ChainThink reports that on August 2, Bloomberg senior ETF analyst Eric Balchunas commented on the Coldcard wallet security incident, stating that the Coldcard team consists of only five employees—a size too small for a company responsible for critical asset security functions.
Balchunas said this is a warning sign to him; in contrast, larger organizations such as Coinbase and Ledger may have greater advantages in security investment and operational capabilities, even if users bear higher transaction costs.
He also noted that Bitcoin ETFs offer an alternative, providing investors with the security of large, professional, regulated financial institutions at lower management fees.
Previously, the hardware wallet Coldcard was compromised, with stolen funds rising to 1,367.05 BTC, valued at approximately $88.6 million, affecting 4,585 addresses.
Galaxy research lead Alex Thorn said the attack is still ongoing, and users who have not yet moved their funds should transfer their assets out of addresses generated by Coldcard.