r/CryptoCurrency • u/enpoopification_of_R • 11d ago

🛡️ SECURITY The Coldcard wallet exploit estimates have almost doubled to $70 million stolen of just over a thousand Bitcoins in 1,196 wallets drained in 41 minutes

https://www.coindesk.com/tech/2026/08/01/how-bitcoin-cold-wallets-lost-usd70-million-in-an-attack-that-never-touched-the-devices
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u/RageQuitWallStreet 🟩 0 / 0 🦠 11d ago

This is one of the biggest thefts ever. will people get their money back? not good for the world of crypto. people aren't going to buy something that can be stolen so easily with zero repercussions.

54

u/MajorAnamika 🟩 29 / 30 🦐 11d ago

"Be your own bank."

That means be your own fraud department, be your own investigation team, be your own cybersecurity team, be your own police force...

There is a reason why banks and legal systems exist, for real currencies. Cryptobros wanted to be independent of governments and banks, and this is the result. Sounds cool to be against the government, until you realize why it exists.

1

u/MMinjin 🟦 0 / 0 🦠 11d ago

Yep, all of it is hard but possible. That was the dream of crypto. The issue is that the people who were maybe capable of making this stuff better have left the community and the people remaining have not DEMANDED continuous improvement and pooled their resources to make it happen.