New evidence suggests the anonymous switck account behind LibNgU code may actually be Coinkite co-founder and CTO Peter Gray. The code sits at the center of the COLDCARD entropy failure incident. Bitcoin developer James O'Beirne said he warned Coinkite in May 2025 that the RNG implementation looked suspicious and recommended removal, but was told issues would have been found if they existed. The case involves over 1,800 BTC stolen.
New evidence suggests the anonymous switck account that wrote the LibNgU code may actually be Peter Gray, co-founder and CTO of Coinkite. That code sits at the center of the COLDCARD entropy failure incident.
Researchers say Gray's GPG key signed dozens of switck commits, with other identifiers apparently linking the two identities together. Bitcoin developer James O'Beirne said he warned Coinkite in May 2025 that the LibNgU RNG implementation looked suspicious and recommended removing it. He claims the response was that if a problem existed, it would have been found by now.
Screenshots also show users raising questions about the LibNgU rewrite as early as April 2021. If these findings hold up, the engineer who introduced the code was later tied to a theft of over 1,800 BTC — and had received a direct warning about the RNG implementation more than a year before the vulnerability was publicly disclosed. (Bitcoin News)
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