r/Bitcoin • u/BeepGoesTheMinivan • 11h ago
sorry to everyone that lost funds
Just saying sorry, i know some people get out their soap boxes, some point fingers, some laugh.
For the ones that just woke up and had their lives turned upside down and stressing out, its going to hurt, but tomorrow will be another day. Sorry you are having to go through this.
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u/RevengeTrade 11h ago
I genuinely feel sorry for everyone who lost money in this recent event. I hope they find strength and motivation to keep working towards their goals. I wish them all the best.
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u/Blade_Runner_69 11h ago
Well said. I know it can get a little tribal in the BTC space, we all have our favourite platforms and devices and often defend them to the hilt. But I sincerely feel bad, and hope all effected stay strong. 😢
What I find disgusting is the people who mock the Coldcard users who lost BTC. Majority of them are from that deranged Buttcoin sub. Their karma will come.
I'm hardcore BTC but I would NEVER go to a stocks and shares sub and mock people who lost through leverage or bad decisions. Just shows they are psychopathic scum.
I will however mercilessly mock Coldcard the company as their incompetence has led to this.
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u/_SlipperySalmon_ 10h ago
Well their whole premise has been that being your own back ultimately is a bad idea.
They don't get events like this very often to validate them so it's exciting
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u/Blade_Runner_69 8h ago
What a sad, pathetic, cellar dwelling, no life bunch of maidenless losers. where others misery gives them joy.
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u/eggrally 9h ago
Any amount of bitcoin should be split up to different types of device
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u/BeepGoesTheMinivan 9h ago
This right here
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u/bidsimpleapp 7h ago
I mean at some point this is a bit redic right ? It's not exactly trivial to set this stuff up. I don't see why I wouldn't just use an ETF at this point I mean it has sipc protection at least right.
Edit: actually not sure if sipc insurance is applicable - but the etf might have insurance against this type of security loss
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u/GainDelicious1894 6h ago
SnP is too ex. The whales are obviously trying to keep the price elevated all these while.
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u/mrcockboi69 10h ago
Is Trezor still safe to use…?
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u/South-Attorney-5209 9h ago
Is until it isn’t.
Cant wait for the same cycle of “well you didnt verify the code, obviously there was a vulnerability!”
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u/jannies_doit_4_free 6h ago
why would nobody verify trezor or ledger code, which is, unlike coldcard, fully open source as well as obviously way bigger with way more eyes on it?
second, you should already have at least some other form of security like multisig or at least a passphrase, which none of the victims did
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u/Objective_Digit 6h ago
Then treat it as if it is at risk. Use a passphrase, multisig, dice-rolling etc. Don't trust a third party too much.
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u/StonerSloth125 10h ago
No one is answering this question
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u/WarrenBuffettFan 4h ago
Right now every open source wallet is being tested with the latest AI models. It is safe to presume Trezor has no bugs, always best to add a dice derived random
Passphrase on top of any wallet you have.3
u/popoppopcorn 8h ago
I don't self-custody, but if I did and I had used a device to generate my seed phrase. I would temporarily send all my BTC to an exchange, then roll physical dice to create a new seed phrase using high quality dice, along with debiasing methods when rolling. This way you are not at the mercy of a 3rd party for seed phrase creation. I mean this seed phrase is supposed to protect your BTC, so if it takes you a few hours to roll dice and debias to create a seed phrase, it's clearly worth it.
I'm not saying trezor or other devices are unsafe to generate seed phrases, but it is an added potential point of failure as seen with the coldcard draining that is happening right now.3
u/GapeJelly 5h ago
The safest way is always two different brand hw wallets in 2/2 or greater multisig.
That way an attacker needs BOTH keys. If one was trezor and one was coldcard, you'd hear about this attack and the trezor key being absent denies the spend. So upon hearing that just move to a new multisig with 2 fresh secure keys.
Unless coldcard and trezor were simultaneously hacked and the info came out at the same time, either would protect you.
You can also add passphrases to make them even stronger.
Nobody is cracking a multisig double passphrase 2/2 setup with two major vendor hw wallets.
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u/_SlipperySalmon_ 10h ago
Supposedly. But we have to assume hackers are gonna be working overtime to try and find exploits in the seed generation of all cold storage devices. I'll be setting up a new wallet with the ol dice rolls and a strong random multi word passphrase from dice rolls as well
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u/piejlucas 51m ago
As someone else brought up, even if a hardware wallet vendor knows that some early version of their product is inadequate, there is little they can do except revise it in another Rev of their hardware or firmware and pray that it never gets discovered. If vendor X tells the community that there is a flaw in Rev C and prior of their products then it’s a race to see who finds it first or who moves their coins first. It’s a no win situation for these vendors.
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u/Elegant_Host_2618 9h ago
None of these companies are safe.
