Bitcoin
Coldcard Attack Drains $90M Bitcoin as Clarity Act Faces Senate Deadline
Large-scale Bitcoin theft from Coldcard users coincides with legislative uncertainty over crypto regulation and mounting concerns about political conflicts of interest.
A major security breach affecting Coldcard hardware wallet users resulted in approximately $90 million in Bitcoin losses across multiple addresses. The exploit targeted a flaw in the Coldcard seed generation process that relied on an inadequate random number generator. Galaxy Research documented 1,367 BTC ($88.6 million) drained across 4,585 addresses in attacks spanning the weekend, with warnings that the exploit remained active as users rushed to secure their holdings.
The theft triggered immediate market responses as small holders sought refuge in centralized exchanges or alternative custody methods. Bitcoin transfers below 1 BTC climbed to their highest daily level since 2022 on Friday, with 39,600 BTC moved—just 300 BTC below the figure recorded in November 2022 following FTX's collapse. Galaxy Digital's head of research urged Coldcard users to move funds from affected addresses immediately.
Sentiment deteriorated amid broader regulatory uncertainty. The Clarity Act, proposed legislation governing crypto-related ethics for elected officials, faces a five-day deadline for Senate action with passage appearing unlikely given ongoing disputes over enforcement mechanisms and political complications. A revised compromise proposal would allow state attorneys general to challenge Department of Justice enforcement rather than sue elected officials directly, reflecting tensions between Democrats and the Trump administration over oversight authority. Additional obstacles include banking sector resistance to stablecoin yields and disagreements among law enforcement groups over blockchain regulation.
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