Galaxy Research

Crypto’s wave of failures is exposing projects that raised aggressively at inflated valuations without building durable revenue. Market participants say the reset is separating speculative token narratives from blockchain infrastructure with real institutional demand.

A five-year-old Coldcard firmware flaw led to the theft of almost 1,600 BTC from around 7,300 addresses, intensifying debate over bitcoin self-custody. FXCOINZ finds that many affected holders are not abandoning self-custody, but are shifting toward collaborative multisig models designed to reduce single-device risk.

A bitcoin wallet linked to the Coldcard hacker is receiving small deposits carrying permanent on-chain messages, ranging from pleas for refunds to opportunistic pitches. The activity highlights how Bitcoin’s OP_RETURN function can turn a theft address into a public, immutable message board.

Bitcoin recovered in Asian trading, reclaiming the $63,000 level after a Monday dip near $62,250. Major tokens mostly advanced, though ether remained the lone large cryptocurrency still lower over the past seven days.

Binance founder Changpeng Zhao has urged crypto holders to spread funds across multiple wallets after a major Coldcard hardware wallet exploit. The incident exposed a long-running firmware flaw that allowed an attacker to reconstruct private keys offline and drain bitcoin from affected addresses.

More than 1,000 bitcoin was drained from 1,196 Coldcard wallets in a 41-minute window on July 30 after weak seed generation made private keys computationally searchable. Security researchers warn the episode challenges a core assumption of cold storage: that offline keys are not just unreachable, but effectively unguessable.