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Coldcard Mk3 warning follows potential seed-generation risk

Coinkite said the risk affects Mk3 firmware 4.0.1 through 5.0.3, while Mk4, Q, and Mk5 were not affected, and it urged users to move funds only after generating a new seed and performing test transactions.

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Coinkite warned Coldcard Mk3 users to migrate funds after identifying a potential seed-generation risk that could put wallets at risk, as Bitcoin security specialists also examine an unexplained $38 million wallet drain.

According to Cointelegraph, the company said seeds created on an Mk3 running firmware version 4.0.1, released in March 2021, or any later Mk3 firmware up to version 5.0.3 may be affected, while Mk4, Q, and Mk5 were not affected based on its early analysis.

Cointelegraph reports that Coinkite urged users “out of an abundance of caution” to generate a new seed on an unaffected device, verify the backup and receive address, send a small test transaction, and only then transfer the remaining funds. It said its investigation is ongoing and it plans a formal technical review.

Meanwhile, Bitcoin security specialists are reviewing a coordinated sweep involving 594.48 BTC from single-signature addresses, though Cointelegraph notes there is no definitive public evidence linking that activity to the Mk3 seed issue. The warning followed a Reddit account describing funds drained from a wallet whose seed was generated on a Coldcard Mk3 purchased in May 2021, with the seed later restored onto a Coldcard Mk4 in January 2026.

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