The recent Coldcard wallet hack is super concerning, to be sure. It was a sad day for crypto and I feel horrible for those who lost money using a product they were led to believe was safe. What is even more concerning to me are many of the “CryptoTwitter” influencer reactions to it and how coordinated their responses seem to be.
After observing this space for the better part of a decade I’ve seen dozens of exchange hacks, rug pulls, and every manner of nefarious activity but nothing quite like this. I've even been a victim myself a few times. Throughout it all I’ve developed a kind of intuition that turns out to be right just slightly more often than it’s wrong—just a tad better than the average meteorologists' forecast. So, in other words, don't make any decisions based on what I say.
From the second this story broke an alarm began ringing in my head. After I started to observe certain crypto influencers’ reaction to it more alarms starting ringing and each one led to one question, Could this hack be a coordinated psyop? Clues that this might be true are certainly beginning to surface, one after another. The plot keeps getting thicker and thicker.
The reactions to the Coldcard hack from certain people in the Bitcoin community seemed to run counter to what their original narrative was immediately before it. Certain individuals have diverted their messaging from Not your keys, not your coins. to Cold storage isn’t safe anymore. and some are even encouraging individuals to either sell or put their coins on exchanges or in Wall Street-sponsored Bitcoin ETFs. To be fair this cycle has had a way of wearing a person down—even true believers.
What do I think? What I think is their concern is warranted considering the threat of AI and Quantum computing but I also believe their sudden flip in ideology is highly suspicious. I think we’re on the dawn of a bull cycle that will be like we’ve never seen before. It’s only a question of when the sparks start to fly and that rocket takes off. The question we all have to ask ourselves now is what would be the reason to steer people away from holding their own coins?
To be clear I'm not accusing the two people whose posts I screenshotted of anything at all. These are just examples of some of the hundreds of X posts I've seen over the last few days that are basically all saying the same things.
We’ll have to see how it all pans out. In the meantime be vigilant with your coins and do what you feel is right for you. Pay attention to peoples' actions more than what they say. I do know one thing—from this point forward I’ll find it difficult to trust any of the influencers who are trying to steer people away from self-custody.
All for now. Make this a wonderful day.
