Coldcard Vulnerability Triggers $200M BTC Influx to River

River Financial Services saw a significant influx of Bitcoin funds last Friday, amounting to 3,679 BTC and valued at over $200 million. This surge in deposits is attributed to concerns surrounding a vulnerability disclosed by Coldcard, a popular hardware wallet brand.

The Coldcard vulnerability has raised questions about the security of self-custody solutions, prompting some users to seek out more robust custody options. River, which offers both exchange and custody services, appears to be benefiting from this shift in sentiment.

The event highlights the ongoing debate between self-custody and managed custody in the Bitcoin ecosystem. While hardware wallets like Coldcard are designed to give users full control of their private keys, vulnerabilities can undermine confidence.