Tracking the Coldcard Hackers: Inside the $120M Bitcoin Theft with Alex Thorn

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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