Trump Signs Order for Government-Backed Bitcoin Reserve Amid Coldcard Security Flaw

President Trump has signed an executive order to create a government reserve of Bitcoin. The move is significant for the cryptocurrency market, which has been growing rapidly in recent years.

The development comes as a warning was issued about a security flaw in a popular Bitcoin storage device called Coldcard. Security researchers discovered that hackers exploited a coding mistake in certain versions of the device to steal around $70 million from nearly 1,200 wallets in just 41 minutes. The losses are estimated to be almost $89 million when including additional suspected attacks.

Coinkite, the company behind Coldcard, has released a software update to prevent new wallets from being affected by the flaw. However, users who created their recovery phrase using an older version of the software are still at risk and need to take action to protect themselves.