3 weeks ago
Crypto's Tough Week Sends Fans to Manhattan Bitcoin Bar
Some people keep their digital money, called cryptocurrency, in special wallets that are supposed to be extra safe.
A company called Coinkite makes one of these wallets, named Coldcard, which keeps secret codes offline so hackers cannot reach them.
But last week, hackers broke into some Coldcard wallets and took about $130 million from customers.
At the same time, the price of Bitcoin, the most famous cryptocurrency, dropped by about half since October.
This made many people who own crypto worried about their savings.
To feel better and get help, lots of crypto fans met at a bar called PubKey in New York City.
Experts and volunteers came to help people figure out what to do if they lost money.
One man even threw his broken wallet on stage to show he was done with it.
The night reminded everyone that even though the week was hard, they are not alone.
A hack of Coinkite Inc.'s Coldcard cold-wallet devices has siphoned an estimated $130 million from customers.
Bitcoin is down roughly 50% since an October high, adding to a tough week for crypto.
Crypto enthusiasts gathered at PubKey, a Bitcoin-themed bar in Manhattan's West Village, to discuss the crisis.
The event was organized by PubKey co-founder Thomas Pacchia and the hacker group DCG 201.
Galaxy analyst Alex Thorn has been helping victims, including one couple who lost a full Bitcoin while the wife was in labor.
- Who
- Crypto enthusiasts and victims of a Coinkite Coldcard cold-wallet hack, along with PubKey co-founder Thomas Pacchia, the hacker group DCG 201, and Galaxy analyst Alex Thorn.
- What
- A hack of Coinkite's Coldcard cold-wallet devices siphoned an estimated $130 million from customers, while Bitcoin fell roughly 50% from its October high; the community gathered at PubKey to discuss the fallout.
- Where
- PubKey bar in Manhattan's West Village, New York City.
- When
- During a tough week for crypto; the community event took place on a Thursday evening.
- Why
- Attendees wanted to connect in person, process security concerns and losses, and discuss how technical experts can help solve problems.
Reassurance and Community Support
Concern and Skepticism
Cold wallet safety
Reassurance and Community Support
Coinkite's Coldcard cold wallets are designed to keep crypto safe by generating secret codes that stay offline, away from hackers.
Concern and Skepticism
The hack siphoned an estimated $130 million and showed even cold-wallet devices were not as safe as customers imagined.
Purpose of Bitcoin and the community
Reassurance and Community Support
Technical experts and community gatherings, like the event hosted by DCG 201 at PubKey, can help solve problems and provide support.
Concern and Skepticism
The scale of losses — including people's life savings — shows this is no longer just early experimenters at risk and raises questions about security, perceptions, and the reason Bitcoin exists.
Key facts
- Hacked company
- Coinkite Inc. (Coldcard devices)
- Estimated stolen
- $130 million
- Bitcoin decline
- Roughly 50% below its October high
- Event venue
- PubKey, Manhattan's West Village
- Event organizers
- PubKey and DCG 201
- Victims' losses
- Up to a full Bitcoin (under $65,000 at current prices)
- Signature drink
- Orange pill drink (High Life beer, Campari, Vermouth, orange peel)
- Helping analyst
- Alex Thorn of Galaxy
Quotes
Thomas Pacchia
Co‑founder of PubKey, a crypto‑focused bar in Manhattan.
“We have to remind the community often that this is not just like the way Bitcoin started. These are people’s lives and life savings.”
livemint.com
“We give it a physical home because people want to get away from their computer and actually connect in real life.”
livemint.com
Sources
Related news
Bitcoin ETFs see biggest outflows since June as sentiment weakens
Crypto investors dump bitcoin to chase AI stocks
Hackers turn high-profile Indian X accounts into crypto traps
Bitcoin Surges Past $80,000 Amid Treasury and ETF Demand
Crypto CEO Faces US Extradition Over Alleged $20 Million Fraud
Bitcoin Surges Near $70,000 as Crypto Market Gains $190 Billion
Markets Seen Opening Flat as Global Risk Appetite Weakens
Cryptocurrency Still Lacks a Persuasive Case for Fundamental Value
Global roundup covers tariffs, Hormuz, sanctions, diplomacy and tributes
Sensex, Nifty Recover as Brent Crude Falls Below $90