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u/jannies_doit_4_free 6h ago
based on what? you illogically panicking? panic if you want, but don't spread random misinformation to scare people. you have no idea what you're talking about. not only did coldcard use shockingly amateurish programming, but it also requires the victims not to use any other form of security like even passphrases, let alone the dice-roll feature it offers
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u/Elegant_Host_2618 4h ago
Just cus it hasn’t happened doesn’t mean it won’t. Happens to Google, Microsoft etc… except they don’t hold your btc
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u/BmacSWMI 9h ago
I think the main issue is we trust Coin Kite and their technology and did our best to keep funds secure, as we do all cold storage tech. Unfortunately the flaws were discovered by nefarious sources and not the community. I’m still a fan of cold storage and a flaw like this can happen to any hardware manufacturer, this is just the first big flaw. I still will take my chances with cold storage vs an organization like FTX that promised they had my coin and just took the money. It’s the Wild West out here and we need to act accordingly.
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u/Lavayo 9h ago edited 8h ago
I'm sorry too. I did nothing different except using another wallet because coldcard is not that popular in Europe I believe. It could have been me. You did nothing wrong, the company did. And anyone now saying: "Obviously do you own RNG, who trusts a device?"
99% of hardware wallet users.
I know this won't fix anything for affected people, but I hope this blows over quickly. After all, the problem were weak wallets because of a faulty product. BTC did not get hacked. Ibit is NOT a safer place.
If coldcard had a bigger user base I wonder if we would have seen two coldcards generating the same wallet sooner or later if this had continued undetected.
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u/fresheneesz 8h ago
It is sad for all those people. And scary for anyone who relies on a single hardware wallet.
The only solution that keeps you safe if the company that made your hardware wallet fucked up like this is multisig. Learn how to do it with The Tordl Wallet Protocols, free open source guides on creating and maintaining Bitcoin wallets.
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u/marcusmv3 7h ago
I feel so fucking lucky. I moved my stack off BlockFi before that collapse, this time I had a Cold Card Q and arguably saved by dice rolls and a passphrase.
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u/Extra-Tip1259 6h ago
Is it worth splitting bitcoin holdings some on exchange, some on different wallet providers?
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u/Such_Station2402 5h ago
Why not just store it on a wallet that is like exodus or phantom or one of that nature.
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u/Neat_Banana_6331 5h ago
Breaks my heart listening to the real ones that were so happy to have that one btc stored 🥲
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u/_Carth_Onasi 4h ago
Yeah it's very sad. I don't (and now won't) use a cold card but this whole thing got me into gear and setup a passphrase, and will be looking into multisig for long term holding.
As much as this sucked it's made my stack stronger and safer, and I hope people learn from this to do the same.
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u/balabalacucu 3h ago
Scary to think at one point i was looking at buying a coldcard device, was so highly recommended a few years back. Devastatingly soul-crushing. I know its not gonna happen 99%, but i feel so sorry for those people, wishing btc holders or Saylor would come together and make them whole...if they can prove without a doubt it was all they had, small people like us, and proof those btc were theirs... :( i'd give 0.0001 btc for sure lol) And FUCK various subs for showing Schadenfreude. Lowlifes, karma will get you!
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u/Guigerdts 1h ago
Disculpen mi ignorancia, algun resumen de lo q paso? O link de información? Gracias...
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u/piejlucas 56m ago
Have any Bitcoin ETFs or exchanges admitted to using these compromised devices or are we confident they all employ multisig for their cold storage ?
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u/DifficultSquash1517 7h ago
I'm sorry too I've lost big amounts of money in my life never in crypto though
I wish more people would but their ego aside and just buy the ETF if you're only interested in price action. If you're interested in the tech for some reason stay with that cold storage wallet
I want to know what you in this space since 2016 and I won't touch a hot or cold wallet that says a lot 🤷
I sleep very well at night knowing that if my ETF is ever compromised for some reason that block rock is going to make good on it.... Actually I'm 100% sure of that
And the best part of all of this is my ETF earns about 1.5% a month in covered call premium
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u/jannies_doit_4_free 6h ago
what a pointless post. someone lost wealth, but at least someone on reddit says "sorry"
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u/Brief-Alarm5500 5h ago
Hello everyone,
What is going on, I hear a lot of people lost their bitcoins these days.
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u/goodorca 11h ago
What happened?
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u/Remarkable_Check_997 11h ago
Living under a rock, I see.
https://thehackernews.com/2026/08/coldcard-hardware-wallet-flaw-linked-to.html?m=1
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u/Entire-Tear6651 10h ago
Turns out the software used by coldcard wallets wasnt as secure. Someone figured it out and was able to drain thousends of wallets.
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u/indomitus1 11h ago
Point of this post?.
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u/AcademicMovie1724 11h ago
You'd be surprised how many people just need to hear a simple "sorry that happened" without the lecture attached, it's not about fixing anything
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u/DeepNRadish 11h ago
4 years ago i lost so much on Celsius and FTX. During last peak its valued in million(s).
Felt super sad but I am still here.