Post by Augustine Chiagozie (@pabloexchange)

🔐 CZ Urges Wallet Diversification After $70M Coldcard Exploit

Binance founder Changpeng Zhao (CZ) has recommended spreading crypto holdings across multiple wallets following a major security failure linked to Coldcard hardware wallets that resulted in $70 million in losses.

CZ noted that even hardware wallets — widely considered among the most secure storage options — can contain bugs, and that no single wallet should be treated as completely risk-free. His advice: diversify across wallets rather than concentrating funds in one device.

The Coldcard incident is a significant reminder that cold storage is not immune to exploits. Hardware wallet security failures are rare but high-impact, and the $70 million figure underscores the stakes for self-custody holders.

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