In the light of the recent Coldcard hardware wallet compromise, BlockTower Capital founder Ari Paul has argued that the incident demonstrates there is “simply no way to secure crypto.”

Paul’s comments came after reports that a firmware flaw affecting multiple generations of Coldcard hardware wallets enabled an attacker to steal roughly 1,082.65 BTC (roughly $70.2 million at the time) in just 41 minutes.

On X, entrepreneur Jonathan Goodman revealed that $1.6 million worth of Bitcoin had been stolen from his Coldcard wallet. “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,” Goodman wrote on X.

Crypto’s biggest weakness

Paul argued that the…