Coldcard Exploit Drives Small Bitcoin Holders Back to Exchanges

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A vulnerability linked to Coldcard hardware wallets has prompted smaller bitcoin holders to move their funds onto centralized exchanges. Blockchain analytics firms identified this shift as a response to security concerns stemming from the $89 million exploit. The behavior contrasts sharply with the trend observed after the FTX collapse in late 2022, when users pulled funds off exchanges en masse. Following the FTX fallout, self-custody was widely favored, but the Coldcard incident appears to have reversed that sentiment among retail holders.

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