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Coldcard lawsuit: court documents allege losses exceeding US$140 million

An October 22 report adds details attributed to a lawsuit filed in an Ontario court against Coinkite and its founders, Rodolfo Novak and Peter D. Gray. The lawsuit alleges that a firmware build error dating back to March 2021 replaced the generator with MicroPython’s Yasmarang, making recovery phrases reproducible. According to the allegations, the exploit began on July 30, 2026, with around 594 BTC transferred in the first 25 minutes and cumulative losses exceeding US$140 million.

The lawsuit also alleges that the founders knew about the defect by May 2025 at the latest. This is an additional allegation in the same case, not an independently verified loss or a court finding. The plaintiffs are seeking class certification; the available materials do not establish that certification has been granted.

2026-10-22 05:11 UTC

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