Crypto Billionaire Warns After Coldcard Wallet Exploit
A significant security breach affected over 4,500 Coldcard hardware wallets, draining approximately $89 million worth of Bitcoin. The vulnerability stemmed from a five-year-old firmware flaw that allowed attackers to predict wallet seed values without physical access. Changpeng Zhao (CZ), former Binance CEO and prominent figure in the crypto industry, issued a stark warning emphasizing no system is 100% secure. Zhao advised users to diversify their funds across multiple wallets as part of risk mitigation strategies. Galaxy Research identified three attack waves exploiting this vulnerability. While Coldcard has since patched the issue, affected users cannot recover lost assets. The incident highlights ongoing risks in digital asset security and reinforces CZ's long-standing caution against over-reliance on any single technology or platform. Industry experts like Jack Mallers of Strike have called it one of the most serious Bitcoin wallet breaches to date.
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