$1.6 million dollars in Bitcoin was drained from my account on July 29th in the Cold Card wallet hack.
My Bitcoin was in cold storage. My keys were on a ColdCard device kept in a safety deposit box that had never been connected to the internet.
This part's nerdy, but here's what happened:
Hackers discovered a vulnerability in the part of the hardware wallet code used to create seed phrases.
This allowed them to use AI to brute force guessing seed phrases.
I was at our cottage and heard about the hack today.
"No way this affects me." I thought.
I logged into Wasabi––software that lets me view my bitcoin wallets online.
Right away I saw lines of red transaction–withdrawals–and I knew.
From 9:36pm - 9:43pm on July 29th, every wallet I had had been emptied.
18.25245043 btc gone. That's just over $1.6 million dollars CAD.
Perhaps the hardest part about this is that I did everything right.
I never shared my seed phrase with anybody. My devices never touched the internet. Everything was kept in multiple safes and safety deposit boxes.
None of it mattered. All because the hardware that created the seed phrase originally had one line in their code from 2021 that had a vulnerability.
I'm filing a police report and a report with the Ontario Securities Commission. But I don't expect to recoup anything.
A part of me is trying to make sense of what just happened. Or try to figure out a lesson in it. I'm struggling. $1.6 million is a staggering amount of money to have stolen.
I guess all that I can think about right now is that I'm so damn happy that I'm an entrepreneur and that my earning potential is under my control. Mark my damn words. I'll recover.
Circle has acquired fundamental assets from the @IBM blockchain patent portfolio, including 680+ patent families and nearly 1,000 issued patents worldwide.
The acquisition makes Circle the leading U.S. blockchain patent holder and strengthens the foundation behind USDC, CPN, Arc, and onchain financial infrastructure.
https://t.co/5LAJP629WR
"If you're in crypto, pivot to AI."
I used to hear versions of this, and it's the wrong way to think about the world. It's zero sum, scarcity thinking.
Crypto is a general purpose technology. It's infrastructure, the same way electricity or the internet is infrastructure. It doesn't compete with the next big thing, because it underpins it. It's an *and*, not an *or*.
AI being a megatrend takes nothing away from crypto. If anything, it makes crypto more important.
AI agents will need their own financial infrastructure and will eventually transact far more per day than all humans combined. They can't open a bank account, they can't wait three days for a wire, they reside in one country. They need real time programmable money (and that's crypto).
Agents will need to hold funds and pay for things on their own. We pioneered this with the x402 protocol, Base, and USDC, which now power the vast majority of all agentic payments. Agents will also engage in trading and act as a financial advisor. They will raise or borrow money for new projects they are undertaking. They will eliminate tasks for us around tax planning, portfolio rebalancing, and bill pay.
Welcome to the world of Agentic Finance (AiFi). This is what Coinbase is building.
1/ Today, we're launching https://t.co/CpN1VVHFdP — a new website that helps companies, constituents, and crypto voters urge Senate leadership to bring the Clarity Act to the floor.
Your voice. Your story. Your vote.
🧵
https://t.co/rBA3zAMrE0
If billions of users can hold and send stablecoins directly from their phones, exchanges may lose their monopoly as the primary on-ramp.
Exchanges won't disappear but they'll shift toward trading, liquidity, and yield, while wallets become an operating system feature.
Distribution is moving from exchanges to devices.
Brian Armstrong helped take crypto out of its niche bubble and into the mainstream.
I respect what Vlad is doing. He is bringing massive distribution to crypto, validating that the future of finance is onchain and forcing real competition.
But I would never short Brian Armstrong.
Coinbase has taken big swings, including Base and socialfi. Some bets work, others do not and when it fails it hurts everyone.
But I would much rather see Coinbase swing big with onchain just as it did in 2012 when crypto was just Bitcoin.
When moonshots fail it hurts everyone, the users, the brand and the founders building on it. But if we are all looking for the next 100x in growth, I would much rather swing big, fail, learn and swing big again than playing it safe.
In a world where every company is competing for every user nothing should be left unturned. And I respect Coinbase for going all in on Base + onchain extremely early on.
With Cobie leading trading, Jesse with Base, and Brian focused on making Coinbase the defacto finance platform for every asset to me the company feels more focused than ever.
Vlad is an exceptional competitor and that competition will make Coinbase sharper.
I want Coinbase to win. We all should. Brian and the Coinbase team spent years of blood, sweat, and tears making crypto legit, even when most of the world turned its back on us.
Yesterday, we broke every application record with the highest density of crypto talent we’ve ever seen.
Repeat founders, top technical talent, and teams that might have chosen AI a year ago are now building in crypto and fintech.
Crypto is back.