Bitcoin has been drained from Coldcard wallets in an attack that is reportedly still ongoing according to Alex Thorn, head of firmwide research at Galaxy Digital, who urged users to move funds from Coldcard-generated addresses immediately. Thorn noted that his team continued to identify new victim and attacker addresses, with user reports helping researchers and authorities track stolen funds. The incident has reignited debate over Bitcoin self-custody risks and benefits: Nick Neuman, CEO of Casa, estimated that potentially 10 times more Bitcoin was protected through self-custody than was stolen, while Eric Balchunas, ETF analyst at Bloomberg, argued that Bitcoin ETFs provide a safer and more convenient alternative.
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