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Major bitcoin wallet flaw drains 594 BTC in 25-minute sweep
Roughly 594 bitcoin, worth about $38 million, was swept out of around 500 separate wallets between 01:31 and 01:56 UTC on Friday in an attack traced to a flaw in how Coldcard hardware wallets generated their keys.
The theft moved 1,324 chunks of bitcoin across 500 transactions inside a three-block window, with 562 BTC then consolidated into a single address that has not moved.
Every drained wallet was single-signature and each held more than 0.15 BTC. Many had been dormant for years and the coins spanned 2021 to 2026, matching the flaw's age almost exactly.
Coldcard is a hardware wallet built by Canadian firm Coinkite, a small standalone device that stores bitcoin keys offline, away from internet-connected computers. Mk2, Mk3, Mk4, Q and Mk5 are successive generations of that product, released over several years the way a phone maker ships numbered models.
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Why Strike CEO Calls Coldcard Wallet Drain ‘One Of The Most Serious’ Bitcoin Hacks
For many Bitcoiners (BTC), the past two days have been particularly difficult due to a hack which Strike CEO Jack Mallers labeled “one of the most serious wallet security incidents Bitcoin has seen”.
The Coldcard wallet drain, revealed by Block’s engineering team, had discovered that some Coldcard firmware silently defaulted to a weak, deterministic software random number generator rather than the device’s hardware RNG, a bug that goes back to March 2021, Mallers said on Friday, urging users of the hardware wallet to check their setup right away.https://x.com/jackmallers/status/2083224256976953706?s=20
However, Mallers warned that just putting a compromised seed back onto a new wallet won't fix the issue, as the problem was how the seed itself was generated. He recommended that impacted users move funds to newly created wallets on unaffected hardware and provided Strike as a temporary exchange option in the meantime.
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