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Alex Thorn on self-custody: the Coldcard exploit makes the case for multisig, with not one satoshi stolen from a multisig wallet "This is a tough time to be relying on a company for your self custody. I think one of the big lessons has been the primacy and efficacy... of multisig if you're self custodying." "Not one Satoshi was stolen in the Coldcard exploit from a multisig wallet. We can see that onchain when you spend coins. You reveal the entire script of the transaction that was holding them." "I think probably, in my opinion, the best option if you're doing self custody is to use multisig. Multiple hardware wallets. You can use collaborative custody like Casa and Unchained and AnchorWatch." "You're getting redundancy by having multiple signing devices rather than by storing a copy of the seed of the device." "You screenshot your 12 word seed or 24 word seed. It's one of the first things that hackers look for if they break into an email account or a computer." "We know all the possible words. They come from a dictionary of 4-BIP39. So it's very easy for them to just search for combinations of those words on your machine and instantly sweep your seed."show more

The Wolf Of All Streets

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18,983 views • 15 days ago •via X (Twitter)

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5 Comments

The Wolf Of All Streets15 days ago

FT @intangiblecoins This clip is brought to you by @hodlwithLedn

Dr. Ammar15 days ago

Multisig proves its worth again—single seed setups leave way too many vector vulnerabilities open when exploits hit.

Sirius ⛓️‍💥🐂💹🧲15 days ago

multisig stays undefeated

Oleg Bernatskyi15 days ago

not one sat stolen from a multisig during the exploit is the whole argument right there. the single point of failure is the real risk, not the chain

Henry🦅15 days ago

Self-custody means nothing if a single point of failure can wipe you out. Multisig adds layers of protection. Your keys, your responsibility.

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Trezor’s Lead Firmware Developer on what the Coldcard exploit means for Bitcoin self-custody: “If you're protecting your life savings, if you have a huge amount of money in Bitcoin... absolutely, you should investigate multisig.” “This hasn't changed, this has always been true... if the amount is significant, then you should totally invest into the additional complexity and pick the right multisig solution for you.”

Trezor’s Lead Firmware Developer on what the Coldcard exploit means for Bitcoin self-custody: “If you're protecting your life savings, if you have a huge amount of money in Bitcoin... absolutely, you should investigate multisig.” “This hasn't changed, this has always been true... if the amount is significant, then you should totally invest into the additional complexity and pick the right multisig solution for you.”

Simply Bitcoin

30,457 views • 2 months ago

Following the recent Coldcard incident, Nick Neuman (Nick Neuman), CEO of Casa, explains how Bitcoiners can build a more resilient self-custody setup by eliminating single points of failure: "I think that there's still a lot of potential for self-custody for the future of humanity." "People really need to shift their mindset when they are self-custodying their assets. You need to figure out a setup where multiple different providers, companies, security experts, are acting as a check on each other. And if one of them fails, your whole setup doesn't fail."

Following the recent Coldcard incident, Nick Neuman (Nick Neuman), CEO of Casa, explains how Bitcoiners can build a more resilient self-custody setup by eliminating single points of failure: "I think that there's still a lot of potential for self-custody for the future of humanity." "People really need to shift their mindset when they are self-custodying their assets. You need to figure out a setup where multiple different providers, companies, security experts, are acting as a check on each other. And if one of them fails, your whole setup doesn't fail."

Simply Bitcoin

13,112 views • 3 months ago

COLDCARD BTC MIGRATION VIDEO Here is an explainer video showing you how to do two things: 1. Set up a Casa multisig with your current Coldcard and send the assets from the Coldcard to the multisig. This eliminates the risk of loss from the CC vulnerability. Useful for people who only have a CC and don't want to send to an exchange or hot wallet. 2. Second part of the video (starting around minute 7) shows moving assets out of the Coldcard Mk3 single sig. This might be useful for anyone trying to move their assets right now that hasn't touched their CC in 4 years. Doing this was a fun reminder of how using a Coldcard outside of Casa is still surprisingly hard even though I know the gist of it and have been doing this for 8 years 😂. If you want help migrating to Casa, DM me or the Casa account and we will direct you to the team.

