r/coldcard: owner renouncing self-custody after the incident
reddit-self-custody-last-straw
https://www.reddit.com/r/coldcard/comments/1vem5go/selfcustody_this_is_the_last_straw/
Latest reviewed change
source content difference between and
A participant comment renouncing self-custody for an IBIT/Schwab position was removed from the thread.
I happened to catch it early too before my other cold card was drained. But this was my largest amount though..
-comment: p1iug9n
-parent: t3_1vem5go
-author: riseandride69
-created_utc: 1785790424
-edited: 1785790699
First lines only. The complete diff is in the timeline below.
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- Source changes
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- Detected differences
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- Unreviewed
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- Copies held
- 10
Every check is recorded, including checks that found no text change. A detected edit is therefore bounded between two checks. The publisher's exact save time is not observable from this record. Last checked .
This post is held twice: here, with this project's own note on why it matters, and again as part of the conversation captured at , which is polled for changes. Both copies are the same post; neither is a separate event.
Snapshot and diff bodies for this chain monitor are held in the local evidence archive but withheld from the public site because they can contain the addresses of people who published nothing themselves. Capture times and reviewed change summaries remain available below.
Held captures
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A participant comment renouncing self-custody for an IBIT/Schwab position was removed from the thread.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 10 lines
I happened to catch it early too before my other cold card was drained. But this was my largest amount though.. -comment: p1iug9n -parent: t3_1vem5go -author: riseandride69 -created_utc: 1785790424 -edited: 1785790699 -body: -Nobody is making anyone whole lol, it's too much money that they don't have. They will just go into Chapter 11, and bye-bye - -I'd rather stick with IBIT in my SIPC-insured Schwab then loosing sleep over this shit, or always staying on top of where the hell that seed backup is in my house and if my wife accidentally threw it away, lol. And don't even get me started on how much easier it will be dealing with taxes. - comment: p1iuq7j parent: t1_p1ib1p7 author: jdancougaExtracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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The thread gained a comment arguing that ETF custody with beneficiary designation is preferable to self-custody for large sums.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 8 lines
edited: false body: I’ve been looking at spreading everything around between Coinbase, Schwab and fidelity + +comment: p2bd8z5 +parent: t1_p1l7dvg +author: piejlucas +created_utc: 1786127334 +edited: false +body: +I second this. Especially with considerable sums - imagine the stress on your loved ones should you die and leave them to unlock your cold storage coins? Will THEY be able to convert them to cash some day without losing them ? Or disclosing a BiP 39 seed inadvertently ? No thanks. ETF with Beneficiary designation in a broker account with a step up in basis for me. Thank you.Extracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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New comment from SnooCookies6165 considering spreading holdings across Coinbase, Schwab and Fidelity.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 8 lines
edited: false body: Ho usato Ledger ma sono passato a Tangem e mi sembra un buon prodotto. + +comment: p297h05 +parent: t3_1vem5go +author: SnooCookies6165 +created_utc: 1786106621 +edited: false +body: +I’ve been looking at spreading everything around between Coinbase, Schwab and fidelityExtracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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New comment from NathanDrake-Blackops (in Italian) saying they moved from Ledger to Tangem and find it a good product.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 8 lines
edited: false body: What do you think coinbase is using for their coins? + +comment: p23kz52 +parent: t3_1vem5go +author: NathanDrake-Blackops +created_utc: 1786036996 +edited: false +body: +Ho usato Ledger ma sono passato a Tangem e mi sembra un buon prodotto.Extracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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New comment from nyr00nyg asking what Coinbase uses to custody its own coins.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 8 lines
Wanna make sure I’m not a sitting duck. Thanks legends + +comment: p221gdd +parent: t3_1vem5go +author: nyr00nyg +created_utc: 1786022743 +edited: false +body: +What do you think coinbase is using for their coins?Extracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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New top-level comment from Necessary_Floor_7081 asking for reassurance that Mk3 seeds generated on firmware 3.9 are safe while waiting for a replacement wallet.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 15 lines
2. It's time for people to be realistic about what would happen during a $5 wrench attack. An attacker isn't really coming after you with a wrench. It's more likely he'll have a gun. And if he has reason to suspect you gave him less than everything, you'll get beaten until the thief thinks he's gotten everything, at which point you'll be lucky if you don't get shot. Any attacker willing to physically attack you in order to steal your Bitcoin... that dude's not playing around. He knows he's risking prison if he gets caught. And really, it's probably going to be multiple attackers. If they think you're sitting on enough Bitcoin to make it worth attacking you to steal it, giving them a few sats from a decoy wallet probably also means you get shot. + +comment: p20epk4 +parent: t3_1vem5go +author: Necessary_Floor_7081 +created_utc: 1785998506 +edited: false +body: +Could someone please offer me some peace of mind while I wait for a new wallet to arrive. + +My coldcard mk3 seeds were generated on firmware 3.9. So as far as I can see I’m ‘safe’ for the moment and I have time to transfer to a new set up. + +I’m just asking for someone with a different brain to mine to validate what I’m assuming. + +Wanna make sure I’m not a sitting duck. +Thanks legendsExtracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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The Reddit thread gained 1 new comment.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 16 lines
