Casa CEO Nick Neuman: 233k BTC Moved To Safety After Coldcard Exploit Proves Self-Custody Resilience
Bitcoin Magazine
Casa CEO Nick Neuman: 233k BTC Moved To Safety After Coldcard Exploit Proves Self-Custody Resilience
Casa CEO Nick Neuman pointed to onchain data from the recent Coldcard firmware exploit as evidence that self-custody strengthens Bitcoin’s resilience as an asset class.
In an X post on Aug. 9, Neuman cited figures showing that in the days after the Coldcard hack, where approximately 2.1k BTC was stolen, 22k BTC moved to exchanges and 233k BTC left long-term holder wallets in on-chain transactions, according to data by Checkonchain. “The onchain metrics around the Coldcard incident reinforce how important self-custody is to the resilience of Bitcoin as an asset class,” Neuman wrote.
Galaxy Research has tracked confirmed losses from the Coldcard entropy flaw as low as 1.7k, ranging to more than 2k BTC. The stolen coins are tracked across multiple attack waves beginning July 30, with higher estimates approaching $130 million. The vulnerability stemmed from a March 2021 firmware issue that weakened seed generation on certain Coldcard models.
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