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BTC Fear in Bitcoin reaches record high, Coldcard vulnerability shakes confidence in self-preservation
Although Bitcoin has experienced countless rounds of large-scale fear, uncertainty and suspicion (FUD), the current crisis surrounding Coldcard has triggered the worst wave of panic on cryptocurrency social media.
So far, Bitcoin has largely withstood the impact of price fluctuations, even though its price has dropped by thousands of dollars. However, these losses appear to be closely related to other factors, such as rising tensions in the Middle East.
Fear soars
Data provided by data analytics firm Sanitation Intelligence shows that Bitcoin's positive to negative review ratio has dropped to its lowest level since the company began tracking discussions on popular platforms such as X, Reddit and Telegram. Current data shows that for every negative comment, there are only 0.58 positive comments, indicating that fear has completely replaced optimism.
What is even more intriguing is that this reaction is extremely unusual because it transcends all previous market shocks, including the rapid collapse of FTX, Mt. The Gox incident and the COVID-19 epidemic's "Black Thursday" plummeted. None of these incidents triggered such an extreme wave of negative comments on the Internet.
Sanitation attributed this difference to psychological factors. While early crises mainly involved centralized exchanges or broader macroeconomic events, the Coldcard incident raised questions about self-preservation itself-long regarded as the most secure way to store Bitcoin.
Binance's Zhao Changpeng also commented on recent events, arguing that even long-established old wallets may have loopholes. He believes nothing is 100 percent certain, so investors need to remain well-informed.
What happened to Coldcard?
Security researchers revealed last week that attackers distributed a malicious firmware capable of stealing wallet seed phrases during device setup. Coldcard users who had installed compromised software unwittingly exposed their recovery phrase, allowing attackers to empty users 'wallets after they deposited funds.
The estimated scale of the incident has expanded significantly in the past few days. Current data shows that approximately 1200 wallets were breached, and nearly 1100 bitcoins (worth more than $70 million at current prices) were lost in a collaborative operation that lasted for 41 minutes. All transactions bear the same unusual characteristics: the same 30sat/vB transaction fee, much higher than the network rates at the time, indicating the use of automated sweep tools. In addition, the attack occurred more than a day before Coldcard publicly warned customers about compromised firmware.
