Crypto KOL Community & Market Trends

Coldcard bug ripples out: over 1,000 BTC stolen

Brothers, let me tell you something.

If you’ve used Coldcard, now—right now—don’t scroll any further: go check your firmware version first.

Between 1:10 a.m. and 1:51 a.m. on July 30. 41 minutes.

1,196 addresses were emptied.

1,082.65 BTC, about $70 million, vanished out of Coldcard wallets that had been locked in safes, disconnected from the network, and left untouched for months or even years—out of thin air.

The device was never touched the entire time.

The attacker didn’t even touch your wallet. Your wallet might be welded into a safe, or buried in a basement—doesn’t matter.

This could be the most ironic incident of 2026.

What’s the biggest selling point of a hardware wallet?—“Private keys never touch the internet, physical isolation, absolute security.”

So what happened? The vulnerability is in a single line of code from March 2021.

Coldcard’s firmware is supposed to call the hardware RNG to generate the seed phrase. But a build check only verified that the “setting exists,” not that the “setting is enabled”—so the system silently fell back to a software RNG.

And what’s the seed for this “software random number”? The chip serial number + the clock register.

The serial number is fixed factory data. The clock value is a time-state that can be inferred.

It’s like using your safe password as: factory number + the current time.

The attacker only needs to brute-force on their own device—Mk3’s search space is only about 40 bits, while the secure seed should be 128 bits. 40 bits—modern computers can compute it in minutes.

You thought it was fortress-grade security. Turns out it’s paper-thin. A hacker sits at home with coffee, calculating your private keys.

What’s even more painful is that this isn’t a problem from some “niche no-name” vendor.

Coldcard is one of the most revered hardware wallets in the Bitcoin community—“geek’s first choice,” “a symbol of self-custody faith.” Result? Mk3 from 4.0.1 to 4.1.9—hit across the board. Then the advisory expanded: Mk4 and Mk5 below version 5.6.0, and Q below version 1.5.0Q—also affected.

Nearly the whole line is compromised.

CEO Rodolfo Novak (NVK) apologized on Friday, saying the company takes full responsibility and admitting internal review processes failed to catch the issue.

Then he said a chilling line that sent shivers through the whole industry—this vulnerability was very likely discovered by AI.

Coinkite had just scanned its own code with the most advanced AI models a few weeks ago—nothing was found. The hacker used the same kind of tools, and found it.

Defenders and attackers are holding the same weapons—yet the attacker wins.

Now, here comes the most critical question—

“Hardware wallets are safer than exchanges”—does this belief still hold up?

Over the past five years, every time an exchange blew up, ran away, or got hacked, we told ourselves: it’s fine, as long as we control our private keys, we’re safe. Buy Coldcard, generate offline, physical isolation, foolproof.

So what happened? A one-line code defect erupted five years later all at once. Your coins stored in a cold wallet, versus coins on an exchange being swept by hackers—same ending: gone.

Bitcoin developer Peter Todd said this is something he’s been worried about for years. Commercial hardware wallets run code, and the independent review those codes receive is extremely limited. The “hardware” you trust is, in essence, trusting a closed-source black box that almost nobody has audited.

Even worse—if you export the seed phrase to another wallet, the vulnerability still follows you. Because the problem happens at the moment the seed phrase is generated, not in the device itself.

Your “self-custody” hasn’t been self-custody since the moment the seed was generated five years ago.

Let me put it bluntly:

You think you’re “keeping Bitcoin yourself.” In reality, you’re “keeping Bitcoin for the hacker”—they’re just picking the time to come and take it.

Five years. Those 1,000+ BTC have been sitting in those addresses, the owners assuming it’s foolproof. After March 2021, the hacker could calculate them any time—only they chose July 30, clearing everything in 41 minutes.

You stayed up late researching how to store securely—one line of code sent you back to square one.

So what do you do now?

Step 1: Check your Coldcard firmware version. Mk3 4.0.1 to 4.1.9, Mk4/Mk5 below 5.6.0, Q below 1.5.0Q—if you generated the seed phrase with any of these versions, assume by default you’re exposed.

Step 2: Update the firmware to the latest version—Mk3 4.2.0 or above, Mk4/Mk5 5.6.0 or above, Q 1.5.0Q or above.

