August 5: Coldcard's Failure Is Becoming a $130 Million Disaster

Coldcard remains the dominant story as estimates of the hardware wallet exploit continue climbing. Researchers now believe at least 15 attackers were involved, with losses exceeding $100 million and possibly approaching $130 million, affecting roughly 7,300 wallet addresses. Matt argues that companies selling security products should be held responsible when failures stem from their own implementation, comparing the situation to how exchanges eventually created reserve and insurance funds after years of hacks. The episode also covers Circle's new institutional ARC blockchain, Visa and Mastercard expanding stablecoin payment infrastructure, Hashdex closing its DeFi Spot Bitcoin ETF, continued uncertainty surrounding the CLARITY Act, a foiled plot to kidnap a Bitcoin holder, and World Chain's upcoming throughput upgrade. Matt closes by arguing that trust is crypto's most valuable asset, and when companies built around security fail to protect customers, confidence in the entire ecosystem suffers. Happy Hodling, Everyone. Hosted on Acast. See acast.com/privacy for more information.