Coldcard cooked. Is 'Not your keys, not your coins' officially bad advice now?

[Artem_my]

My Coldcard just bricked out of nowhere and now I'm stressed trying to recover my funds—this is absolute nightmare fuel. I used to swear by self-custody, but is "not your keys, not your coins" actually bad advice now if your hardware can just fail? Kinda feels like I'd be safer leaving my stack on a CEX at this point.

 

[ОльгаФ]

I think it's way too soon to throw "not your keys" under the bus just yet. Coldcard may have been a victim of its own complexity, but that doesn't necessarily invalidate the underlying principle. We should still be emphasizing secure key management, it's just that hardware wallets need to step up their game.

 

[pisospro_ykt]

I'm not sure if anyone has considered the fact that the Coldcard hack was a result of a combination of factors, including user error and outdated firmware. Saying 'Not your keys, not your coins' is bad advice would be a stretch, it's just a matter of users taking proper precautions. You can't blame a philosophy for human mistake.

 

[SmAiLz]

i don't think coldcard's vulnerability means NNSYC is bad advice, it just means users need to be aware of the potential risks when using a hardware wallet and take the necessary precautions, like regular firmware updates. if you're not updating your coldcard, that's not on NNSYC, that's on you for failing to do due diligence. it's still the responsibility of the user to secure their own coins.

 

[Mihays12131]

I think we're jumping the gun here, not because the Coldcard didn't have its issues, but because it wasn't a perfect implementation of the principle. A hardware wallet's security still relies on the user holding their recovery seed, so the phrase still holds up.

 

[sherhanv]

I gotta say, the Coldcard hack is a major wake-up call, seems like even the most secure setups can get compromised. Not your keys not your coins is still solid advice imo, but maybe we need to rethink what we consider 'secure' these days. Definitely making me reconsider my own storage solutions, that's for sure

 

[madest75]

Nah, this is exactly why you keep the seed phrase safe and not just the device. Just grab a replacement wallet and restore, you're good. Still better than leaving your stack on a CEX to get rekt.