Binance founder Changpeng Zhao warned Bitcoin holders against blindly trusting hardware wallets following a flaw that allowed the theft of approximately 1,082.65 BTC, worth roughly $70.2 million. The exploit, which took place over 41 minutes on July 30, drained 1,196 addresses on Coldcard devices from manufacturer Coinkite due to a March 2021 firmware error that used a software fallback instead of the hardware random-number generator. Galaxy Research estimates losses are nearly double the initial figure of approximately $38 million. The stolen Bitcoin was consolidated into a handful of addresses within minutes and has not moved since. Coinkite has released emergency hotfixes and urged affected users to migrate to newly generated seeds.
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