Step 3: Updating firmware doesn’t fix already-generated seeds. You need to regenerate entirely new seed phrases using the updated device, create new addresses, and then migrate all assets over.

Step 4: Before migrating, do a small test transfer first. Confirm everything is correct, then transfer the balance.

If you used extra dice entropy or a BIP39 passphrase when generating the seed—congratulations—you’re most likely safe. But Coinkite still recommends migrating.

One last question for everyone:

If even Coldcard can have something like this—are you really that confident about the other hardware wallets you hold? #Gate独家美股0费率 #USD1持币生息最高8% #长鑫科技市值突破4万亿元 $BTC $ETH $SOL

The US has stepped in personally—yet BTC may become even more dangerous

On July 30, the USD/JPY plunged from around 163 to 157.80 within 50 minutes. The single-day drop was 3.3%, the largest in nearly three years.

Bloomberg estimates that Japan smashed $52.8B (about 8.45 trillion yen) to intervene in the FX market—Japan’s largest single-day intervention ever.

What’s most outrageous is—that the US also got involved.

A report from the Financial Times said that the New York Fed has carried out yen-buying operations on behalf of the US Treasury.

US Treasury Secretary Besent said publicly that the yen is “seriously undervalued.”

A Reuters reporter captured notes from Besent’s cabinet meeting, clearly showing a to-do item—“Buy $5.0B to $10.0B worth of yen.”

The last time the US directly intervened in the yen exchange rate was in 2011—after Japan’s Great East Japan Earthquake and tsunami.

15 years.

So this isn’t Japan unilaterally trying to save the yen. This is a rare joint effort by the US, Japan, and South Korea.

On July 30, Japan and South Korea simultaneously dumped the US dollar. The US simultaneously conducted “exchange-rate checks.” On July 31, the US Treasury notified major banks—“be ready for follow-up actions.”

Three countries, same time, same direction—fighting the same battle.

This is called an escalation of the FX war.

— After the news broke:

BTC fell below $63,000, down 4.5% over the past 12 hours, with $240 million in positions liquidated.

BTC is down 3.5% over 24 hours.

But—this is only the beginning.

Where is the real bomb?

In the yen carry trade.

Over the past few decades, global investors borrowed yen in Japan at near-zero cost, swapped it into USD, and then bought US Treasuries, US stocks, technology stocks, and even Bitcoin.

How big is this pot? Market estimates put it at between $300 billion and $500 billion.

Now the yen suddenly has a violent rebound—from 163 to 157, up 3%+.

The carry trade faces a “double hit”: the funding currency gets more expensive, and the risk assets bought with that borrowed money may also be falling.

There’s only one rational choice—unwinding positions.

Sell US stocks, sell technology stocks, sell Bitcoin, and use the proceeds to repay the yen debt.

This isn’t about whether you want to sell—it’s about leveraged positions being forced to liquidate.

Will history repeat itself?

In August 2024, the Bank of Japan made a modest rate adjustment, triggering a cascade of liquidations that left a massive hole in global equity markets and the crypto market.

Back then, the yen wasn’t as weak as it is now, and the size of the carry trade pot wasn’t as big as it is now.

Now what?

The yen is at its lowest level in 40 years. The carry trade scale is larger. The Bank of Japan has just spent $52.8B to intervene. The US has stepped in personally.

UBS’s view is—that this round of carry-trade unwinds is only halfway done.

You think this is Japan saving the yen.

Actually, it’s the world’s biggest “free capital pool” being shut down.

Over the past few years, BTC surged from the thousands to over 120,000—what powered it? Liquidity. And the yen carry trade is one of the most hidden liquidity taps in the world.

Now this tap is being tightened.

BTC falling to 63,000 isn’t the endpoint—if carry trades unwind at scale, the real selling pressure hasn’t arrived yet.

My view

Short term: The Bank of Japan keeps rates unchanged at 1%, and the yen rebounds back around 160. There may be a rebound window in the near term.

But for the medium term: Watch USD/JPY. If it continues to fall below 160, it means carry trades are entering a full-scale unwinding phase. Historically, this has never been favorable for digital assets.

