$70M Coldcard Hack Sparks Warning on Hardware Wallet Security

Binance founder Changpeng Zhao has issued a warning about the limitations of hardware wallet security after a reported $70 million exploit involving a Coldcard hardware wallet.

Coldcard, produced by Coinkite, is known for its air-gapped design and open-source firmware. However, even the most secure tools can contain bugs or vulnerabilities, according to Zhao.

Zhao emphasized that no single layer of defense is foolproof, citing the complexity of securing digital wealth in a rapidly evolving ecosystem.