{"id":3149,"date":"2026-08-13T12:29:34","date_gmt":"2026-08-13T11:29:34","guid":{"rendered":"https:\/\/coinshares.citywire.com\/?p=3149"},"modified":"2026-08-13T12:29:44","modified_gmt":"2026-08-13T11:29:44","slug":"crypto-coldcard-and-the-custody-question-professionals-should-be-asking","status":"publish","type":"post","link":"https:\/\/coinshares.citywire.com\/ch\/crypto-coldcard-and-the-custody-question-professionals-should-be-asking\/","title":{"rendered":"Crypto: Coldcard and the custody question professionals should be asking"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">On 30 July an attacker began sweeping bitcoin from addresses generated by Coldcard, the bitcoin-only hardware wallet made by Canadian firm Coinkite. The first burst took roughly 594 BTC from around 500 wallets in about 25 minutes.<sup>1<\/sup> By 4 August, Galaxy Research said it had high confidence that 1,596 BTC had been taken from about 7,300 addresses across three confirmed waves and 14 smaller incidents, worth more than $100m. Including a suspected but unconfirmed fourth wave, the total could reach roughly 2,055 BTC, or about $130m. At least 15 independent attackers were working the same flaw, and the exploit was still live.<sup>2<\/sup><\/p>\n\n<p class=\"wp-block-paragraph\">The cause was not a phishing link or a stolen device. Coinkite&#8217;s advisory traces it to a firmware change in March 2021 that handed key generation to a predictable software randomiser instead of the chip&#8217;s hardware one. That narrowed the range of possible keys far enough for an attacker to reconstruct them offline, without ever touching the device. Only single-signature wallets are affected. Coinkite has published the affected models and firmware versions.<sup>3<\/sup><\/p>\n\n<h2 class=\"wp-block-heading\">Why this one is different<\/h2>\n\n<p class=\"wp-block-paragraph\">Fixed firmware shipped on 31 July, but a patch cannot repair a key that has already been generated. Owners have to create a new one and move their coins, and a minority of setups built with enough independent private entropy are exempt.<sup>3<\/sup><\/p>\n\n<p class=\"wp-block-paragraph\">The uncomfortable part is who it caught. It hit holders who had read the arguments, bought a respected bitcoin-only device and taken their coins off exchanges. The defect was invisible for more than five years, and nothing in the owner&#8217;s behaviour could have surfaced it.<\/p>\n\n<p class=\"wp-block-paragraph\">The market response inverted the FTX pattern. In late 2022 holders pulled coins off exchanges. This time they sent them back. CryptoQuant recorded 39,600 BTC moving in transfers under 1 BTC on 31 July, just short of the 39,900 BTC moved on 16 November 2022, days after FTX filed for bankruptcy. Net exchange inflows reached 11,163 BTC.<sup>4<\/sup><\/p>\n\n<h2 class=\"wp-block-heading\">Custody is a spectrum, not a virtue test<\/h2>\n\n<p class=\"wp-block-paragraph\">Hold your own keys, or hold a listed product? The question resurfaces with every incident, and the people who built this industry decline to pick a side.<\/p>\n\n<p class=\"wp-block-paragraph\">We put it to Adam Back last year. The cryptographer, now Blockstream&#8217;s chief executive, is among the handful of researchers whose work is cited in the Bitcoin whitepaper. His answer: &#8220;Both. I have done both actually. ETFs offer portfolio integration and borrowing advantages&#8230; But self-custody is crucial for maintaining decentralization and immutability.&#8221; He had already cautioned that &#8220;self custody is not for everyone.&#8221;<sup>5<\/sup><\/p>\n\n<p class=\"wp-block-paragraph\">David Marcus, the former PayPal president who went on to run Meta&#8217;s digital currency effort and now leads Lightspark, argues openly for self-custody and still hedges: &#8220;Personally, I think the best way to do it is a combination of custodial services by trusted entities and self-custody.&#8221;<sup>6<\/sup><\/p>\n\n<p class=\"wp-block-paragraph\">Bloomberg&#8217;s Eric Balchunas points at something more prosaic: &#8220;Wallets today are still too complex. When it gets easier, I might switch to self-custody. For now, ETFs eliminate that friction.&#8221;<sup>7<\/sup><\/p>\n\n<h2 class=\"wp-block-heading\">What a wrapper does and does not solve<\/h2>\n\n<p class=\"wp-block-paragraph\">An ETP does not abolish key risk. It relocates it to a custodian operating institutional key generation, multi-signature controls, audit and insurance, and it replaces a silent single point of failure with an accountable counterparty. In exchange the holder accepts issuer and custodian risk, a management fee and no ability to transact on-chain. That is a trade, not an upgrade.<\/p>\n\n<p class=\"wp-block-paragraph\">Nor does one firmware defect settle the argument. Peter Todd, an early Bitcoin developer, put the counter-case directly: &#8220;Self custody has a much better track record than third parties.&#8221; He noted that QuadrigaCX alone cost users about $200m, roughly double the Coldcard losses known at the time he wrote.<sup>8<\/sup> Willy Woo, who says he holds nothing against regulated products, argues that only self-custody delivers genuinely sovereign property.<sup>9<\/sup><\/p>\n\n<p class=\"wp-block-paragraph\">Both readings are defensible. The narrower question for an allocator is which failure mode a client can detect, insure and survive. For five years, Coldcard owners could do none of the three.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Sources<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\"><sup>1<\/sup> Crypto Economy, &#8220;Coldcard Vulnerability Turns &#8216;Impossible to Guess&#8217; Seeds Into Guessable Ones, Draining 594 BTC&#8221;, 31 Jul 2026<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>2 <\/sup>Galaxy Research, via The Block, &#8220;Bitcoin losses from Coldcard hack could swell to $130 million&#8221;, 4 Aug 2026<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>3<\/sup> Coinkite, &#8220;Coldcard Security Advisory&#8221;, 30 Jul 2026, updated 1 Aug 2026<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>4<\/sup> CryptoQuant and Timechainindex, via CoinDesk, 2 Aug 2026<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>5<\/sup> CoinShares interview, Adam Back, CEO of Blockstream, 23 May 2025<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>6<\/sup> CoinShares interview, David Marcus, CEO and founder of Lightspark, 13 Nov 2025<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>7<\/sup> CoinShares interview, Eric Balchunas, Senior ETF Analyst, Bloomberg, 11 Jul 2025<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>8<\/sup> Peter Todd, post on X, 3 Aug 2026<\/p>\n\n<p class=\"wp-block-paragraph\"><sup>9<\/sup> Willy Woo, post on X, via The Crypto Times, 3 Aug 2026<\/p>\n\n<p class=\"wp-block-paragraph\"><em>* CoinShares is an issuer of crypto exchange-traded products. Loss figures are estimates published by Galaxy Research and are as at 4 August 2026. The exploit was ongoing at the time of writing and totals have been revised upwards repeatedly.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A five year old firmware flaw has cost bitcoin holders more than $100M. The lesson is about operational risk, not ideology.<\/p>\n","protected":false},"author":2,"featured_media":3148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","iawp_total_views":67,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-3149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-client-understanding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crypto: Coldcard and the custody question professionals should be asking - Citywire | CoinShares<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinshares.citywire.com\/ch\/crypto-coldcard-and-the-custody-question-professionals-should-be-asking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto: Coldcard and the custody question professionals should be asking - Citywire | CoinShares\" \/>\n<meta property=\"og:description\" content=\"A five year old firmware flaw has cost bitcoin holders more than $100M. 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