$300 billion to $500 billion in carry-trade positions are hanging overhead—do you think BTC can hold up? #Gate独家美股0费率 #USD1持币生息最高8% #长鑫科技市值突破4万亿元 $BTC $ETH $SOL

Are we cooked ?
If all 2,048 #Bitcoin seed words are public
what exactly do you think is protecting your wallet?
bro social and credit card numbers
1,2,3,4,5,6,7,8,9,10
You just have to put them in the right order
Use all your AI's and six sense and beat this
Can you find satoshi wallet ?

Tether made $15 billion, but your USDT safety cushion is down by half

Tether just released its Q2 financial report.

Net operating profit was $1.5 billion, up nearly 50% from Q1.

USDT circulating supply is 184.6 billion, and its market share has climbed to over 60%.

It added 14 tons of gold, bringing total holdings to more than 146 tons—more than many countries’ central banks.

Sounds powerful, right?

But there’s one line in small print—more important than all the numbers above.

Excess reserves fell from 8.23 billion yuan in the previous quarter to 4.11 billion yuan.

Cut in half.

It earned $1.5 billion, yet the safety cushion is actually down by half.

It’s like your monthly salary rises by 50%, but your savings account gets slashed in half overnight. Can you still feel good about it?

Where’s the problem?

The answer is three words: “operating” profit.

In Tether’s Q1 report, it was “net profit.” In Q2, the wording changed to “net operating profit.”

What’s the difference?

Operating profit excludes the gains or losses from gold and Bitcoin price moves.

And this quarter, gold dropped by about 15%, while Bitcoin fell from 68k to 58k.

Tether holds gold worth about $2 billion and Bitcoin worth $700 million—when prices drop, the book value can evaporate by tens of billions.

A $1.5 billion operating profit can’t possibly fill that hole.

All things considered, the actual loss in Q2 could exceed $4 billion.

Even more intriguing is the shift in disclosure.

In the Q1 report, it lists clearly: US Treasuries of $141 billion, gold of about $20 billion, and Bitcoin of about $7 billion.

What about the Q2 report?

Gold is only described as “more than 146 tons,” without a dollar value. Treasuries are only described as “most of the reserves,” without specific numbers.

What is Tether hiding?

You hold USDT and think it’s “1:1 pegged to the dollar, rock-solid.”

But do you know that Tether’s reserves now include $18.8 billion in gold and $5.8 billion in Bitcoin?

When these assets drop 10% in a single day, who’s going to cover you?

Excess reserves are cut from $8.2 billion to $4.1 billion—your safety cushion is halved. How much of your sense of security is left?

Is diversified reserves spreading risk, or introducing more volatility?

Tether’s main base—Treasury interest—remains solid. The $1.5 billion operating profit isn’t fake.

But the gold and Bitcoin positions are turning Tether from a “stablecoin issuer” into a “macro hedge fund.”

When your stablecoin’s back is tied to the gold and Bitcoin roller coaster—can it really still be “stable”? #Gate独家美股0费率 #USD1持币生息最高8% #长鑫科技市值突破4万亿元 $BTC $ETH $XAU

Guys, memecoins and stock-related tokens have a lot of fun, but currently the ways people play in this space are too crude. If you want this track to surpass the popularity of inscription fever and reach the mainstream buzz level of DeFi, you need to redesign an entirely unprecedented system. It should not only eliminate the PVP culture around memes, but also leverage the growth potential of quality stocks to continuously empower this token. I’ve been trading crypto and stocks for 10

August 1, 2026 trading recap and monthly plans. First off: I think August will be a very good month for going long. 1, the biggest batch of trades from all of July was a dip-buying round in the storage sector $SNDK $SKHY $INTC , and not only did I buy the dip, I also took profit; not only did I take profit, I also withdrew funds, so most likely this money has already been earned and is in hand;

$BTC hasn't changed much.

Price is still stuck around $65K, and the weekly chart continues pointing to a range with $60K as an important support zone.

Watch the levels, not the noise.

#GateStocksZeroFees

The top of the oil price is where the bottom of BTC liquidity is

On July 31, Trump’s cabinet meeting said three things:

“They are losing confidence in Iran.”

“They will face a very fierce blow.”

