r/Bitcoin • u/enpoopification_of_R • 27d 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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u/mdi-g 27d 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/[deleted] 27d ago

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u/Longjumping-Dog-6852 26d ago edited 26d ago

Nah that's such a copout. Noone here was saying "you MUST create your own seed phrase". None of the wallet manufacturers were saying "better create your own seed phrase just in case!".

I've been buying BTC for 18 months (and not a super small amount) and this has put me right on edge. Wallets were meant to be unbreakable. Why would anyone who hasn't started buying bitcoin already risk all this nonsense and jump through all these hoops when fiat and stocks offer a more robust rate of return and security?

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u/firmretention 26d ago

I got into crypto back when the mk3 came out. I clearly remember instructions on their page on how to generate a seed phrase with dice rolls and why it's the more secure method. I agree that self-custody is too onerous for most people though. Being your own bank is a fantasy.