So yes, in this particular case the person was fortunate enough to get a refund... but I'm sure not all of them did. The moral of the story... even exchanges can't be 100% trusted, and your crypto is at risk everywhere. There's going to be times where money is stolen from an exchange account, and the exchange support replies, "sorry, not our problem... we believe YOU did something wrong." + +comment: p1p3xq6 +parent: t1_p1mtny0 +author: Yodel_And_Hodl_Mode +created_utc: 1785866874 +edited: false +body: +Is it worth the tradeoff? + +I no longer believe it is, for two reasons: + +1. By using the seed-phrase-only wallet as a decoy, you show seed phrase hunters the seed was used. That gives them reason to search for passphrase wallets, which is exactly what the ColdCard thieves are now doing. + +2. It's time for people to be realistic about what would happen during a $5 wrench attack. An attacker isn't really coming after you with a wrench. It's more likely he'll have a gun. And if he has reason to suspect you gave him less than everything, you'll get beaten until the thief thinks he's gotten everything, at which point you'll be lucky if you don't get shot. + +Any attacker willing to physically attack you in order to steal your Bitcoin... that dude's not playing around. He knows he's risking prison if he gets caught. And really, it's probably going to be multiple attackers. If they think you're sitting on enough Bitcoin to make it worth attacking you to steal it, giving them a few sats from a decoy wallet probably also means you get shot.Extracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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1 new Reddit comment was posted, by Scissorhat, recounting reported exchange-account losses and reimbursement.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 14 lines
edited: false body: fuck, and that was a Roth, the most precious of retirement accounts, hard to build back up because the contribution limits are so small. + +comment: p1odjmf +parent: t3_1vem5go +author: Scissorhat +created_utc: 1785860333 +edited: false +body: +There was a string of incidents where people's money in Coinbase was disappearing too. I remember seeing it like a year ago? I actually had the thought that it was an inside job and an employee was stealing. + +Turns out I was right, because 4 months ago someone reported Coinbase stole their money, they investigated and found an "internal issue", and refunded them. + +So yes, in this particular case the person was fortunate enough to get a refund... but I'm sure not all of them did. + +The moral of the story... even exchanges can't be 100% trusted, and your crypto is at risk everywhere. There's going to be times where money is stolen from an exchange account, and the exchange support replies, "sorry, not our problem... we believe YOU did something wrong."Extracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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4 new Reddit comments were posted, including snek-jazz,AcomaPueblo,corporate-citizen.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 48 lines
edited: false body: Another person has realized that in the bank is safer than under the mattress. + +comment: p1ma4k1 +parent: t1_p1jn9z6 +author: snek-jazz +created_utc: 1785836713 +edited: false +body: +> Technically yes, the code can be inspected and verified, just like true open source, but there's no incentive to do so. + +There are still incentives to do so. Organisations who wanted to use cold cards had an incentive to. + +But more importantly, attackers had a huge incentive to. + +Despite these incentives no human on their own found the bug, which means there's a reasonable chance no one would have found it anyway even if it was FOSS. + +comment: p1mtny0 +parent: t1_p1kutzh +author: AcomaPueblo +created_utc: 1785844706 +edited: false +body: +But it could be useful as a decoy wallet for a $5 wrench attack + +comment: p1n2k5g +parent: t3_1vem5go +author: corporate-citizen +created_utc: 1785847637 +edited: false +body: +https://reddit.com/link/p1n2k5g/video/y4u1fr5wtchh1/player + +The whole reason why I invested in Bitcoin starting in 2013 was to be outside the clearing system. But I guess you haven't come across this, have you? + +Former hedge fund manager David Webb, investigates the legislative creep to support his thesis. + +"The Great Taking," Official Trailer: +[https://www.youtube.com/watch?v=GDrj7iDUly4](https://www.youtube.com/watch?v=GDrj7iDUly4) + +[https://thegreattaking.com/the-documentary](https://thegreattaking.com/the-documentary) +[https://thegreattaking.com/action](https://thegreattaking.com/action) + +comment: p1nbflf +parent: t1_p1isnz0 +author: Good_Caterpillar_113 +created_utc: 1785850274 +edited: false +body: +fuck, and that was a Roth, the most precious of retirement accounts, hard to build back up because the contribution limits are so small.Extracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 0 lines
Extracted text as captured
post: 1vem5go author: Good_Caterpillar_113 created_utc: 1785782718 title: Self-Custody? This is the LAST straw. body: That's it for me. I got my stack off of my Cold Card; I was one of the lucky ones. * First of all, the people who created this mess, you should make people whole at all costs. * My first destination for transfer was my trusty old Ledger Nano S--well that was having connection problems and actually reset to new during my attempt to connect a laptop. * My interest in fucking with these hardware wallets is now **exactly fucking zero**. * I moved it all to Coinbase just to get it done before I lost my coins. * For all this hassle, stress, risk, I'll take my chances with institutional custody. comment: p1i1qi8 parent: t3_1vem5go author: ivme created_utc: 1785782896 edited: false body: So have a nice day comment: p1i4x86 parent: t3_1vem5go author: s1ammage created_utc: 1785783712 edited: false body: Valid. PTSD and survivors guilt is real. comment: p1i7w9b parent: t3_1vem5go author: deny_by_default created_utc: 1785784487 edited: false body: I don't think anyone can really fault you for that decision. comment: p1ib1p7 parent: t1_p1i1qi8 author: analyticsboiExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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