Bloomberg Analyst Questions Coldcard Team of Only 5 People: Lacks Security Investment and Operational Capacity

BlockBeats News, August 2nd. Bloomberg's Senior ETF Analyst Eric Balchunas commented on the Coldcard wallet security incident, saying, "I just found out that Coldcard's team consists of only 5 employees. For such a critical company, this number is just too low. Would you be willing to use a bank with only 5 employees to store your life savings? Perhaps this is a characteristic in the cryptocurrency field, but for me, this is clearly a warning sign."

Balchunas further stated that in comparison, institutions like Coinbase and Ledger with larger teams may have an advantage in security investment and operational capabilities, even if users have to bear higher transaction costs. Bitcoin ETFs offer another option: investors can obtain security provided by large, professional, regulated financial institutions while enjoying lower management fees.

Previously reported, the Bitcoin hardware wallet Coldcard was attacked, and the stolen funds have now risen to 1367.05 BTC, worth approximately $88.6 million, involving 4585 addresses. Galaxy Research Director Alex Thorn stated that the attack is still ongoing, and users who have not yet moved their funds should immediately withdraw assets from addresses generated by Coldcard.