Coinkite faces a class action lawsuit after a firmware flaw in its Coldcard hardware wallets generated predictable recovery phrases, exposing users to theft of over $140 million in bitcoin. The vulnerability, present for more than five years, allowed attackers to recreate private keys without physical access to the wallets. The flaw was linked to a software error that replaced the intended random number generator with a less secure one. Coinkite disclosed the issue in July 2026 and released a fix, but customers had to create new recovery phrases to secure their funds. The lawsuit alleges Coinkite failed to notify affected users directly and challenges the company's liability limits. The case is ongoing with no damages awarded yet.
The Coinkite Coldcard wallet flaw and lawsuit are notable for readers tracking cryptocurrency security. For readers following the crypto market, here is Pluang's market snapshot as of Oct 22, 2026 20:42 WIB: out of 50 major cryptocurrencies, 4 rose and 45 fell today. Kusama (KSM) traded at Rp71.944 with a 7.00% decline and a typical hold time of 80 days on Pluang.
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