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$116M in Bitcoin gone, and every owner "did everything right" The Coldcard exploit is the reminder: self-custody relocates trust, but it doesn't remove it. A firmware bug from 2021 weakened key generation and went on to drain 1,200+ wallets years later As Nanak Nihal Khalsa put it:

8/8/26, 7:02 am5 reposts5 likes

human.tech

@human.tech

8 Aug

"'Not your keys, not your coins' misses an important fact. You are always outsourcing trust, even with self-custody." So the question was never whether you're trusting someone. It's who, and how you'd know if they got it wrong. Read more: news.bitcoin.com/security/ca...

news.bitcoin.comCanadian Users Account for 25% of Coldcard Exploit LossesCanadian Bitcoiners bear 25% of losses in a $110M Coldcard wallet exploit. Experts unpack the firmware bug and self-custody risks.

Lowest Odd

@lowestodd.bsky.social

8 Aug

At least when I stuff cash under my mattress, the mattress doesn't need a firmware update.

Exit Velocity

@exitvelocitybtc.bsky.social

21 Sept

"How you'd know if they got it wrong" is the harder half, and it varies hugely by step. Custodian insolvency surfaces eventually. A bad firmware signature is checkable. Weak entropy shows you nothing at all until the coins move. Relocating trust onto a silent step is the worst trade.