The recent theft involving the ColdCard hardware wallet has been causing quite a stir, with security experts from all over chiming in to explain. Let me share some totally irresponsible thoughts: At first, I thought it was a scare tactic by centralized exchanges, trying to make people lose trust in cold wallets and believe that keeping coins on exchanges is the safest option. Later, after looking into a few cases, I realized the thefts were real. But it’s definitely not some hacker exploiting a 'pseudo-random number' vulnerability to brute-force mnemonic phrases. Even though the entropy group of pseudo-random number generators is small, it’s still extremely difficult to brute-force without knowing the initial state. In my opinion, it’s likely an inside job by ColdCard itself or employees involved in the development process who left a backdoor. The private keys for these stolen addresses were probably already in a database before the wallets were even sold or the addresses were used. They just waited for someone to use the wallet and load it with funds. Now that it’s a bear market and money is harder to make, they’re cashing in! Just my nonsense theory—ColdCard’s legal team, please don’t serve me a subpoena. #ColdCard #CryptoSecurity #HardwareWallet