A sophisticated exploit targeting the popular hardware wallet Coldcard has resulted in the theft of approximately 594 BTC, valued at roughly $70 million, all drained from victims' wallets in less than 30 minutes. The incident has sent shockwaves through the crypto community, reigniting the debate over the safety of self-custody solutions.
In response, Binance co-founder Changpeng Zhao (CZ) took to social media to issue a stark warning: "Nothing is 100%" when it comes to wallet security. He stressed that even hardware wallets with long track records can contain hidden bugs, and that no single storage method guarantees absolute protection.
CZ advised users to mitigate risk by diversifying their holdings across multiple wallets, although he acknowledged this approach also carries its own set of challenges. The exploit has undermined confidence in hardware wallets, which have traditionally been considered the gold standard for secure crypto storage, and has prompted broader discussions about security best practices across the industry.