COLDCARD BTC MIGRATION VIDEO Here is an explainer video showing you how to do two things: 1. Set up a Casa multisig with your current Coldcard and send the assets from the Coldcard to the multisig. This eliminates the risk of loss from the CC vulnerability. Useful for people who only have a CC and don't want to send to an exchange or hot wallet. 2. Second part of the video (starting around minute 7) shows moving assets out of the Coldcard Mk3 single sig. This might be useful for anyone trying to move their assets right now that hasn't touched their CC in 4 years. Doing this was a fun reminder of how using a Coldcard outside of Casa is still surprisingly hard even though I know the gist of it and have been doing this for 8 years 😂. If you want help migrating to Casa, DM me or the Casa account and we will direct you to the team.

Nick Neuman

35,004 views • 3 months ago

Ledger users reportedly lost $86M, raising questions about third-party risks in self-custody "Everybody in crypto at this point has PTSD after the Coldcard hack, because we believe self-custody was always safe. You could be your own bank. That shook the Bitcoin community to its core." "This is an ongoing story that just broke at about 10 a.m. today, so just about 2 hours ago. An onchain analyst named Spectre estimated suspected losses around $86 million, involving hundreds of wallets across Bitcoin, Ethereum and Tron. I have not seen a comment from Ledger yet." "Now, Ledger had had their breaches in the past. It seems to always come with one of the third parties." "The question is, when you participate in self-custody, who are you actually trusting for all the steps in between? The whole point of self-custody was no counterparty risk, but there's a lot of counterparties you don't even know exist, like the third-party resellers who have your data or can gain some sort of access." "We don't know if anyone's individual device was hacked, to be clear. We don't know if this was a phishing scam, like you get an email from this third party telling you you need to move your coins from one device to another and you get hacked. But we do know that there has been an exploit and that it's coming exclusively in this case from Ledger devices. Doesn't mean that somebody broke Ledger's hardware security."

Ledger users reportedly lost $86M, raising questions about third-party risks in self-custody "Everybody in crypto at this point has PTSD after the Coldcard hack, because we believe self-custody was always safe. You could be your own bank. That shook the Bitcoin community to its core." "This is an ongoing story that just broke at about 10 a.m. today, so just about 2 hours ago. An onchain analyst named Spectre estimated suspected losses around $86 million, involving hundreds of wallets across Bitcoin, Ethereum and Tron. I have not seen a comment from Ledger yet." "Now, Ledger had had their breaches in the past. It seems to always come with one of the third parties." "The question is, when you participate in self-custody, who are you actually trusting for all the steps in between? The whole point of self-custody was no counterparty risk, but there's a lot of counterparties you don't even know exist, like the third-party resellers who have your data or can gain some sort of access." "We don't know if anyone's individual device was hacked, to be clear. We don't know if this was a phishing scam, like you get an email from this third party telling you you need to move your coins from one device to another and you get hacked. But we do know that there has been an exploit and that it's coming exclusively in this case from Ledger devices. Doesn't mean that somebody broke Ledger's hardware security."

The Wolf Of All Streets

80,310 views • 25 days ago

American Farmer Says It Should Be Illegal What The Government & Lobbyists Have Done To The Farming Industry “it is illegal for me to take this seed and plant it in the ground” “They decided to send me this cease and desist letter, which I will not be following” “By now, I'm sure everyone knows that if a farmer replants their own seed, it's illegal and the seed company will sue them for stealing their genetics. But what's not illegal is that the seed company can come onto your property, dig up your plants, test them in a lab, and check to see if the farmer is stealing from them. Even if your plant is cross-pollinated from the neighbor, yeah, they can sue you.” “And for all of you that kept saying I'm dumb for buying GMO seeds. I would like to remind you that one, we were bullied into signing contracts. And number two, it's estimated that almost 80% of the food you eat is GMO. So you're telling me you want to go hungry?”

American Farmer Says It Should Be Illegal What The Government & Lobbyists Have Done To The Farming Industry “it is illegal for me to take this seed and plant it in the ground” “They decided to send me this cease and desist letter, which I will not be following” “By now, I'm sure everyone knows that if a farmer replants their own seed, it's illegal and the seed company will sue them for stealing their genetics. But what's not illegal is that the seed company can come onto your property, dig up your plants, test them in a lab, and check to see if the farmer is stealing from them. Even if your plant is cross-pollinated from the neighbor, yeah, they can sue you.” “And for all of you that kept saying I'm dumb for buying GMO seeds. I would like to remind you that one, we were bullied into signing contracts. And number two, it's estimated that almost 80% of the food you eat is GMO. So you're telling me you want to go hungry?”

