Coldcard class action over $140 million: what it means for owners
- —The suit was filed by a Los Angeles retail investor who lost 1.2294 BTC, about $79,764, on August 6, 2026
- —Defendants are Coinkite and its two co-founders; the proposed class covers Mk2, Mk3, Mk4, Mk5 and Q buyers for personal use
- —The claim says the March 2021 firmware replaced the chip's hardware RNG with MicroPython's Yasmarang software generator
- —About 594 BTC, roughly $38 million at the time, were drained in the first 25 minutes on July 30, 2026
Why it matters: Owners of Coldcard devices with older recovery phrases must generate new ones and move funds, since the firmware fix alone does not protect existing seeds.
Source: CryptoTicker