Coldcard exploit drains $70M in Bitcoin
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- A Coldcard wallet flaw was linked to 1,082.65 Bitcoin (CRYPTO:BTC), worth about $70.2 million, being stolen.
- Galaxy Research said 1,196 addresses were drained within 41 minutes on 30 July.
- Binance founder Changpeng Zhao urged crypto holders to spread funds across several wallets to reduce risk.
A Coldcard wallet flaw was linked to 1,082.65 Bitcoin (CRYPTO), worth about $70.2 million, being stolen.
Galaxy Research raised its loss estimate from $38 million after mapping 1,196 addresses drained within 41 minutes.
“Nothing is 100%,” said Binance founder Changpeng Zhao while warning that hardware wallets can still contain bugs.
Zhao suggested spreading funds across several wallets, while acknowledging that this approach also carries risks.
Coinkite released emergency fixes and urged affected users to move funds using newly generated seed phrases.
Decrypt reported the flaw came from March 2021 firmware that used a software fallback when generating wallet seeds.
Galaxy Research said the stolen Bitcoin was quickly consolidated into several addresses and had not moved when reported.
At the time of reporting, Bitcoin price was $62,986.64.
