Beyond panic; the bright side of the Coldcard wallet incident.

[IjawMan]

Wallet keys ownership are a prove that the coins are yours.
We are all aware of the Coldcard Bitcoin wallet drain incident it has been the hottest crypto news in all the cryptocurrency platforms, the forum not exempted. The posts and discussions has been all around one thing, the lost of Bitcoins worth millions of dollars from Coldcard wallets. Presently I hear people are destroying and abandoning their Coldcard wallet moving their coins to another place safe. Is the wise move to take when there is a compromise, but.

Have we turned neck to the brighter side of this sad incidence? It has created one of the massive awakening awareness in years about Bitcoin wallets which a good population of users has never given attention to:

1 There are many Bitcoin holders whose coins could be seating in wallets with similar or different vulnerability with Coldcard wallet. They just do not know it at moment. But this can be a window to look into possible holes.

2 How users up-to-date with updates and changes to their crypto wallets they using for their holdings. This will have a dimensional shift.

3 That people has been using a wallet long before you begin to use. It will not be a normalized ground not to make one's own research and asking questions, should there be need to. Decentralisation also means responsibility.

4 Finally, with what has happened it is a call for users to know their wallets, those who never cared so much will now care to know how strong the entropy to their wallet private key generation is.

Adding a passphrase to your wallet seed phrase it acts as extra security to the wallet. Many users did not care of this till now.

[Charles-Tim]

Decentralisation also means responsibility.

You are referring to noncustodial, not decentralization. I mean noncustodial wallet.

Adding a passphrase to your wallet seed phrase it acts as extra security to the wallet. Many users did not care of this till now.

Yes, or going for multisig. But this has been discussed several times already on this forum after people know about the hack few days ago. I have seen people creating threads about it and using it to ask questions which will also have similar replies with this thread.

[IjawMan]

Decentralisation also means responsibility.

You are referring to noncustodial, not decentralization. I mean noncustodial wallet.

Yes buddy, noncustodial wallet.

Adding a passphrase to your wallet seed phrase it acts as extra security to the wallet. Many users did not care of this till now.

Yes, or going for multisig. But this has been discussed several times already on this forum after people know about the hack few days ago. I have seen people creating threads about it and using it to ask questions which will also have similar replies with this thread.

A lot more has been discussed but the wake up call has been differently from the points of looking at the brighter side of the situation. You may need to look at the post title again.

[promise444c5]

People that got hacked could’ve actually had their firmware up to the latest release..so far there’s still that vulnerability sitting quietly, it changed nothing and they got hacked..

Adding a passphrase to your wallet seed phrase it acts as extra security to the wallet. Many users did not care of this till now.

Passphrase surely helps but it also needs to be more complex [I.e multiple combinations] to really keep your seed safe.

A passphrase which is weak or prone to dictionary attack  will protect nothing.. check this :

IMPORTANT UPDATE: We just had our first confirmed loss of a Mk3 + 2 Word Passphrase.

Drained at 2pm Aug 2nd Australia Time - Roughly 17hrs ago.

-- @BTCsessions

https://x.com/BTCsessions/status/2084024733511921691