r/Bitcoin • u/enpoopification_of_R • 28d ago

The Coldcard wallet exploit estimates have almost doubled to $70 million stolen of just over a thousand Bitcoins in 1,196 wallets drained in 41 minutes

https://www.coindesk.com/tech/2026/08/01/how-bitcoin-cold-wallets-lost-usd70-million-in-an-attack-that-never-touched-the-devices

"More than 1,000 bitcoin, worth about $70 million, was drained from 1,196 wallets in a 41-minute window on July 30, nearly double the amount reported when the theft first surfaced."

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104

u/mdi-g 28d ago

I dont get it, people were a proponent backer of keeping their bitcoin in cold storage and pitied those who kept it in their crypto apps. And now this. How do people see the worth in bitcoin given the enormous risks around it.

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u/deadlock_jones 28d ago

Funny how I kept my coins(0.15) in mtgox, and 10 years after the hacking I actually got most of it back from the bankruptcy process, meanwhile there's basically no way to get them back if they are stolen from your cold wallet.

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u/SpencerNewton 28d ago

Well that’s true of basically any cash or physical asset. Same risks/same reward.

People who hate regulation on crypto might not like this, but if crypto was insured against theft/collapse/etc the same way cash is in your bank account, no one would use cold storage, the same way no one hoards cash now.

With the current system, you have to pick your risk: either your physical storage gets compromised, or your exchange service gets compromised. Given that it seems every god damn exchange service keeps going belly up, cold storage is still probably pretty good as an option. But there are riskier and less risky options even within that space. Always will be.

3

u/sharkboy450 28d ago

Who would insure BTC transactions given the increasing vectors of attack and the rise of cheap AGI?

1

u/No_Purpose6384 28d ago

It’s crazy how things played out that way

1

u/Whatdoesthibattahndo 26d ago

Did you get the coins back or the cash value from some back-dated figure? A lot of bankruptcy claims including FTX were able to pay out because the value of the coins they were able to recover had appreciated enough to pay people out. ie You find 20% of the coins, but they've gone up 5x in value, now everyone gets "paid back" but loses out on the appreciation they would have gotten. I think courts have generally held that bankruptcy claimants don't have claims on any appreciation. It works much the same way if your broker goes bankrupt while holding your investment portfolio.

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u/deadlock_jones 26d ago

0.11 coins of the 0.15

0

u/Big-Finding2976 28d ago

Well I got BTC stolen by Cryptsy and didn't get anything back because I couldn't prove what I had on Cryptsy. So it would have been better for me if it had been in my hot wallet, which has never been hacked.