Wall Street Apes

151,997 views • 2 years ago

GEORGE BODINE: “The biggest thing you can do to protect yourself and the network is to run a node, use something that allow allows you to be sovereign and take self custody of your Bitcoin.” “Get it off of exchanges.” “The only thing you should strive for is self custody. And if you do that, that is the best defense that we have against the securitization of Bitcoin.”

GEORGE BODINE: “The biggest thing you can do to protect yourself and the network is to run a node, use something that allow allows you to be sovereign and take self custody of your Bitcoin.” “Get it off of exchanges.” “The only thing you should strive for is self custody. And if you do that, that is the best defense that we have against the securitization of Bitcoin.”

Simply Bitcoin

12,906 views • 6 months ago

You might think Unchained is a bitcoin custodian, but our collaborative multisig vaults let you hold your own self-custody keys for independent control. Here's how it works:

You might think Unchained is a bitcoin custodian, but our collaborative multisig vaults let you hold your own self-custody keys for independent control. Here's how it works:

Unchained

13,325 views • 1 month ago

Seed phrases were meant to make self-custody possible. In practice they got lost in house fires, leaked from the cloud, screenshotted into oblivion, and thrown into landfills. That is a museum of failure. So we built one. Welcome to the Seed Phrase Museum.

Seed phrases were meant to make self-custody possible. In practice they got lost in house fires, leaked from the cloud, screenshotted into oblivion, and thrown into landfills. That is a museum of failure. So we built one. Welcome to the Seed Phrase Museum.

Bron Wallet

3,182,421 views • 4 months ago

How not to invest: being your own bank with a Ledger device right now "Ledger says spy chip inside crypto Ledger devices, transmitted wallet keys over mobile network." "I've been a huge advocate of self-custody. I still believe you should find a way to be your own bank, but you cannot do it with any of the commercially sold Bitcoin hardware wallet devices." "Maybe in multi-sig where you have a number of them and a single set of keys from one of these devices is not controlling your entire net worth, but you cannot just buy a hardware device in crypto right now and take for granted that your assets are going to be safe." "Cold wallet, hot mess. It's really, it's an existential crisis." "The how not to invest is not to be your own bank with a Ledger device right now. I've had the Ledger guys on a lot. I'll have them on again, but man, they have things to answer for."

How not to invest: being your own bank with a Ledger device right now "Ledger says spy chip inside crypto Ledger devices, transmitted wallet keys over mobile network." "I've been a huge advocate of self-custody. I still believe you should find a way to be your own bank, but you cannot do it with any of the commercially sold Bitcoin hardware wallet devices." "Maybe in multi-sig where you have a number of them and a single set of keys from one of these devices is not controlling your entire net worth, but you cannot just buy a hardware device in crypto right now and take for granted that your assets are going to be safe." "Cold wallet, hot mess. It's really, it's an existential crisis." "The how not to invest is not to be your own bank with a Ledger device right now. I've had the Ledger guys on a lot. I'll have them on again, but man, they have things to answer for."

The Wolf Of All Streets

64,069 views • 18 days ago

MFTV #13: Inside Unchained's Coldcard Emergency Response | with Unchained co-founder & CSO Dhruv Bansal 🔗 YouTube: 🔗 Spotify: Since the Coldcard exploit first was exposed, nearly 9000 bitcoin (>$500M) have been moved out of vulnerable Coldcard multisig wallets through MARA's Slipstream — with the largest majority coming from clients of the collaborative custody firm Unchained. Unchained co-founder and CSO Dhruv Bansal walks Head of MARA Foundation Isabel Foxen Duke⚡️ through how the response came together — including: •⁠ ⁠why multisig users faced a different risk than single-signature holders •⁠ ⁠⁠how Slipstream’s private mempool shielded vulnerable wallets •⁠ ⁠⁠and how security practices for users and builders will have to change to prevent future exploits TIMESTAMPS: 00:00 — Intro 02:53 — What is Unchained and who was exposed 09:45 — Mempool, RBF, and Slipstream 13:16 — The ongoing race, and multi-vendor multisig 19:28 — The first hour after the exploit 25:25 — Challenging logistics after the exploit 29:45 — Self-custody analysis after the exploit 33:04 — Audits, culture, and the future of Coldcard 37:14 — Why the warnings were missed 41:57 — Security marketing: the "Ferrari with a lawnmower engine”

