Hackers Hit Bitcoin's Safest Hiding Place

• $110 million in Bitcoin stolen from CoinKite's 'cold' wallets due to a software flaw.
• About 5,000 wallets were compromised, with 1,755 Bitcoin drained in days.
• The hack raises self-custody security concerns and underscores the absence of FDIC-like insurance for crypto assets.

A significant hack of CoinKite's 'cold' Bitcoin wallets resulted in $110 million in Bitcoin stolen from approximately 5,000 accounts. The incident, stemming from a software flaw, challenges the perception of cold storage as inherently secure and highlights the lack of recourse for victims compared to traditional financial institutions.