Solana Foundation Probes $116M Coldcard Wallet Breach

The Solana Foundation is examining the impact of a recent breach on Coldcard wallets that resulted in a staggering loss of $116 million. According to a tweet from the Solana Foundation, attackers exploited guessable seed phrases, highlighting significant vulnerabilities in wallet security.

This incident underscores the urgent need for enhanced security measures across the crypto landscape, as discussed by Michael Coates, the Foundation's CISO, on the Bits to Bricks podcast.

The Solana Foundation emphasizes the need for audits and rapid defense mechanisms to prevent similar incidents in the future.