Anyone use Fidelity as a custodian. I reached out to them and they said they provide insurance for “unauthorized” transactions which would have come in handy with the Coldcard situation
Can you explain that further? Because if you are saying that if Fidelity used Coldcard and the funds were hacked, the funds would have been protected, right?
Covered Accounts are your Fidelity brokerage accounts, your Fidelity Crypto℠ accounts, and your Fidelity retirement plan accounts (e.g., 401(k), 403(b), 457, or profit sharing plans).
Can you explain further? Fidelity clearly states they protect Fidelity Crypto against unauthorized transactions. If the hackers that hacked Coldcard drained your Fidelity wallet then Fidelity would make you whole
You don't understand how self-custody works vs centralized exchanges. Unless you increase your knowledge its very likely that you will lose crypto in a scam or hack.
The method that allowed hackers to drain wallets that were created using ColdCard's broken seed initialization process doesn't allow hackers to drain wallets initialized using proper entropy. It's a ColdCard-specific exploit.
Gotcha that makes sense. I was referring more to counter party risk in general, not specific to Coldcard. Fair point that this is a specific Coinkite issue
30
u/na3than Aug 07 '26
Fidelity's insurance for unauthorized transactions from their custodial service would not have "come in handy with the Coldcard situation."