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KuCoin

Coldcard firmware flaw used to drain over $70M in Bitcoin

AI Market Summary
A Coldcard hardware wallet firmware flaw introduced in 2021 enabled remote theft tied to weak seed generation, with Galaxy Research tracking 1,082.65 BTC drained from 1,196 addresses in ~41 minutes. Although updated firmware fixes the bug, it cannot secure seeds created on affected devices, pressuring confidence in self-custody and potentially shifting flows toward alternative custody solutions, raising near-term crypto-infrastructure risk sentiment.
Impact level
● High
Affected assets
BTC/USDT+1.46%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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A security flaw in Coldcard hardware wallet firmware, introduced in a March 2021 release, enabled attackers to remotely steal users’ bitcoin. Galaxy Research counted about 1,082.65 BTC—worth more than $70 million—swept from 1,196 addresses in roughly 41 minutes. CoinKite said newer firmware fixes the bug, but it cannot protect recovery seeds generated on affected devices. The incident is a crypto infrastructure security event and is not directly tied to traditional financial assets.
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