“One day, they’ll say, ‘We can’t hold out anymore.’”

On the same day, U.S. officials leaked: Trump has ordered a new round of attacks on Iran, starting as early as this weekend, targeting power plants and refineries.

CBS reported: “the most intense bombing so far,” which could last throughout the entire weekend.

How did the market react?

Brent crude jumped by about 8% in a single day, closing at nearly $91 per barrel. WTI’s gain for the entire month of July was 21.8%.

On July 30, the number of vessels transiting the Strait of Hormuz fell from 22 the day before to 5, a drop of 77%. All 5 vessels passed through the Iranian-side route.

This is not a risk premium. This is a physical supply cutoff.

In the short term: rate-cut expectations are about to collapse.

At the Federal Reserve’s July meeting, there were already 3 dissenting votes—just a month ago it was unanimous.

Why? Oil prices.

The market was originally pricing a September rate cut. But if oil prices surge to $100 due to the supply shock, the U.S. CPI will bounce back directly. What will the Fed do? Raise rates to fight inflation, or cut rates to support the economy?

Analysts are already calling: in September, the Fed may implement a single preventive rate hike.

Rate hike = tighter liquidity = BTC under pressure.

On July 31, BTC was already down to $62,466. A dome-shaped technical pattern formed; if it breaks below the $62,000 support, it could fall further toward $59,000.

Bitcoin ETFs saw net outflows of $450 million just the past two days—short-term capital is running.

In the medium term: the stagflation narrative may revive Bitcoin’s “digital gold” logic.

Rising oil prices boost inflation; sticky inflation delays central bank easing; and high long-end U.S. Treasury yields stay stubborn—suppressing investment and consumption. That’s the classic stagflation script.

Goldman Sachs has raised the probability of a U.S. recession in 2026 to 25%.

In a stagflation environment, fiat purchasing power is eroded, and real interest rates are negative. Bitcoin’s “digital gold” narrative is never strongest in a rate-cut cycle—it’s strongest when inflation runs out of control and the central bank is left with few options.

Since the war began, BTC is up about 14%, outperforming the S&P 500, gold, and crude oil.

Pain in the short term, win in the medium term. The premise is: you can hold on.

WTI is around $85. If the strike lands and oil prices break above $90, even $100#Gate独家美股0费率 #USD1持币生息最高8% #长鑫科技市值突破4万亿元 $BTC $XAU $CL

$PUMP is Living Up to Its Name!

The $PUMP token is showing strong bullish momentum, surging +7.38% to hit $0.002225 after recovering sharply from its local support on the 15-minute timeframe.

Key Market Highlights:
24h High: $0.002249
24h Low: $0.001975
24h Trading Volume: 3.40 Billion PUMP ($7.14M turnover)

Status: Trending at #20 in Meme coins!
After bouncing clean off the $0.002025 floor, the bulls have taken full control.

If momentum breaks past the recent peak at $0.002249, we could see another rapid rally.

Are you riding this wave or watching from the sidelines? #GateStocksZeroFees #USD1StakingEarnUpTo8%APR

My X: Every day I basically have ideas, a plan, and if there’s something I want to say, I’ll just post it. Then if I run into friends who reply to me, I interact with them—if they haven’t followed me, I’ll ask them to follow. Basically I never spam posts, never do follow-for-follow, and I don’t do pointless, idle banter in the comment section. As for the content, trading-related topics make up 99%, and the remaining 1% might just be me being bored and sharing a red envelope moment—you probably won’t even see it on your feed.

Finally got in after shaking for half the time. This penguin 3D modeling is insanely good—making your own “War God” penguin is totally worth it. Hold the coins for 20 minutes and you’ll directly drop an NFT, and you can also get tax-reward benefits. As long as you start timing when you load the game snapshot. Brothers, stop watching from the sidelines—come shake your way over together. #WarGodPenguin

Brothers, the Meme in coin-and-stock circles—this thing really is different from those brainless Fomos from random cats and dogs. Could this track become another chance to get rich overnight?

Although “Big Pie” has been doing a very lousy job (Chart 1), it hasn’t reached a state of extreme boredom yet (Chart 2); in August, I still think “Big Pie” will at least be able to challenge that area around 72 (Chart 3).

