Coldcard issues urgent Mk3 warning as $38M Bitcoin wallet drain sparks security concerns

Canadian hardware wallet manufacturer Coldcard has issued an urgent warning to Mk3 device users, urging them to migrate funds due to a potential seed-generation risk in specific firmware versions. The company identified vulnerabilities in firmware versions 4.0.1 through 5.0.3, released between March 2021 and the final Mk3 firmware.
The warning comes as Bitcoin security specialists investigate a coordinated sweep of 594.48 BTC (valued at $38 million) from single-signature addresses. While no definitive public evidence has established a connection between the Mk3 issue and these transfers, the crypto community remains on high alert. The Mk4, Q, and Mk5 models remain unaffected by the vulnerability, according to the company's initial analysis.
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