Episode notes
Over $120 million in Bitcoin has been drained from Coldcard hardware wallets and the attack is still ongoing. Alex Thorn, Head of Firmwide Research at Galaxy, joins Spencer Nichols to break down exactly how the critical entropy bug in Coldcard's 2021 firmware was exploited, how he's tracing stolen funds on-chain, and what victims must do right now to have any chance of recovery. Thorn also explains why multisig and collaborative custody may be the only responsible path forward for Bitcoin self-custody.
Host: Spencer Nichols — Bitcoin Magazine
Alex Thorn — Head of Firmwide Research, Galaxy
Chapters:
09:26 – Which Coldcard Devices Are Vulnerable
15:18 – Tracking the Attackers: Waves, Footprints & 1,600 Stolen BTC
23:46 – White Hats, Victim Reports & How to Prove Ownership
27:57 – Is Coinkite Liable? Negligence vs. Malice in the Firmware Bug
32:24 – Bitcoin's Soul-Searching Moment: Trust & Self-Custody Culture
37:56 – Multisig & Collaborative Custody Explained
43:09 – AI-Powered Attackers: The First Salvo of the Clanker Wars
50:46 – Open-Source AI, Encryption Battles & Internet Freedom
58:03 – Quantum Threats, Market Impact & Final Advice for Victims
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