Wallets

Coinkite Warns Coldcard Mk3 Users After 594 BTC Theft

Coinkite is telling Coldcard Mk3 owners their Bitcoin might be vulnerable after reports linked the hardware wallet to a 594 BTC drain.

Mia Chen

2 hours ago · 1 min read

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Coinkite Warns Coldcard Mk3 Users After 594 BTC Theft — Photo: Melvin Silva / Pexels

Key takeaways

Coinkite urges Coldcard Mk3 owners to secure assets after a reported 594 BTC theft.
The manufacturer recommends creating a strong BIP-39 passphrase directly on the device.
Users should transfer their funds to the newly generated passphrase wallet immediately.

Coinkite just flagged a serious security risk for Coldcard Mk3 owners. The warning follows reports that attackers managed to steal 594 Bitcoin from affected users.

To protect your holdings, Coinkite says Mk3 owners need to set up a strong, custom BIP-39 passphrase directly on the physical unit. Once you generate that passphrase, move all your assets to the new wallet address immediately.

Why it matters

Cold storage is usually pitched as bulletproof, but hardware isn't magic. Vectors change. Adding a custom BIP-39 passphrase essentially creates an unwritten 25th seed word, locking funds behind a second barrier even if an attacker gets physical access to your device or recovers your standard keys.

Source: The Block

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