The “Clear Act” has now kicked the ball back to the White House again. The latest version’s demand is: “They want state prosecutors to sue the Department of Justice if the Department of Justice fails to enforce the ethical code on federal officials.” For details, check out the citation. The crypto heavyweights also aren’t causing any trouble—maybe they’ve already run off, or more likely they’ve all fucking locked themselves in storage. So this is also the only progress bar crypto can see right now, even though it doesn’t want to.

Investing is hard to succeed; fundamentally, it’s a contest of overall competence: knowledge framework, ways of thinking, and cognitive level.
A successful investor must, at minimum, be clear on these six points:
1. Business cognition
Understand what makes a good business, a good model, a moat, and cash flow. How product, marketing, industry, management, and culture determine a company’s underlying character.
2. Market cognition
The market isn’t necessarily efficient, but it is always efficient. Understand cycles, mean reversion, and collective irrationality.
3. Value cognition
Understand valuation principles (absolute and relative), distinguish “price” from “value,” and know where the gap comes from.
4. Risk cognition
Understand uncertainty, black swans, the destructive power of leverage, and position sizing.
5. Self cognition
Recognize emotional weaknesses: greed, fear, overconfidence, regret, and unwillingness. Stay within your circle of competence and avoid knowledge blind spots.
6. Time cognition
Wealth is a process to pursue; the time within that process is the greatest wealth. Respect time and read time correctly.

Under the CLARITY Act, whether there will be a vote next week depends entirely on one sentence from the White House

On the morning of July 31, bipartisan Senators Tillis and Gallego delivered a new ethics compromise proposal to the White House.

Key change: it includes the enforcement role of state attorneys general.

Industry representatives spent all day yesterday calling and lobbying the White House. Treasury Secretary Bessent went straight at it on X, demanding the Senate “vote immediately,” and even pulled out a quote attributed to Satoshi Nakamoto to pressure lawmakers—

“If you don’t believe me or don’t understand, I don’t have time to try to convince you. Sorry.”

Translation: Stop talking—just vote.

But the reality is this— the White House’s response decides everything.

The White House is reviewing the draft. Their reply will, to a large extent, determine whether the Senate can move ahead with a vote next week.

And the Senate is set to recess on August 7.

There’s less than a week, at best, for the bill.

Do you know how the prediction market is viewing it right now?

On Polymarket, the probability of the CLARITY Act passing in 2026 has already fallen to 26%.

Kalshi gives 37%.

From 82% in February, down to today.

JPMorgan has directly warned: a declining probability of passage is a direct headwind for the entire crypto market. The longer it’s delayed, the more likely tokenization and blockchain applications will be absorbed by traditional financial infrastructure—not routed to public blockchains.

You think you’re betting on whether the bill passes.

Actually, you’re betting on whether, before recess, the White House will press this button.

But the issue has never been whether the button exists.

The issue is—pressing it requires 60 votes.

Republicans have 53 seats. Hawley and Paul are clearly opposed, so the number of votes that can realistically be used is fewer than 51.

At least 7 to 9 Democratic senators must be brought in.

But last week, seven Democratic senators publicly opposed it.

In one week, can seven opponents be turned into supporters?

That’s harder than making Bitcoin rise to 70k in a single day.

And don’t forget the hidden assassin—

The banks.

The stablecoin yield provision (Section 404) still hasn’t been resolved.

The banks want a complete ban on stablecoin interest payments.

The crypto industry wants users to be able to earn interest directly.

Insiders say the yield provision will be at least partially adjusted before the vote.

But the banks may demand more concessions.

Every round of concessions is another layer of the skin being peeled off your future on-chain yield.

My view—probability of passing this year: 25%.

Reasons:

First, time. With less than a week left, a gap of 60 votes can’t be closed in just a few days.

Second, the White House. Even if they give the green light, the Senate still needs time to schedule the vote, and the August 7 recess is a hard deadline.

Third, the banks. As long as the stablecoin yield provision isn’t resolved for a day, the bank lobbying group won’t let go for a day.

Fourth, the midterm elections. Miss the August window, and after the September reconvening there are only three weeks of sessions—then comes the midterm elections in November. Lawmakers are focused on the campaign trail; who cares about the bill?

