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Evening wrap · October 16, 2026

Coldcard Firmware Vulnerability Leads to $116M Theft

A firmware defect in Coldcard hardware wallets allowed attackers to drain roughly 1,816 $BTC starting in July 2026 [4].

  1. 1

    Coldcard Firmware Vulnerability Leads to $116M Bitcoin Self-Custody Theft

    A defect introduced in March 2021 reduced seed entropy, allowing remote attackers to drain funds across four waves [4]. Over 5,200 addresses were compromised, and firmware updates do not secure existing seeds [4].

  2. 2

    Circle Discloses USDC Economics, Paying $819M to Distribution Partners

    The issuer generated $1.4 billion in revenue during the first half of 2026, retaining a 7% net profit margin after transaction costs and partner payouts [1]. $USDC reached over $36 trillion in onchain volume [1].

  3. 3

    Strive Files to Offer 5 Million Shares of 15% SATS Preferred Stock

    The asset manager plans to issue perpetual preferred stock yielding 15% annually [3]. Strive will use the capital to buy $BTC, fund operations, and repurchase equity [3].

  4. 4

    Ethereum Schedules Glamsterdam Upgrade on Hoodi Testnet for Oct. 26

    The network will activate the upgrade on Oct. 26, raising the testnet gas limit to 200 million and implementing proposer-builder separation [9].

Numbers

Bitcoin traded at $81,594 and Ether at $2,411 over the last 24 hours, while total market capitalization fell slightly to $2.70 trillion.

Watch

On-chain monitoring of remaining pooled balances across Coldcard attacker addresses · Nasdaq listing approval for Strive under the symbol SATS · Ethereum Hoodi activation at epoch 132,352 on Oct. 26

Full text

A firmware defect in Coldcard hardware wallets allowed attackers to drain roughly 1,816 $BTC starting in July 2026.

  1. Coldcard Firmware Vulnerability Leads to $116M Bitcoin Self-Custody Theft A defect introduced in March 2021 reduced seed entropy, allowing remote attackers to drain funds across four waves. Over 5,200 addresses were compromised, and firmware updates do not secure existing seeds.

  2. Circle Discloses USDC Economics, Paying $819M to Distribution Partners The issuer generated $1.4 billion in revenue during the first half of 2026, retaining a 7% net profit margin after transaction costs and partner payouts. $USDC reached over $36 trillion in onchain volume.

  3. Strive Files to Offer 5 Million Shares of 15% SATS Preferred Stock The asset manager plans to issue perpetual preferred stock yielding 15% annually. Strive will use the capital to buy bitcoin, fund operations, and repurchase equity.

  4. Ethereum Schedules Glamsterdam Upgrade on Hoodi Testnet for Oct. 26 The network will activate the upgrade on Oct. 26, raising the testnet gas limit to 200 million and implementing proposer-builder separation.

Numbers Bitcoin traded at $81,594 and Ether at $2,411 over the last 24 hours, while total market capitalization fell slightly to $2.70 trillion.

Watch

  • On-chain monitoring of remaining pooled balances across Coldcard attacker addresses
  • Nasdaq listing approval for Strive under the symbol SATS
  • Ethereum Hoodi activation at epoch 132,352 on Oct. 26

Basis Desk Newsroom · AI-generated, source-verified. Built only from stories already verified and published on Basis Desk; market figures as of publication. Not financial advice.