Strive's Joe Burnett proposes custody solution after after 'worst week in Bitcoin history'
The Vice President of Bitcoin Strategy at Strive, Joe Burnett, described the past week as “possibly one of the worst weeks in the history of Bitcoin.”
The statement suggested that large holders ought to trust institutional custodians more than hardware wallets.
Why did Strive’s VP of strategy call out the worst week in Bitcoin’s history?
A firmware exploit led to the loss of ~1,082 BTC, worth about $70 million, from Coldcard hardware wallets.
The theft caused Burnett to warn large holders about hardware wallets, encouraging institutional custodians instead. The thief pounced on weak seed randomness before carting away users’ funds.
The flaw was found in version 4.0.0. Coinkite shipped that version from a code commit on March 1, 2021, and patched it in version 4.21. Coinkite is the company behind Coldcard.
The price of Bitcoin stayed more or less the same, hovering around $63,000 through the weekend. Although Santiment recorded the most negative Bitcoin social sentiment ever, a reaction that could be traced to the horror of watched-over keys failing.
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