After more than $200 million dollars worth of crypto was stolen in recent months from tampered Ledgers, and Coldcards where the seed generated wasn’t truly random, faith in hardware wallets has been shaken to the core.
These Bitcoin and crypto holders did everything right. They bought the products from official sources, correctly stored their seed phrases and they trusted in the phrase “not your keys, not your coins”, but they lost out any way. The thefts suggest that even the most diligent crypto holder using a hardware wallet faces risks beyond their control.
With the number of physical attacks on crypto holders rising — there’s been a $5 wrench attack in France every 2.5 days this year — the drawbacks of storing crypto on a hardware wallet are becoming clearer. And that’s even before you consider how many crypto owners have lost wallets and seed phrases over the years — “boating accidents” for tax purposes…
