Coldcard exploit was the worst for Canadian holders

The Coldcard wallet exploit has affected Canadian holders the most, with 25% of the attributed losses tracked down to Canadian users. Chainalysis explains that the disproportionate effect of Coldcard was due to local popularity, boosted by influencer campaigns.

Chainalysis used on-chain data and available connections to exchanges to link the Coldcard address database to the most likely regions. Canada has been known for early Bitcoin adoption and influencers promoting Bitcoin maximalism, resulting in an even wider adoption of the wallet with inadequate entropy and vulnerable address generation. 

The USA and Thailand are also heavily hit by the ongoing exploits, based on Chainalysis data.

As Cryptopolitan reported earlier, the attack against Coldcard has affected general BTC sentiment and the trend of self-custody.

Estimated losses from the Coldcard hack range from over $110M to $150M, according to other estimates. 

Red Team tries to limit Coldcard and other similar attacks

The Coldcard attacks led to one of the biggest drives to discover vulnerabilities in the Bitcoin ecosystem. 

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