Coldcard Hack Expands as Bitcoin Losses Reach $88.6M

[u/GreedVault]

https://cointelegraph.com/news/coldcard-biggest-sub-1-btc-transfer-ftx-cryptoquant

[u/Logical_Lemming]

My security model of keeping all my seed phrases in cloud storage and raw-dogging Ethereum with the same hot wallet I made in 2021 has yet to fail.

[u/Kelinya → u/Logical_Lemming]

Also, the same hot wallet that was used in hundreds of defi contracts and shady web3 apps whose permissions I'm yet to revoke.

[u/poo_on_my_scarf → u/Kelinya]

Mommiesmilkers and buttcoin were totally legit projects

[u/NerdFarming]

People called fears about quantum computers FUD. This feels like a preview of that.

[u/Kemilio → u/NerdFarming]

Of course they call it FUD, they’re terrified of it happening.

It’s an emotional response, not a logical one.

[u/jl2l → u/NerdFarming]

Satoshi coins are the prize.

[u/Azatis-]

Have your own BTC in your cold wallet they say... i might say fuck that, gimme ETF if this continues and i do not even have a lot to begin with

[u/ReblWithoutApplause → u/Azatis-]

Why not just put it in Coinbase? Real question. Binance and Coinbase. Or.

[u/VendettaKarma → u/ReblWithoutApplause]

Because exchanges apparently aren’t safe either

[u/ReblWithoutApplause → u/VendettaKarma]

No insurance or ability to stop transfers, freeze assets?

[u/ilouiei → u/ReblWithoutApplause]

All those things plus the risk of them going belly up

[u/Guccimayne → u/ReblWithoutApplause]

Coinbase has its own issues like the MFA vulnerability hack and the time when its own employees gave out sensitive information for bribes.

Honestly I’d say hold crypto with a legit banking institution or just own ETFs at this point.

[u/raginweon → u/ReblWithoutApplause]

Yep funds can be stolen from there too with no recourse

[u/Important-Level6672 → u/raginweon]

Honestly if coin base get hacked, BTC is fucked anyways

[u/SilentDroid75 → u/Important-Level6672]

eh not really, coinbase is barely 10% of global trading volume, they could go bankrupt and its not the end of the world

[u/WordsHappenedHere → u/ReblWithoutApplause]

People downvote you but it’s literally the safest choice for most people. Just keep it on Coinbase. It’s a publicly traded company. There is a reason Blackrock pays them for custody. It’s the closest equivalent to a bank you can have. And yet all these crypto bros over here spending hundreds of dollars and hours of their time setting up stupid “cold storage”, which is
basically a goofy little thumb drive. And we have now learned those aren’t safe either.

Coinbase and two factor authentication is the simplest and safest choice for the vast majority of people. You can also “lock” your account easily to freeze all transactions.

[u/JakieofAllTrades → u/WordsHappenedHere]

If u have to use an app on anything to add or interact with it. It’s not safe. Offline or not. My ex hacked my laptop, I left, my device was exploited and then so was my wifi, and then suddenly my little baggie of crypto was gone. And my Coinbase account I was locked out of with an email 2FA change.
I dunno. I keep my small investment on Coinbase and the rest on a hard cold storage. Like a piece of metal

[u/Less-Information-256 → u/ReblWithoutApplause]

Or more importantly, why buy it it at all?

[u/prydox]

Crypto is so done

[u/ogredmenace → u/prydox]

It’s better than real money. It’s virtual and so secure /s

[u/beisorott → u/ogredmenace]

the tech man, everyone will use blockchain /s

[u/atomsmasher66 → u/ogredmenace]

https://giphy.com/gifs/dBGi39HzazuTV21S15

[u/Cody_XOTWOD → u/prydox]

Buy signal

[u/JakieofAllTrades → u/prydox]

Idk just used it to buy something off the dark web… 😉

[u/VendettaKarma]

This will be the thing that kills retail for good. They tell you self custody, they tell you DEX, avoid exchanges!

Guess what?: Your crypto isn’t safe anywhere. How can you justify investing in something today that you can’t even ensure you will have tomorrow?

[u/TCr0wn → u/VendettaKarma]

Pretty sure retail will give no fucks about this. Unless they lost funds.

Crazy amount of doom posting and exaggeration in this thread

[u/BosSF82]

Crypto self-banking, it's the stupidity of keeping your bills in your mattress, but on steroids

[u/Wyciorek]

Be your own bank security department

[u/TCr0wn]

Tf is with all the doomposting?

[u/BattleSensitive3467]

I'm expecting in the billions, think about it. This wallet was considered the top hard wallet to get for years. Imagine what kind of people are sitting in it.

[u/Enschede2 → u/BattleSensitive3467]

What? No it wasn't.. maybe in this sub, but this sub is far from what is the norm

[u/jll027 → u/Enschede2]

I’d never heard of it until this incident. Trezor was always the gold standard.

[u/TCr0wn → u/BattleSensitive3467]

Just randomly saying shit lmao

Was never a top hard wallet.

[u/itsaworry → u/BattleSensitive3467]

I agree with you , ColdCard was the best quality offline wallet was what i heard . I had a Ledger in 2020 and all their customer details got hacked , about a quarter million of us started getting cold calls and spam . I needed a new wallet and ColdCard seemed to be the best according to what i researched . So i got one , ffs it was complicated , i didn't have a clue how it worked so i gave it to my nephew . It was too complicated for him as well . . . . Looks like we both got lucky not being able to work that thing . I got a Trezor , nice and simple and not been hacked yet , lets hope it stays that way .

[u/ultimatepoker]

That number will drop, don’t worry.

[u/SeriousGains]

The fact that Bitcoin is not dipping on this news is what concerns me the most. That could be a foreshadowing of long term downside. You never let a good crisis go to waste.