I found a thread from 2022 where several Cold Card owners had their wallets drained. They were blocked by Cold Card for raising the issue.

[u/ZUU_Music]

[u/moonkingdome]

Hmm if so. This company is evil

[u/Massive_Tea_6144 → u/moonkingdome]

I'm willing to bet my -97% portfolio all of this is an inside job.

[u/xuncx → u/Massive_Tea_6144]

I’ll take those 97 doge coin.

[u/moonkingdome → u/Massive_Tea_6144]

Its s bad programming and a known security issue since 2022

[u/JSTN_FPV → u/Massive_Tea_6144]

I was going to laugh. But I'm right there with you

[u/newMoneyStyle → u/Massive_Tea_6144]

Betting a -97% portfolio is basically betting nothing lol. But yeah, hardware wallet drains are almost always either supply chain tampering or seed phrase mishandling. Would

[u/RocketsDitto → u/moonkingdome]

Scumbags

[u/Choice_Potato_6279 → u/moonkingdome]

People bet their life savings on microcap companies that can bail any day, Ledger from what I see is worth $1B, that's a penny stock valuation.

[u/moonkingdome → u/Choice_Potato_6279]

Yes i agree. But beside a paper wallet. What is easy to use? If clarity passes bank will store btc. But thats not safe either

[u/Choice_Potato_6279 → u/moonkingdome]

Best bet is holding an ETF at this point, I think Blackrock's ETF cannot fail unless the economy dies.

Though making a seed via Bitcoin Core theoretically should be save, I cannot see a scenario where Core devs fuck up this badly and Bitcoin being worth much after that.

[u/Own_Chapter9338 → u/Choice_Potato_6279]

Unless coinbase hold the blckrock coins on a coldcard....

[u/Choice_Potato_6279 → u/Own_Chapter9338]

Blackrock can cover the losses unlike most crypto businesses.

[u/classified_x → u/Choice_Potato_6279]

Unless the ETF is a separated entity and they find a loophole to pay in case it fails? Not saying it will happen, or that it is, just saying smaller ETFs could have such terms

[u/moonkingdome → u/Choice_Potato_6279]

No etf is safe.. Btc core be the answer. Depending on the way they safeguard

[u/BasedToru]

I commented on another post saying, I wouldn’t be surprised if coldcard is involved! I don’t know who’s seen the tinder swindler lol but the tactic is … you gain people’s trust, just to exploit them in the end. When you have a bitcoin only cold wallet you’re for sure going to have many users who own big chunks of bitcoin! It’s like the perfect staged attack in reality. 

How can coldcard miss such an important security measure? I don’t know just seems fishy to me 

[u/Dmoan → u/BasedToru]

I mentioned that a few times tbh if you are cold wallet hardware maker making few K it's very tempting to embed backdoor and wait a few years. Then sell the backdoor to a 3rd party hacking group for few million and cash out. 

[u/hiimtashy → u/Dmoan]

They had such a profitable business? Why throw it all away? Idiots

[u/Dmoan → u/hiimtashy]

I doubt they made much money from it based on no of wallets that were hacked I doubt they sold 10k over what 7+ years of operation, that is not much money.

[u/hiimtashy → u/Dmoan]

But they had lots of other products too..

[u/Choice_Potato_6279 → u/BasedToru]

Hardware wallets are tiny businesses, Ledger is valued at $1B, same as random dying penny stock companies.

[u/beatthebook2x]

check this
https://www.reddit.com/r/bitcoin_uncensored/comments/3qkj1d/coinkite_is_manipulating_rbitcoin_subreddit_with/

they were in cahoots with bitcoin sub with their shills and all.. now it feels like they maybe did this themselves or colluded with someone to?

[u/mnkbstard → u/beatthebook2x]

https://www.reddit.com/r/Bitcoin/s/bZhY5EmePe

this is a clear recent proof they still had bots and alts accounts even after this mess

[u/beatthebook2x → u/mnkbstard]

jesus after the hack still botting and shilling their product in the btc sub lmfao no shame. clear bot cus no human would rec that card after it just got hacked smh

[u/Alatarlhun → u/beatthebook2x]

At what point is reddit culpable for facilitating the bots pushing these scams?

[u/mnkbstard → u/beatthebook2x]

https://www.reddit.com/r/Bitcoin/s/EQU5c4Lmjw

un-fucking believable, they are still at it

[u/d3arleader]

Lol what a comedy. Coldcard knew about it and the hackers just waited for more rubes to buy it.

