“We will be hitting them very hard,” said President Trump at a cabinet meeting held at Camp David. “And you know at some point, they’re going to say, ‘We just can’t take it anymore.’”
The comments stand in contrast to Trump’s remarks earlier this week regarding “very friendly negotiations.”
WTI crude oil is higher by 1.4% today to $84.77, rebounding from a mid-week dip to $76 and now sitting about flat from its level of last Friday.
Bond yields continue to run higher, the 10-year Treasury yield up another seven basis points today to 4.73%, its highest level since late 2024.
“I'm sorry and I'm devastated,” wrote Rodolfo Novak (@nvk), co-founder and CEO of Coinkite, which makes the Coldcard wallet. “Our team is heartbroken about yesterday's news.”
“If you generated a seed using a Coldcard wallet, move your funds now, using our updated best practices, before reading further,” he continued.
Coinkite has shipped a hotfix that will protect new seeds going forward, said NVK, but this does not fix seeds already generated on vulnerable firmware.
“We believe this is a sober reality of the new AI paradigm. AI-assisted code review can now find latent bugs at a speed that is outpacing even the industry’s most seasoned experts. If your firmware is open-source or has ever been public, assume it's already being read by attackers and defenders alike.”
The amount of bitcoin (BTC) lost (so far) is relatively tiny — about 600 coins worth roughly $38 million — but the blow to the psyche of the Bitcoin (capital B) industry is drawing far larger comparisons.
Mt Gox (in which 850,000 bitcoin were lost in 2014) was an exchange exploit, and for years used as Exhibit 1 by bitcoin maxis arguing for all to get their coins off of exchanges and into cold storage, self custody.
With a vulnerability now having been found and exploited in Coldcard — among the more respected cold storage offerings — at least some think the industry is facing another Mt Gox moment.
“Not hyperbolic, but this event is worse than Mt. Gox, affecting the most responsible and aware plebs among us,” wrote Jessy Gilger.
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