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Coldcard crisis hits $130 million – proving ‘not your keys’ is meaningless if you trust a single device to generate them

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FOMOGRAM Editorial Desk
Aug 4, 2026
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Coldcard crisis hits $130 million – proving ‘not your keys’ is meaningless if you trust a single device to generate them
EXECUTIVE SUMMARY

Block's Bitcoin Engineering and Security team and independent Bitcoin Core developers have traced the recent batch of Coinkite Coldcard wallet losses to a specific firmware defect that exposed a hidden weakness in Bitcoin self-custody before any user touched a seed phrase. The bug diverted the device's random-number generation from its STM32 hardware source to MicroPython's […]

Block's Bitcoin Engineering and Security team and independent Bitcoin Core developers have traced the recent batch of Coinkite Coldcard wallet losses to a specific firmware defect that exposed a hidden weakness in Bitcoin self-custody before any user touched a seed phrase. The bug diverted the device's random-number generation from its STM32 hardware source to MicroPython's […]

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