$70 Million Gone in 40 Minutes: CZ Weighs in on Coldcard Fallout
Changpeng Zhao (CZ) has a warning for Bitcoin holders. Hardware wallets can fail too. He spoke days after a Coldcard firmware bug let thieves work out private keys and take $70 million.
Researchers at Galaxy and Block tracked the theft. Attackers emptied 1,196 wallets in 41 minutes on July 30. Nobody touched a single device.
CZ Points to the Limits of Cold Storage
CZ, the founder and former CEO of Binance exchange, says a wallet can be old, trusted, and still broken.
When he posted, early reports put the loss at $38 million. The real figure turned out to be almost double that.
"Even hardware wallets can have bugs. Even old wallets (with long history) can have bugs. How to mitigate? Split your funds in a few wallets maybe? This has a different set of risks. Nothing is 100%. Stay informed. Stay SAFU!" wrote CZ.
Follow us on X to get the latest news as it happens
His advice was to spread coins across several wallets. He also admitted that this brings new risks of its own.
CZ has been candid lately about calls he got wrong. One was the stablecoin market he dismissed, now worth over $300 billion.
โฆ Continue reading the full article at the original source below.