MFTV #13: Inside Unchained's Coldcard Emergency Response | with Unchained co-founder & CSO Dhruv Bansal 🔗 YouTube: 🔗 Spotify: Since the Coldcard exploit first was exposed, nearly 9000 bitcoin (>$500M) have been moved out of vulnerable Coldcard multisig wallets through MARA's Slipstream — with the largest majority coming from clients of the collaborative custody firm Unchained. Unchained co-founder and CSO Dhruv Bansal walks Head of MARA Foundation Isabel Foxen Duke⚡️ through how the response came together — including: •⁠ ⁠why multisig users faced a different risk than single-signature holders •⁠ ⁠⁠how Slipstream’s private mempool shielded vulnerable wallets •⁠ ⁠⁠and how security practices for users and builders will have to change to prevent future exploits TIMESTAMPS: 00:00 — Intro 02:53 — What is Unchained and who was exposed 09:45 — Mempool, RBF, and Slipstream 13:16 — The ongoing race, and multi-vendor multisig 19:28 — The first hour after the exploit 25:25 — Challenging logistics after the exploit 29:45 — Self-custody analysis after the exploit 33:04 — Audits, culture, and the future of Coldcard 37:14 — Why the warnings were missed 41:57 — Security marketing: the "Ferrari with a lawnmower engine”

MARA Foundation

14,124 views • 2 months ago

This is the worst hit to self custody in Bitcoin's history. All we can do is act as quickly as possible. If you have a Coldcard in your setup, you need to move to safe keys or cycle your multisig. Don't wait, don't assume you have time, sit down and get it done. Do it carefully and don't skip steps. Here are a few of the quickest paths to safety and how to think about this going forward. To everyone who got hit by this, I cannot be more sorry.

This is the worst hit to self custody in Bitcoin's history. All we can do is act as quickly as possible. If you have a Coldcard in your setup, you need to move to safe keys or cycle your multisig. Don't wait, don't assume you have time, sit down and get it done. Do it carefully and don't skip steps. Here are a few of the quickest paths to safety and how to think about this going forward. To everyone who got hit by this, I cannot be more sorry.

Guy Swann

51,017 views • 3 months ago

New Ledger Flex is pretty cool. I got the SUI branded one but you can get most crypto branded versions. Every year it is good practice to get a new Ledger and to move your holdings from the old wallets to the new wallets for piece of mind and hygiene. Im preparing I suggest you do too. Always use self custody. IMO: When the currency devaluation begins and the asset revaluation begins, there is a non zero chance any asset held by a counterparty will be seized. Only those in self custody will realize the repricing event. This is why you MUST move your assets to self custody. Just do it. Disclaimer: Im not sponsored by any company or any project. If I am I will let you know. I post about things I like, and I use.

New Ledger Flex is pretty cool. I got the SUI branded one but you can get most crypto branded versions. Every year it is good practice to get a new Ledger and to move your holdings from the old wallets to the new wallets for piece of mind and hygiene. Im preparing I suggest you do too. Always use self custody. IMO: When the currency devaluation begins and the asset revaluation begins, there is a non zero chance any asset held by a counterparty will be seized. Only those in self custody will realize the repricing event. This is why you MUST move your assets to self custody. Just do it. Disclaimer: Im not sponsored by any company or any project. If I am I will let you know. I post about things I like, and I use.

MartyParty

60,810 views • 11 months ago

Following the Coldcard exploit, the question I got most was: How do I actually self-custody my Bitcoin? Swan Sovereign, our guided self-custody service, can help. We launched it to our clients a few weeks ago. Today, it's open to everyone. You keep 100% key control, with a Swan expert by your side, helping along the way. And it includes all the benefits of Swan Private. Visit DM me, or email Cory@swan.com

Following the Coldcard exploit, the question I got most was: How do I actually self-custody my Bitcoin? Swan Sovereign, our guided self-custody service, can help. We launched it to our clients a few weeks ago. Today, it's open to everyone. You keep 100% key control, with a Swan expert by your side, helping along the way. And it includes all the benefits of Swan Private. Visit DM me, or email [email protected]

Cory Klippsten 🦢 Swan.com

26,127 views • 3 months ago

What is entropy, and why does it matter for your Bitcoin? Rob Hamilton explains how high-quality entropy is what makes your seed phrase truly unguessable and why it’s one of the most important foundations of self-custody. #Coldcard

