Bitcoin developer René Pickhardt says self-custody fears and key management headaches made him hold back on buying more BTC — a blunt reminder that Bitcoin’s sovereignty comes with real responsibility, and wallet flaws can turn “be your own bank” into a very expensive lesson.
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Coldcard’s seed-generation flaw sent Bitcoin holders scrambling to move funds, lifting active addresses to 0.98 million a day even as BTC price stayed steady in the mid-$60,000s. The damage was real, but it was a custody failure — not a Bitcoin protocol failure.
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Bitcoin brushed off a major Coldcard firmware flaw tied to 1,367 BTC drained from 4,585 addresses, keeping steady in the low-to-mid $60,000s. The incident hit self-custody hard, but it didn’t crack Bitcoin itself.
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AI-assisted review flagged 4,962 possible issues across 390 Bitcoin codebases in under 30 hours after the Coldcard flaw exposed a brutal seed-generation bug. Most findings still need human verification, but the sweep shows how much security debt still lurks in Bitcoin software.
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A five-year-old Coldcard build bug quietly weakened seed generation and helped trigger one of the biggest hardware wallet thefts in crypto history. The fix stops future damage, but old seeds made on the broken firmware are still a loaded gun.
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COLDCARD’s seed-generation bug has become an on-chain hunt, with Galaxy Research tracking one suspected attacker cluster still holding 1,159 BTC across seven addresses while another begins mixing funds to hide the trail. The exploit hit wallet entropy, not Bitcoin itself — and that’s a brutal difference.
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A Coldcard firmware bug didn’t break Bitcoin — it broke seed generation. Weak fallback randomness left some offline wallets vulnerable, and once the seed is compromised, no firmware update can undo the damage.
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Coldcard’s wallet flaw is sending Bitcoin onchain activity to 2026 highs, with nearly 890,000 BTC moving in a week as users rush to secure funds. At least 1,596 BTC has been confirmed stolen so far, and the fallout is reigniting hard questions about self-custody, multisig, and exchange risk.
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A Coldcard firmware flaw tied to weak seed generation has been linked to more than $100 million in Bitcoin thefts, and David Schwartz says it’s a blunt reminder that self-custody removes middlemen, not risk. Bitcoin wasn’t hacked — bad wallet security was.
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Bitkey says it fixed a researcher-reported vulnerability and that customer funds were never at risk. The details are still thin, but the takeaway is clear: a flaw was found and patched, not a wallet-draining disaster.
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