Evening Wrap ยท October 16, 2026
A firmware defect in Coldcard hardware wallets allowed attackers to drain roughly 1,816 $BTC starting in July 2026 .
Story 1 of 4
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 .
Story 2 of 4
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 .
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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 $BTC, fund operations, and repurchase equity .
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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 .
The 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.
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