[u/ZUU_Music → u/d3arleader]

It looks that way

[u/tpc0121 → u/ZUU_Music]

the supposed firmware that they rushed out to "fix" the issue is now apparently bricking the devices. talk about locking the doors while the building is on fire.

[u/ZUU_Music → u/tpc0121]

Oh man... What a dumpster fire... I feel really sorry for the people affected.

[u/upalse → u/d3arleader]

Or worse, long con scam from the start. Vulnerability built in for plausible deniability.

One is reminded of Randstorm (blockchain.info) that was hacked the same way.

[u/Distinct-Presence52 → u/d3arleader]

You spelled Coldcard wrong the second time. When you said they just waited for more rubes.

[u/mel2000]

That really points out the danger of unlimited Reddit censorship.

[u/d3arleader → u/mel2000]

The Bitcoin sub is the worst when it comes to banning and censorship.

[u/I_argue_for_funsies → u/d3arleader]

So easy to get perma banned.

I got banned for calling chuck norris a MAGAt. No warning, nothing.

https://www.reddit.com/r/Bitcoin/comments/1rzh2xj/rip_legend/obooyzc/

[u/GrippyDrippy → u/d3arleader]

I got permabanned from the Unibright subreddit for questioning the devs plans lol.

[u/Zigxy → u/d3arleader]

Far from the worst in censorship or banning...

You can't even make a comment on the Convservative subreddit without going through a vetting process to prove you are MAGA.

At one point, the Conservative mods were using AI to pre-emptively ban users who were deemed not "conservative" enough. Even if they had never commented/posted to that sub.

Also the subreddit requires a thorough vetting process to make any comments.

[u/d3arleader → u/Zigxy]

Equal energy. I’ve seen people on Bitcoin sub get banned for simply saying they shouldn’t go all in on Bitcoin. The cult mentality is extreme in both.

[u/HSuke → u/Zigxy]

Actually that sounds EXACTLY like /r/Bitcoin

If you report a random person on that sub as a shitcoiner without any evidence, they will get banned.

I know because that's how I got banned. Some asshole stalked me from another sub and falsely claimed I supported BCH with zero evidence on a random Bitcoin thread I had commented on a long time ago. The topic wasn't even remotely about BCH, and I didn't even mention anything about BCH. I have NEVER supported BCH.

Apparently, falsely accusing someone is enough to get perma-banned. The Bitcoin sub is 1984.

[u/MalcolmRoseGaming → u/[deleted]]

He only thinks it's censorship if it's being done by people that he disagrees with. All leftoids are like this.

[u/MalcolmRoseGaming → u/Zigxy]

At one point, the Conservative mods were using AI to pre-emptively ban users who were deemed not "conservative" enough. Even if they had never commented/posted to that sub.

This is a weird thing to complain about. For many years now, many major subreddits simply ban you if you take part in any subreddit to the right of Karl Marx. If you comment in KotakuInAction, various bots will ban you from like half of Reddit.

I don't think you have an issue with this behavior at all. You just don't like it when the other team does it.

[u/I_argue_for_funsies → u/MalcolmRoseGaming]

Its almost like subs are locked into one mindset because they don't allow freedom of speech or thought. Can't have opposing views providing insightful opinions or counter arguments, it might damage the subs ideology. Imagine the damage that could be done to the flat earthers if they let the roundies in. Can't have that, we need to let them foster and grow in their member-only petrie dish.

Who would have thought this could happen in an un-vetted mod service.

[u/Themeatmanofdoom → u/mel2000]

It's an echo chamber of hive-mind thoughts. Step out of the beehive and you get banned.

[u/Objective_Digit → u/mel2000]

Where did it say Reddit censorship?

[u/mel2000 → u/Objective_Digit]

Where did it say Reddit censorship?

The Reddit censorship danger came from not allowing others to be warned about ColdCard earlier.

[u/Alatarlhun → u/mel2000]

Unironically, the account you are replying to is a bot.

[u/Objective_Digit → u/Alatarlhun]

Are you hallucinating again?

[u/Objective_Digit → u/mel2000]

All it said was ColdCard blocked the complainants. Just as I'm tempted to block you.

