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Cyber criminals had stolen almost 1,600 bitcoins from about 7,300 addresses associated with Coinkite’s Coldcard wallets as of Monday, according to Galaxy Research. If suspected (but unconfirmed) cases are included, the total stolen hits US$130 million. (The Logic)
Talking point: The incident has shaken the Bitcoin community by demonstrating that even people following strict security protocols are not immune to crypto hacks. Coldcard wallets are not connected to the internet and let users hold their bitcoin themselves without the need to trust a trading platform—the digital equivalent of hiding cash under a mattress instead of putting it in a bank, and the method long touted as the gold standard for security and privacy. Influential Bitcoiner Saifedean Ammous has promoted Coldcard, but said he would no longer do so following the hack. A research report from Block found hackers exploited a bug in Coldcard’s software that used a random-number generator for passwords that weren’t truly random. Coinkite said it has patched the bug and continues to investigate.
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