A flaw in Coldcard hardware wallet firmware has enabled the theft of at least 1,596 BTC, worth approximately $130 million, from roughly 7,300 addresses across three major attack waves. The seed generation defect allows attackers to remotely reconstruct private keys, forcing users to urgently migrate their funds. Exchange reserves increased by 17,500 BTC in one week, with Binance receiving 51% of those inflows, while Bitcoin network activity reached a three-month high. ETF analyst Eric Balchunas suggests this incident could push some investors toward regulated products like spot ETFs rather than self-custody.
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