Crypto
Coldcard Hack Exposes Flaw in Hardware Wallet Security
A recent hack of Coldcard devices has left the hardware crypto wallet market reeling. The attack, which was carried out in a single automated transaction, resulted in the theft of $38.3 million worth of Bitcoin.
The hack exploited a technical flaw in the firmware of nearly all Coldcard models since March 2021. This allowed hackers to brute-force seed phrase combinations on a computer within minutes.
Peter Todd, a well-known Bitcoin developer and potential Satoshi Nakamoto, weighed in on the incident. He expressed his long-standing skepticism towards commercial crypto gadgets, stating that they often run code with few auditors.