is there movement to make these changes to the blockchain.
Had to google: how do you lose bitcoin. stolen coins by hackers or scams, physical loss or damage of hardware wallets, and dormant Bitcoin (BTC) wallets are some of the top reasons for lost Bitcoin.
When you say you lost BTC, does it mean the prices came down and you lost the complete value or someone hacked your system and stole it? Or any other reason
Anyone left in this space just hears: “Now the self custody everyone preached got hacked.” This might be the thing that really kills everything not named BTC, ETH or SOL
I've been in BTC since 2011 and bought a house with my BTC earnings, but go off lmfao
Well they would probably convert to another coin that would still effect BTC.
The only gripe I have with Fidelity is that they will not allow me to assign beneficiaries to my BTC. I love that they utilize cold storage, and trust they won’t fumble the ball as much as I’m likely to. I have already devised a workaround w/ my executor/heir, who has account access & permissions already on all of my other acct’s, including my other Fidelity account. I’ve discussed what she needs to do & although she despises these kinds of conversations, she knows why they need to happen. And like you OP, Fidelity is where all my coins are stored too - cause I’m not confident that I’ll remember where I stored my keys upon which washer & where I put it😂
This is disgusting. I HATE people who steal. It is financial \*a\*e. I just learned that the insurance on Bitcoin cold storage account is about 1% of the total worth per year. 3 BTC rounded to 200k, so two thousand bucks a year.
Especially when someone said they're keeping their BTC on an exchange.
Kinda like FTX being promoed by celebs and large influencers as well.. What happened to people storing their BTC offline? Does no one do that anymore?
People haven't left yet, and there have been several way worse losses through exchanges in the past. MtGox was 850,000 BTC.
It just makes me think of all the times someone posted about their BTC being drained and were 1000% certain no one else had access to their seed and they didn’t post it anywhere or take a photo or enter it anywhere, and everyone told them it was still user error and they fucked up and still leaked it somehow. Since this bug has been around for several years, it seems a lot of those people were actually affected by something outside of their control after all. That sucks.
That can be said about BTC. It's worthless as well, with no real use. There's absolutely 0 reason to hold BTC unless you are flipping it for profit.
I've reconsidered and I decided to take out a loan against my BTC. Thanks for helping me!
Was your card connected to the internet? I thought the whole point of a hardware wallet was that the BTC is stored on the hardware and thus safe from any hacking attempts while it is not connected to the net. Am I missing something?
Spent 50 BTC in 2011 on a $400 GPU. The feeling never goes away.
Legitimately nothing. You wouldnt even notice it in the price action. BTC is extremely liquid.
That's not it. My guess is, they've been working on this for months. They didn't choose a day for the attack. It's more likely, they got to a point where they found enough wallets to make it worth exposing the flaw in ColdCard's code that let them find the wallets. Maybe once they found more than 1,000 BTC they stole the coins en masse. They didn't find these wallets last week. They were surely searching for months and compiling a list of wallets to hit. Once the list got big enough, they hit 'em all, knowing they'd expose their secret.
BTC ETF main paisa dal de , hackers varna sub churalenge. That way you at least have some legal protection.
Y’know, I know the bug is limited to coldcard. But seriously just imagine if even one more company gets a bug exploited and the pandemonium it would cause. I truly hope for the sake of BTC that this was literally a bug exploit and a literal flaw in the code vs a solvable problem with LLM’s.
Right, because in this moment, I couldn't just login to either of my exchanges and literally send the BTC to anywhere in the world. Crazy lack of ownership, thank you for your struggle to think a thought today!
Congrats on not owning your own BTC anymore.
Bitcoin wasn't rugged at all. down a little over a percent in the last week and completely recovered all losses and then some in the last 24h. The mk3 incident may have spooked the broader market briefly, but that's about it. There ***were*** hodlers however, many of them, who lost all of their BTC, due to the low entropy seed phrase generations, which I think is where the previous reply was getting at. Fortunately for me, I don't use CC products; but all in all an incredibly unfortunate incident for those affected. I really feel for them. It's the nature of the beast I suppose 😕... unfortunately this was completely beyond their control even though they did everything they were supposed to. None of those hodlers knew a particular mk3 firmware used a bruteforcable RNG value prior to generating their seed words.
They literally hold 734,261 BTC
I saw a tracker that showed the largest single wallet impacted was 29.9 BTC.
Another one of these could kill BTC. If people feel like theyre savings and investment can disappear in a puff of smoke, they are going to pull out big time.
