Now Reading: Coldcard flaw leads to $110 million Bitcoin theft
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Coldcard flaw leads to $110 million Bitcoin theft
Over 1,755 Bitcoin worth about $110 million were stolen from wallets using Coinkite's Coldcard hardware devices, livemint.com reports. A software flaw allowed attackers to drain funds even though the wallets were considered…
The Story in Brief
Over 1,755 Bitcoin worth about $110 million were stolen from wallets using Coinkite's Coldcard hardware devices, livemint.com reports. A software flaw allowed attackers to drain funds even though the wallets were considered extremely secure. Victim Jonathan Goodman says he lost $1.6 million when his three wallets were emptied on July 29.
The incident has renewed debate about Bitcoin storage safety. Investors can keep coins on an exchange, use a hardware wallet themselves, or rely on an institutional custodian. No method is risk-free; self-custody gives control but demands care, while third-party custody introduces trust issues.
The Indian Opinion
The Coldcard hack exposes the false binary in crypto debates, either self-custody is flawless or exchanges are always unsafe. In truth, even a hardware wallet can fail if its software has bugs. The real test is whether Indian regulators will now mandate minimum security standards for custodians, or leave investors to navigate a patchwork of private solutions. Will the next big hack push retail money toward insured, multi-geography custody, or scare everyone away?
Source: livemint.com
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