$70 Million Hack Sparks CZ's Warning on Wallet Diversification

Binance founder Changpeng Zhao (CZ) has called for wallet diversification after the recent $70 million Coldcard exploit.

CZ stated that even hardware wallets can have bugs, highlighting the importance of spreading funds across multiple wallets to minimize risk.

The major security failure occurred when hackers exploited a vulnerability in the Coldcard wallet, resulting in a significant loss for users. This incident serves as a reminder of the potential risks associated with relying on a single wallet solution.