$130 Million Just Vanished From 'Safe' Bitcoin Wallets | Pete Rizzo
Bitcoin Well Podcast$130 million. That's how much Bitcoin has vanished from "self-custody" wallets since a firmware flaw in Coldcard hardware wallets was disclosed — one of the largest security failures in Bitcoin's history, and it happened to people who did everything right by taking their coins off exchanges.
This week we're joined by Pete Rizzo — Bitcoin historian, former Bitcoin Magazine and CoinDesk editor — to put this moment in context. We trace the history of self-custody, why collaborative custody exists and who it's actually for, and how this hack stacks up against Mt. Gox, Celsius, and FTX. The uncomfortable truth: none of those custodial disasters made custodial the answer, and this one doesn't either. Pete makes the case for why self-custody is still bitcoin's north star — and what actually needs to change.
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Bitcoin Well is Canada's non-custodial bitcoin company, established in 2013 and publicly traded since 2021 ($BTCW.V). We offer Bitcoin ATMs, personal bitcoin services, and an online bitcoin platform.
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