A bug in Coldcard hardware wallet firmware allowed attackers to steal approximately 2,100 BTC, worth between $116M and $130M, from over 5,200 addresses starting July 30. The vulnerability, present since March 2021 in the randomness generation for private keys, prompted holders to proactively move approximately 233,000 BTC to safer solutions. Casa CEO Nick Neuman frames this massive migration as validation for distributed self-custody models, particularly multisig wallets. On-chain data shows that small Bitcoin transfers reached levels similar to those seen during the FTX collapse in November 2022, with approximately 39,600 BTC moved on July 31 and August 1.
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