The window is closing at a visibly fast speed.

You’ve been refreshing White House news all day.

Wall Street is in conference rooms, figuring out how to intercept your returns.

The White House holds the switch.

But behind the switch are 60 wires—each one being pulled by someone.

So which way do you think it will be switched? #Gate独家美股0费率 #USD1持币生息最高8% #长鑫科技市值突破4万亿元 $BTC $ETH $SOL

Yesterday I saw a series of posts by Ni Dafash about the U.S. and Hamas and other armed groups reaching an agreement, and I thought—would the U.S. cause trouble over the weekend? Sure enough! In essence, it’s still extreme pressure: first cut off your wings, then hit your core. As the saying goes, if you can’t get it on the battlefield, don’t expect to get it at the negotiating table either—only when both sides feel the pain is there a real possibility of having a proper discussion.

ETH just dropped 3 percentage points—Arthur Hayes, is this… cutting his losses again? 😂 Didn’t he buy 3,298 ETH at an average price of about $1,916 via OTC half a month earlier? Two hours ago, he transferred 2,364 ETH into Cuberland and Galaxy Digital and then pulled back 4.31M USDC. Most likely, he sold. Is he starting the high-buy, low-sell again? If he sold, then he lost $220k.

Even Strategy is scared—why are you still blindly catching the bottom?

MSTR’s stock price plunged 8.2% Friday, hitting an intraday low of $91.78.

Bitcoin fell below $63k, setting a new two-week low.

Strategy’s Q2 net loss was $8.2B, or $24.45 per share—while the market expected only a $2.19 loss per share.

That man who “never sells Bitcoin” has completely changed his tune.

The $8.2B loss is a paper loss, not a cash loss.

In Q2, Bitcoin fell from 68k to 58.6k, a decline of 14%.

A new accounting standard requires digital assets to be revalued to market price every quarter. Strategy holds 843k BTC—so for every 1% move in price, it’s an accounting swing of more than $500 million.

Software business revenue was $122 million, up 6.9%, with a gross margin of 66.6%. The core business is fine.

Strategy has completely stopped the “buy everything on dips” strategy.

As of July 26, Strategy held 843,775 BTC at an average cost of $75,476 per coin. At today’s price of 62k, the paper unrealized loss is more than $11 billion.

More importantly—there have been no Bitcoin purchases for three straight weeks.

The company announced: any future incremental funds will be allocated between Bitcoin and USD reserves.

Previously it was “buy when it drops, buy blindly, keep buying.”

Now it’s “see how things look, keep some cash, and then decide.”

Cash reserves have already been built up to $3.75 billion—enough to cover 2.1 years of dividends and interest.

This means Strategy has shifted from “full attack” to “half attack, half defense.”

Saylor says he’s bullish on Bitcoin long term.

But his body is being honest—he’s hoarding USD.

The world’s largest publicly listed company Bitcoin holder has chosen to wait and watch.

If even he thinks it’s not time to catch the bottom, what about you?

If even the biggest institution is scared, why are we still hard-headed?

My own approach is simple—

With 50% of the funds, place limit orders to buy BTC in batches at 58k and 55k as it drops.

With 50% of the funds, honestly keep it in U-based wealth management to earn interest.

When it drops, you have bullets to buy; when it trades sideways, you earn interest; when it rises, you have positions to profit.

Don’t push all your chips into one direction.

When you’re anxiously staring at the K-line every day—

Strategy is holding $3.75 billion in cash.

Do you think it’s waiting for a pullback?

No—it’s waiting for the day when you’re unable to endure the grind enough to hand over your chips. #Gate独家美股0费率 #USD1持币生息最高8% #长鑫科技市值突破4万亿元 $BTC $ETH $SOL

Many people think that the economy is just about growing a bit faster—or a bit slower.
But what’s really worth paying attention to is often not the growth rate.
It’s the direction behind the growth.
When a country starts to proactively choose:
to put more resources into manufacturing,
rather than consumption,
what it changes
is not just its own economy.
It’s more likely to reshape the global competitive landscape of the next decade.
Because what the market ultimately prices in
is not today’s data.
It’s tomorrow’s productive capacity.