Now Reading: Crypto hack siphons $130 million, Bitcoin down 50% from high
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Crypto hack siphons $130 million, Bitcoin down 50% from high
At PubKey, a Manhattan bar for crypto fans, regulars drank orange pill cocktails and discussed last week’s hack of Coinkite Inc.’s Coldcard devices. The breach has so far stolen an estimated $130…
The Story in Brief
At PubKey, a Manhattan bar for crypto fans, regulars drank orange pill cocktails and discussed last week’s hack of Coinkite Inc.’s Coldcard devices. The breach has so far stolen an estimated $130 million from customers, shattering the belief that physical “cold wallets”, which store secret codes offline, are immune to attacks. Bitcoin itself has fallen roughly 50% since an October high, adding to the gloom.
Jordan White, a crossing guard and part-time hacker, said victims include ordinary people losing life savings. Alex Thorn of Galaxy said he has helped people who lost a full bitcoin. Thomas Pacchia, PubKey co-founder, recalled customers crying during the 2022 downturn. One attendee threw his Coldcard onto the stage, saying he was done with it.
The Indian Opinion
Two lazy narratives are colliding here: that cold wallets are perfectly safe, and that this hack proves crypto is a scam. The truth is more boring. No system is invulnerable, but the $130 million loss, while painful, is tiny compared with traditional bank heists. The industry will learn and patch. What matters is whether Coinkite compensates victims, especially those who lost life savings. That number will settle the real question: do crypto companies stand behind their products?
Source: livemint.com
This story was synthesised by AI from the source linked above.
