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Coldcard's $114M Drain, CLARITY Act Delay & Global Crypto Enforcement | Aug 2
Audio is available on Spreaker — see link below.
A five-year firmware flaw in Coldcard has drained $114M from 4,500+ Bitcoin addresses, triggering retail custody panic that rivals FTX-era on-chain signals. Today's briefing also covers the CLARITY Act's narrowing vote window, China's AI money-laundering tool, South Korea's new crypto crime task force, SBI's mining exit, and a BNB Chain DeFi exploit.
Audio is available on Spreaker — see link below.
A five-year-old firmware flaw in one of Bitcoin's most trusted hardware wallets has now drained an estimated one hundred fourteen million dollars from more than four thousand five hundred addresses. That's the Coldcard story, and it's the clearest signal in the market right now.
Here's what that's done to on-chain behavior. Small Bitcoin transfers, those under one coin, surged to thirty-nine thousand six hundred BTC in a single day on Friday.
On the regulatory side, the CLARITY Act did not receive a Senate vote on Monday as some had anticipated. The procedural window now points to a potential vote on August seventh, contingent on cloture being filed by August fifth.
While U.S. legislation stalls, enforcement infrastructure outside the U.S. is moving fast. China unveiled an AI system claiming eighty-nine point four percent accuracy in identifying money laundering and terrorist financing patterns on-chain.
Two more developments worth tracking. SBI Holdings, one of Japan's largest financial groups, shut down its Bitcoin mining pool effective July thirty-first.
The two things that matter most in the next forty-eight to seventy-two hours. First, Coinkite's technical post-mortem on Coldcard.
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