Amir Reza Naderi filed a proposed class action against Coinkite and its co-founders in Ontario’s Superior Court of Justice on Sept. 11, 2026, alleging that defective Coldcard firmware led to more than $140 million in bitcoin losses. The allegations have not been established in court, and no damages have been awarded.
The complaint says a March 2021 firmware update caused affected wallets to generate predictable recovery phrases, allowing attackers to recreate private keys without the devices. It alleges thefts began on July 30, 2026, and that Naderi lost 1.22940052 BTC on Aug. 6. Coinkite disclosed the vulnerability on July 30 and released corrective firmware the next day, but customers also needed to create new recovery phrases and transfer their bitcoin; updating alone could not protect phrases already generated. Bitcoin.com News said Coinkite had not responded to its request for comment by publication.