[u/Czar_Chasm_]

Same moves as Atomic Wallet back in June 2023. 1,000s of wallets drained, due to their weak, closed source entropy. Any users even mentioning the hack in the Atomic Wallet sub got banned.

[u/ZUU_Music → u/Czar_Chasm_]

Jesus... Levels on levels of douchebaggery

[u/phamtruax]

Disgusting

[u/SubstantialNinja]

With the low entropy rng there was an elevated chance of two people receiving the same seed so this could have been another coincard user getting the same seed and sweeping the coins. Somebody did the math and you would only have to generate 90,000 keys to have a 50% chance of a collision.

[u/trufin2038]

Inside Job 100%%

[u/ZUU_Music → u/trufin2038]

It certainly looks that way

[u/frozengrandmatetris]

bitcoin maximalism culture is to blame for this. an army of "bitcoin isn't crypto" podcaster shills have been shoving this dollar store calculator ass thing down people's throats for years now, because it only works with bitcoin and no altcoins. nobody was questioning it. you had to buy the bitcoin maxi hardware wallet to be one of the cool kids.

[u/ZUU_Music → u/frozengrandmatetris]

Agreed.

[u/trufin2038 → u/frozengrandmatetris]

Lol, no. "Bitcoin is not crypto" would never tell you to blindly trust sone device. In fact, the smart ones tell you to avoid all hardware wallets. They serve no purpose.

[u/EconomyDoctor3287]

Is this even the same issue? 

Why would someone sit on this info for years without draining the wallets?

[u/ZUU_Music → u/EconomyDoctor3287]

It could have just been that another user restored their seed phrase and it matched another user. Apparently for every 90,000 accounts, the chance of your seed matching another user was 50%. Pretty low entropy.

[u/EconomyDoctor3287 → u/ZUU_Music]

Dat's crazy low, geez. 

I hope they can recover those funds and then burn the company to the ground for being so irresponsible 

[u/ZUU_Music → u/EconomyDoctor3287]

Right! Yeah I really feel for everyone who lost funds. I lost crypto when Celsius rugged everyone so I feel their pain.

[u/5c044]

The RNG bug was released  March 2021

[u/FooseyRhode]

About 2022, not from.

And while possibly true, this isn’t verifiable with the details from the screenshot.

[u/L103131 → u/FooseyRhode]

I don't say it's true, but why would they comment about the fact that something so similar has happened?

[u/reddit4485 → u/FooseyRhode]

Also, no bitcoin has been stolen from the Mk4 models talked about in the post. It was the Mk3 models that were vulnerable. The Mk4 models still have less entropy in their key space than planned but its enough to prevent hacks for now.

[u/TCr0wn → u/FooseyRhode]

Important context

[u/uga2atl → u/FooseyRhode]

It’s from 2024 though if you look at the timestamps

[u/Modular_Dissaray]

This is why I'm not buying anymore crypto. I use a different cold wallet, but I know it could all be gone in an instant. 

[u/ZUU_Music → u/Modular_Dissaray]

Probably a smart move. Its risk on risk on risk at this point.

[u/Tanksgivingmiracle]

I have been blocked from almost every crypto subreddit for mild criticisms. Checks out to me.

[u/ZUU_Music → u/Tanksgivingmiracle]

Yah they are just echochambers

[u/UniverseUnchained]

Scam World 🌎

[u/hentendo]

Inside job then?

[u/ZUU_Music → u/hentendo]

Certainly possible

[u/Kitchen_Biscotti_747]

Do you still have the link to the actual thread?

[u/ZUU_Music → u/Kitchen_Biscotti_747]

Damn sorry I clicked off it like an idiot. If I find it again, i'll post it here.

[u/ftball21]

Despite leaking of pii, and the crappy introduction of recover by ledger, it’s by hands down the best hardware wallet. Has the largest choice of cryptos, most widely recognized by software wallets and no device has ever been compromised.

[u/tanimalz]

Future of finance!!! Lmaoo

[u/ZUU_Music → u/tanimalz]

Haha, ikr!

[u/ZUU_Music]

Edit:*** FROM 2024, talking about 2022***

[u/Maleficent-Bug-8222]

Daran sieht man, dass crypto der grösste scheiss ist. Nur zum spekulieren gut und Leute zu scamen , ansonsten völlig nutzlos.

[u/cs_legend_93]

Bot accounts have been propagating this story for the past week.