A critical bug in Coldcard’s hardware wallet—undetected for four years—has caused an estimated $100 million in crypto losses. The flaw, rooted in a misconfigured random number generator, made seed phrases predictable, undermining the core security promise of offline storage. Despite being open-source, no one caught this until May 2025, when a developer flagged it. Coldcard initially dismissed the issue but now offers a fix: users must reinstall firmware, generate new seeds, and migrate funds. It’s a sobering lesson: even with self-custody, your safety hinges on trusting the manufacturer’s code—and sometimes, that trust can be dangerously misplaced.
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