No one cares about a company making a mistake. It's the fact that it's possible such mistakes can happen without possible recovery that frightens people. We hear this every time: "It's not the fault of BTC, it's the fault of X and Y company having bad security." Well, guess what, no one cares about companies. If today it's company X, then tomorrow it could be company Y. No audit will ever convince someone otherwise. It's people's beliefs and conviction that are harmed, and trust needs more to fix than a simple message saying: But the tech of BTC is fine, and other companies audit checks proved the security is fine. It's not the fault of Coldcard. It's the fault of how blockchains work. With no chance of recovery of funds, there's no sense of security. Crypto is risky by its natural design, and that's what is bad. Time after time, it's proven that once again your assets can be wiped away in a second without insurance, without any way of recovery. "How" that happens doesn't matter, "why" it happens doesn't matter. It keeps happening. That's the only thing people remember.
But if Coinbase is hacked, can’t they drain your account there? (All my BTC is currently on the exchange)
You could buy anywhere from 1 to 4 condo units in Thailand for 2BTC (where I am now). The one I bought in 2022 is roughly 0.5BTC (today’s BTC price), near the beach, super quiet area (can only hear birds and sea breeze) in Pratumnak Hill, Pattaya. Lots of options out there.
According to the stock to flow model the price of BTC should be $390k right now
The BTC Maxi's will come to tell you that every wallet is perfectly secure (its your fault if you get hacked) and every exchange is a scam that will fail tomorrow.
AI and chip stocks are providing real, fundamental value though. Ever used AI? It's the equivalent of having a post undergrad analyst on your bench. The money is actually turning the wheels of the knowledge economy. BTC isn't the same.
I think largely BTC is the wild west and the stage coach robbers are just using different bullets. There will be ever more cunning methods to steal it in the future.
Or you can spend it on real shit and enjoy life. Buy a house or a car. Man even a Rolex feels like a safer investment than BTC right now.
Already worth more than BTC typically contained within.
You must have very little BTC to worry about, I hope you accumulate enough that it actually matters one day.
Anyone's who's done self custody knows pretty fast that its just trade offs. Everyone should have some BTC. Nobody should have only BTC.
honestly, a low cost BTC ETF would suffice for 95% of people who want a piece of BTC.
Been making steady profits since 2016, with my first BTC in 2011, but you're right. I dum
That is not true. BTC maxis abandoned ColdCard the moment they went from open source to source available. Also maxis warned people for years about people who are behind project ColdCard. Shitty people, understaffed and frequent changes of staff. Go to Bitcoin Talk or similar forums and see for yourself. People who pushed that shit here on Reddit were not maxis you blab about.
True, though it's only $250 so if you have 1+ BTC I'd say it's worth it
> And every time there was a firmware update, I had a heart attack. Did you not store your seed words separately? With those you can reconstruct access to the wallet on the same, or any other device, or any other software wallet. This comment makes me think you were taking additional unrecommended risks by not having your own backup copy of your seed phrase. > Every time the software updated and I had to relog in, I panicked. Did you not store your seed words separately? With those you can reconstruct access to the wallet on the same, or any other device, or any other software wallet. This comment makes me think you were taking additional unrecommended risks by not having your own backup copy of your seed phrase. > Every time I had to re-download the BTC app, I sweated through my shirt hopping my BTC would show back up. Did you not store your seed words separately? With those you can reconstruct access to the wallet on the same, or any other device, or any other software wallet. This comment makes me think you were taking additional unrecommended risks by not having your own backup copy of your seed phrase. > I hoped my device wouldn't short out or fail. I realized I couldn't use any USB-C on the device, that was a tough day, I though I lost access to my Ledger. Did you not store your seed words separately? With those you can reconstruct access to the wallet on the same, or any other device, or any other software wallet. This comment makes me think you were taking additional unrecommended risks by not having your own backup copy of your seed phrase. > I was praying the business wouldn't go under, blocking access even for an instant. Did you not store your seed words separately? With those you can reconstruct access to the wallet on the same, or any other device, or any other software wallet. This comment makes me think you were taking additional unrecommended risks by not having your own backup copy of your seed phrase.
\>my 2 BTC were drained. Noob here. What does this mean?
Maybe, we shall see. The first 2 rounds were 1k+ BTC each, last round was just 200~ BTC. It could be done for, or just now getting started.
There was a post here, or in the other BTC subs about this one guy who had this issue 3 years ago. Got his wallet emptied, reported it, and got banned. And apparently it wasn't the only person. And since I've read it, I've been thinking about that.
Curious though. If everything is on the public ledger, couldn't you figure out where the stolen BTC ultimately winds up?
My heart goes out to the people that lost their BTC! The perpetrators will be found 100% and dealt with but none of the money will be returned unfortunately.
Thank you, very fair explanation. My point still stands, if Ledger went under it would take work to get my BTC back. And are we all acting like it would just be a walk in the park??? Like if Ledger went under, it wouldn't be a freaking black swan event for BTC and people would be PANICKING.
