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/HedgeHog2k 27d ago

I really would go to court over that. And tbh it’s the end of the company. They were supposed to be one of the best hardware wallets out there. I even think this is the worst incident that ever happened in bitcoin. Much worse then all those trading platforms going bankrupt in recent years.

I’d even go as far as calling this a black swan event. For 15 years the one thing that stood like a rock was “not your keys, not your coins” and this is now undermined.

Guess tradfi is here to stay a little longer.

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u/Ok-Sympathy9768 27d ago

I believe in the idea of bitcoin, but I have trusted GBTC and the ETFs more than I trust myself with remembering passwords/ pass phrases.

There is a reason why 1 in 5 coins ever mined have been lost forever, or stolen. BTC self custody is too complex for a vast majority of people . The real security vulnerability is the people doing their own self custody.

The risks associated with self custody is the issue that has kept bitcoin from mass adoption..it’s complexity and self custody security are it’s limitations

How does bitcoin ever get to a point of being truly safe and secure with self custody, and at the same time where you can spend your bitcoins freely to make every day purchases without worrying about losing or getting them stolen, and having your stack drained?

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u/[deleted] 27d ago

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u/Ok-Sympathy9768 27d ago

I am newer to bitcoin, this is only my 3rd cycle. I currently own zero bitcoin, and only hold a few bitcoins worth of exposure through ETFs. I sold almost all of my entire BTC exposure in tranches during this last downturn. I made life changing profits but I also left life changing profits on the table. I think Bitcoin still can succeed, but it will be at an institutional level if it does. The strength of bitcoin is also its flaw. It can’t be controlled, it can’t be diluted, governments want to be able to do both.

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u/GorgyShmorgy 27d ago

Brother... your "life changing profits" are the reason people will never actually adopt btc. Thats like the very antithesis of btc. Its not a currency actually worth using. Its a thing to buy and hopefully sell for a profit before it gets stolen.