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The Coldcard low entropy security exploit severely compromised users who believed they were practicing high-security self-custody. Thomas Pacquia suggests establishing a community-led victim fund through OpenSats to support those who lost their life savings.
Coldcard's critical vulnerability went unnoticed for five years because its Commons Clause license restricted commercial use, leaving the code unreviewed. Conversely, the OpenSats Bitcoin Red Team discovered and helped patch a critical bug in BTC Pay Server.
The Coinkite founder NVK faced backlash and deletion of tweets following a major Cold Card vulnerability. Keon notes NVK was promptly removed from the Open Sats board after historically attacking competitors like Foundation and SeedSigner.
The Bitcoin Red Team, led by Cali and Rob Hamilton, secured funding from OpenSats to audit 390 open-source repositories following the Cold Card exploit. The team used AI models to identify 4,962 security findings across the ecosystem.
In response to the crisis, Rob Hamilton and a group of developers are using open-source models and OpenAI's platform to audit over 100 open-source Bitcoin projects. The initiative, initially funded out of pocket, will receive funding from Open Sats.