A firmware flaw affecting multiple generations of Coldcard hardware wallets enabled an attacker to steal approximately 1,082.65 BTC, worth roughly $70.2 million, in just 41 minutes. BlockTower Capital founder Ari Paul stated that this incident demonstrates there is simply no way to secure cryptocurrency, adding that neither self-custody nor third-party custody offers complete protection. He emphasized that every custody solution ultimately depends on hardware and software that could have vulnerabilities. In response, ShapeShift founder Erik Voorhees argued that hundreds of billions of dollars worth of crypto have been stored securely for years, contending that each storage method involves different tradeoffs rather than identical risks.
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