Bitcoin Well design-revolution essay
bitcoinwell-2085381011769348122
- Author
- @bitcoinwell
- Organisation
- independent
- Evidence role
- social statement
- Posted
- 6 Aug 2026, 15:02 UTC
- Capture status
- capture held
A long post from the company account of Bitcoin Well, a bitcoin exchange and self-custody business, arguing that the answer to the incident is better-designed self-custody rather than surrendering keys, and linking its own blog essay "Why Bitcoin Needs a Design Revolution". It restates the incident as roughly 594 bitcoin, about US$38 million, from some 500 wallets in 25 minutes on 30 July, traced by Block to a one-line build error shipped in March 2021 that skipped the hardware random number generator in favour of software randomness seeded from the chip's serial number and a timer, leaving a pool of about four billion, with suspected related losses nearer US$116 million. It tells Mk2 and Mk3 owners to move to a fresh seed made on a non-COLDCARD device, says Bitkey, Trezor and Ledger were unaffected, and argues COLDCARD's austerity did no security work at all. The company is promoting its own essay and product direction while praising a competing vendor's device, so the argument carries a commercial interest. The figures are this author's restatement of numbers published by others and the design argument is his own; neither is verified here.
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