Coldcard: The Devastation Begins

Episode 229 of The Watchman Privacy Podcast – Coldcard: The Devastation Begins

A Torchlight Chat about one of the scariest hacks ever: the Coldcard Bitcoin wallet hack of late July 2026 that has evaporated hundreds of millions of dollars and counting. The carnage will not stop. We discuss what happened, what you should do, and what the conspiracies are…

LINKS

→ https://x.com/realUrbanHacker (Urban Hacker)

→ https://escapethetechnocracy.com/product-invisible-seed-backup-bundle/ (our own backup bundle)

Urban Hacker@realUrbanHacker

PSA to everyone who generated a new seed this week: The Coldcard advisory has a brutal lesson buried in it. Whether YOUR funds are at risk depends on facts almost nobody records: — which wallet + firmware created the seed — the date it was created — whether dice rolls were

3:09 PM · Aug 2, 2026 · 407 Views

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2 Replies · 2 Reposts · 14 Likes

(Free brief backup)

Alejandra Guajardo | Miss Bitcoin@MissBitcoin_

LISTEN UP COLDCARD OWNERS Here's my video about the Coldcard catastrophe after a conversation with @WatchmanPrivacy

12:53 AM · Aug 1, 2026 · 2.32K Views

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2 Replies · 3 Reposts · 34 Likes

(Simpler explanation of the problem)

→ https://www.instagram.com/aleguajardo_sv (posting about this)

WATCHMAN’S TORCH PREMIUM NEWSLETTER

→ https://watchmanstorch.com

ESCAPE THE TECHNOCRACY PRIVACY TUTORIALS

→ https://escapethetechnocracy.com/ (including consulting)

→ https://twitter.com/watchmanprivacy

TIMELINE

• 00:00 – Introduction

• 2:35 – The details of the Coldcard exploit

• 10:30 – Steps to take

• 18:30 – Creating a new wallet

• 24:45 – Don’t update your Coldcard (before sending your funds out)

• 26:25 – More detail about the random generation flaw

• 29:00 – Who is draining the Coldcard wallets?

• 31:55 – Coinbase the solution?!?

• 34:30 – Is Coldcard anti-FOSS positioning what caused the problem?

• 39:50 – Should we condemn the Coldcard shills?

• 44:40 – Is this problem only for Coldcard – is AI a problem?

• 52:05 – Coldcard retweeted Urban? (Destroying their current devices)

• 55:30 – Was the commit that changed the seed phrase generation a conspiracy?

• 1:03:15 – Coldcard hack will wreck the history of Bitcoin privacy

• 1:07:20 – Final thoughts

Music by Karl Casey @ White Bat Audio