People have been finding crazy buffer overflows and other low level vulnerabilities in open source code bases since way before AI. AI just speeds up the process but you still need someone to know what they are doing to accomplish this, it wasn't just prompting "find the bug" and it gave them a way to drain 80+ million dollars worth of BTC.
so you kept 2 BTC without setting a passphrase? this one's on you sorry
Its a higher risk is what I'm saying, I know I can recover my BTC, but holy shit, what a nightmare that would be to have to do under my, assumed, worst case scenario.
I knew a guy who became a millionaire from BTC. We spent it all, burned bridges, became a coke addict and eventually hit his head on the concrete and now he’s mentally retarded. Count your blessings.
I mean, BTC holders talk shit to non holders all the time. It’s each side just rage baiting the other side.
And I doubt if this is an insider incident, similarly to that ChenZhi's 129K BTC hack, FBI are constantly searching for the weakness in consumer hardware wallets
I been saying this (and doing) since BTC ETFs where created, this way I sleep better at night
Why the fuck would you have you life savings in BTC? That's clearly a YOU problem. Why would you do that? What is BTC dropped to $50 tomorrow? You'd have a whole $150. 🤷♂️🤷♂️🤷♂️
Yup, kept my BTC safe for 10 years on cold storage, but you're right. No clue.
Yes, currently only BTC and ETH offer significant investment value; other cryptocurrencies don't offer much investment potential. Holding long-term is too risky; I only do short-term trading now
I feel you, though I only lost recently a minor investment, and not in BTC. However I have a rule of thumb as investments go: **Don't put all your eggs in one basket**. This simple logic has saved of a lot of trouble.
I'm OOTL but when Nicehash was hacked and drained they pledged to repay everyone everything It took them years of working for zero profit but they did it, I got my 0.005 BTC back Seeing people lose 2+ bitcoins is wild. Losing the what like 2k that I had was super stressful. Losing 100k? Holy Jesus on a bike. Though tbf Nicehash was in unique position since they were actively mining, so repaying just meant slashing their profits towards payouts
Exactly this. It’s why BTC won’t be good long term once RWAs get tokenized. Most people will just invest in tokenized gold…I mean gold already out performs BTC without being tokenized. What % of the population keep large amounts of gold in their house or cash under the bed? Very little. Certainly not enough people are going to keep BTC in cold wallets to have it be worth even $10k. BTC has no remaining use cases.
Did you forget all the exchange hacks and other ways you can lose your BTC there? How convenient
So, Is everyone with the ColdCard going to pull out their BTC to another wallet and complain to ColdCard??
yea I feel you man, I wasn't affected but I was always told and always read that cold card for BTC was the way to go. I was close to getting the coldcard to but ended up going the cheaper rout with another hw. Seeing all these stories is gut wrenching. People DCAing for years on this product that was goated and then being robbed.... I hope coinkite gets what's coming for them.
Brilliant response. Now I totally believe BTC is worth the money.
Actually. I take this back and downvoted myself. You make a good point. Mt. Gox and some other exchanges aren’t longstanding legit financial institutions like fidelity. I mean, people hold millions of dollars with them. Anyone have legit counterpoints to holding your BTC with a financial institution like this?
cash out a % at least and pay some bills…..this is the only way my broke ass is 800% up all time in crypto…. I never got to the scale of hodln BTC more than 1-2 years then spread the cheese out between paper/multi sig/hardware/hotwallets/ETF and pray
Well for example El salvador has BTC as legal tender
90% of retail feels the same. Self-Custody as been preached for over a decade. Now that’s not even safe? Nah, bro most are out and definitely aren’t coming back. The mainstream window is closed. Beast chance was right after the pandemic when everyone had stimulus to invest. BTC, SOL & ETH will be the last ones standing. Everything else that has any value will be because people have lost keys, passwords, etc. there’s a lot there. The thrives, grifters, rug pullers & fake influencers ruined this space. Just like they’re ruining everything else. It’s just over.
First off, my sincere condolences to everyone affected from this event. This deep dive from Dusty Daemon, Bitcoin lightning developer provides everyone who works in this space securing BTC with stark analysis and wrapup. As a coldcard user myself, I am lucky enough to have gone the paranoid route, so no loss, but yesterday was a real fire with lots of casualties. I hear a class action lawsuit is in the works. This was not an accident. [https://insider.btcpp.dev/p/when-randombytes-runs-but-doesnt](https://insider.btcpp.dev/p/when-randombytes-runs-but-doesnt)
People suck. I personally don't buy BTC as I just don't invest in crypto, but I am first and foremost a human and have empathy for people who did all the right security things and STILL got robbed. I really hope Coinkite is held accountable and hope people are made whole again after this mess.