Crypto Market Plunges Amid Coldcard Exploit and Earnings Concerns
Coldcard users lost an estimated $90 million in Bitcoin due to a flaw in the hardware wallet's seed generation process. Galaxy Research reported that the third wave of attacks on Coldcard users brought losses to 1,367 BTC ($88.6 million) across 4,585 addresses.
Alex Thorn, head of firmwide research at Galaxy Digital, warned that the attack was still ongoing and urged users to move funds from Coldcard-generated addresses immediately if they had not already done so.
The US Senate's Clarity Act is running out of time, with just five days left on the clock. The bill aims to prevent elected officials from endorsing or profiting from crypto projects, but its fate remains uncertain due to disagreements over enforcement and scope.
Crypto companies are posting mixed earnings reports. Coinbase reported a net loss of $359 million in the second quarter, while Robinhood saw record revenue and earnings despite a decline in cryptocurrency transaction revenue.