First, an important security warning. Coldcard users, pay attention: Your private keys may be compromised if generated under certain conditions. Pledditor was blunter about how dire this could be:
“Fu** the people telling you not to panic. The exploit is out in the wild, public attention is on it, and everybody has access to frontier LLMs. I imagine there are dozens of hacking teams now researching how to exploit this. You are in a race against time.”
He provided prior examples: “1998: LTCM 2018: Volmeggeon – XIV / short-vol unwind 2020: Treasury basis trade / forced deleveraging 2021: Archegos, more idiosyncratic, but same forced-liquidation pattern 2022: UK LDI pension/gilt crisis”Crypto news took an understandable back seat to tradfi and macro news this week, but there were still many newsworthy stories. Unfortunately, the biggest theme was not good. At least not ostensibly.
In February, Gemini announced it was cutting 25% of its staff. In May, Coinbase announced it was cutting up to 14% of its staff In June, Bitgo announced it was slashing 15% of its staffSelf-custody is important, but does take a high level of personal responsibility. Stay safe out there, stay vigilant!
-David Sencil
