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Stacks
2026-08-03 00:01:49

Stacks founder urges BTC holders to spread storage across ETFs, multisig, and multiple hardware wallets

Stacks founder Muneeb Ali said in a post on X that the recent Coldcard security incident offered three major lessons for the Bitcoin market: how BTC should be stored, how seriously the industry should treat quantum-computing risks, and what needs to change in Bitcoin ecosystem security. He said the incident affected many long-term Bitcoin holders who prioritize security and choose self-custody, and argued that users should avoid placing all of their assets in a single setup. Instead, he recommended diversifying exposure through a mix of ETFs, multisignature arrangements, and different hardware wallets. Ali also said quantum computing poses a real threat to cryptographic systems, adding that the rise of large language models is accelerating scientific breakthroughs and that preparation is better than underestimating the pace of development. On ecosystem security, he called for closer cooperation between the Bitcoin ecosystem and outside security research organizations, warning against security-resource isolation tied to a “Bitcoin-only” mindset and urging more security experts to participate in BTC ecosystem building.

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Stacks founder urges BTC holders to spread storage across ETFs, multisig, and multiple hardware wallets
Bitcoin
2026-08-01 13:44:29

Joe Burnett says COLDCARD seed phrase flaw could reset Bitcoin self-custody standards

Strive Vice President Joe Burnett said in a post on X that the past few weeks may rank among the worst in Bitcoin’s history, after users who followed widely accepted hardware-wallet safety practices still lost significant amounts of BTC because of a flaw affecting seed phrases generated by COLDCARDwallet from March 2021 onward. Burnett said the issue, which he described as having gone undetected for more than five years, could permanently alter how people view self-custody. In his view, self-custody will remain, but the standard for holding large Bitcoin balances directly should move toward multi-vendor multisig setups, with keys generated independently using different hardware and software and stored in separate physical locations. For users unwilling to take that approach, he said institutional-grade custodians may be the better option. Burnett also argued that the current wave of Bitcoin adoption is being driven by ETFs, treasury companies, and institutional custodians, largely by people who do not intend to become experts in private-key generation, hardware security, firmware, backups, inheritance planning, or physical storage. He added that while institutional custody can concentrate too much Bitcoin in large firms and create censorship, seizure, and confiscation risks, Bitcoin’s portability and settlement properties still give users a way to move from counterparty risk to direct ownership within minutes.

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Joe Burnett says COLDCARD seed phrase flaw could reset Bitcoin self-custody standards
Strive
2026-08-01 12:49:21

Strive VP Joe Burnett says Bitcoin custody may be entering a new phase after wallet flaw

Strive Vice President Joe Burnett said confidence in Bitcoin self-custody may be permanently altered after losses tied to a flaw affecting seed phrases generated by COLDCARDwallet since March 2021. In a post on X, Burnett said many users followed accepted best practices, including buying reputable hardware wallets and generating seed phrases offline, yet still lost significant amounts of BTC because of a vulnerability that went undetected for more than five years. He argued that self-custody is not going away, but that standards for holding large amounts of Bitcoin should shift toward multi-vendor multisig setups, with keys generated independently across different hardware and software and stored in separate physical locations. For people unwilling to take on that complexity, he said institutional-grade custodians may be the better option. Burnett also said the current wave of Bitcoin adoption is increasingly coming through ETFs, treasury companies, and institutional custodians, while warning that institutional custody can concentrate too much Bitcoin in large firms and introduce censorship, seizure, and confiscation risks. At the same time, he said Bitcoin’s portability and settlement features give users a way to move from counterparty risk to direct ownership within minutes.

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Strive VP Joe Burnett says Bitcoin custody may be entering a new phase after wallet flaw
Whale Movemen
2026-08-01 11:57:57

0x8F8C wallet moves 266,410 LINK to a multisig address

Onchain Lens said a wallet beginning with 0x8F8C moved its entire LINK holdings to a multisig address. The transfer involved 266,410 LINK, which the tracker valued at about $2.15 million. The update only described the on-chain movement and did not provide extra details on the owner of the address or the purpose of the transfer. The transaction was reported under whale activity, with the assets sent in full from the monitored wallet to the multisig destination.

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0x8F8C wallet moves 266,410 LINK to a multisig address
Bitcoin
2026-08-01 00:21:24

Coldcard key-generation flaw prompts emergency firmware fix from Coinkite

Bitcoin hardware wallet maker Coinkite has released emergency firmware updates after a security flaw in certain Coldcard devices exposed users to private-key attacks. The issue mainly affected Coldcard MK3 units running firmware versions 4.0.1 through 4.1.9, particularly when users did not add dice-generated entropy or an extra BIP39 passphrase during setup. According to the input, the weakness came from insufficient randomness in key generation, and losses were estimated at more than 1,000 BTC, worth over $70 million. Coinkite said users of MK3, MK4, MK5, and Coldcard Q should upgrade to patched versions immediately, but it also warned that a firmware update cannot repair old keys that were already generated under risky conditions. The company advised users to move funds to fresh on-chain addresses and create new wallets after upgrading. Security engineer Peter Todd also flagged a separate risk for multisig setups involving affected devices, saying certain 2-of-3 configurations could expose enough information for an attacker to intercept funds when scripts are revealed. Co-founder NVK added that AI-assisted code review is changing how quickly attackers can examine open or previously published firmware source code.

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Coldcard key-generation flaw prompts emergency firmware fix from Coinkite