Crypto Holders Warned About Hardware Wallet Risks After $70 Million Breach

Binance founder Changpeng Zhao has warned crypto holders about the risks of relying on hardware wallets after a major security breach in Coldcard devices.

The incident, which was reported on July 30, involved a firmware flaw that allowed an attacker to reconstruct private keys and drain funds from over 1,196 addresses without accessing the devices physically.

CZ suggested that holders should consider diversifying their funds across multiple wallets to mitigate risks, noting that 'nothing is 100%' secure. He also emphasized the importance of staying informed and vigilant in the face of potential security threats.