What is entropy, and why does it matter for your Bitcoin? Rob Hamilton explains how high-quality entropy is what makes your seed phrase truly unguessable and why it’s one of the most important foundations of self-custody. #Coldcard

Natalie Brunell ⚡️

19,797 views • 3 months ago

Bloomberg's Eric Balchunas estimates 2 to 3% of $IBIT inflows come from self custody "I would say maybe 2 or 3% of BlackRock's inflows are from that, but that's a pretty good number because it sees a lot of inflows. It's a big number still, and I think that number could grow over time." "If you are somebody who uses Bitcoin for the censorship resistance, you cannot do this, you have to stay on the network." "But if you're just using it for the debasement resistance, the ETF is a very compelling way to store your money versus even a wallet at this point. So that's where they're getting some people." "But the diehard Bitcoiners, I just don't see them doing this."

Bloomberg's Eric Balchunas estimates 2 to 3% of $IBIT inflows come from self custody "I would say maybe 2 or 3% of BlackRock's inflows are from that, but that's a pretty good number because it sees a lot of inflows. It's a big number still, and I think that number could grow over time." "If you are somebody who uses Bitcoin for the censorship resistance, you cannot do this, you have to stay on the network." "But if you're just using it for the debasement resistance, the ETF is a very compelling way to store your money versus even a wallet at this point. So that's where they're getting some people." "But the diehard Bitcoiners, I just don't see them doing this."

The Wolf Of All Streets

27,971 views • 2 months ago

What is entropy, and why does it matter for your Bitcoin? Rob Hamilton explains how high-quality entropy is what makes your seed phrase truly unguessable and why it’s one of the most important foundations of self-custody. #Coldcard

What is entropy, and why does it matter for your Bitcoin? Rob Hamilton explains how high-quality entropy is what makes your seed phrase truly unguessable and why it’s one of the most important foundations of self-custody. #Coldcard

Natalie Brunell ⚡️

20,471 views • 3 months ago

After Revolut, Trezor and Coldcard, self-custody believers are looking at ETFs "When I got into crypto, I certainly wasn't thinking, hey, everybody should buy Bitcoin in a BlackRock ETF wrapper. But I do think it opens access to a lot of people who may find a different path later." "Earlier this week, Revolut got fooled by a fake government address and sent their high-net-worth individuals', not only their ID, your picture, your KYC verification, but this time your transactions." "So for the first time, the criminals not only know that you did do some things in crypto and what your identity is. They know exactly how much you have and exactly how much you did." "That comes after all of the Trezor data breaches that we've seen, and of course the Coldcard hacks." "So a lot of people are going to want a different option for exposure to Bitcoin. People that may have believed in self-custody three months ago."

After Revolut, Trezor and Coldcard, self-custody believers are looking at ETFs "When I got into crypto, I certainly wasn't thinking, hey, everybody should buy Bitcoin in a BlackRock ETF wrapper. But I do think it opens access to a lot of people who may find a different path later." "Earlier this week, Revolut got fooled by a fake government address and sent their high-net-worth individuals', not only their ID, your picture, your KYC verification, but this time your transactions." "So for the first time, the criminals not only know that you did do some things in crypto and what your identity is. They know exactly how much you have and exactly how much you did." "That comes after all of the Trezor data breaches that we've seen, and of course the Coldcard hacks." "So a lot of people are going to want a different option for exposure to Bitcoin. People that may have believed in self-custody three months ago."

The Wolf Of All Streets

26,653 views • 1 month ago

📢 Self-custody is not dead. The Coldcard entropy bug was brutal, and I won't sugarcoat the pain people are going through right now. But if you think giving your keys back to a custodian is the safer play, you have forgotten the painful history of Bitcoin wipeouts. We don't need to abandon self-custody. We need to fortify it. I lay out three actual lessons we must take away from this mess so it never happens again.

📢 Self-custody is not dead. The Coldcard entropy bug was brutal, and I won't sugarcoat the pain people are going through right now. But if you think giving your keys back to a custodian is the safer play, you have forgotten the painful history of Bitcoin wipeouts. We don't need to abandon self-custody. We need to fortify it. I lay out three actual lessons we must take away from this mess so it never happens again.

Guy Swann

10,564 views • 2 months ago