What a week, amiright? COLDCARD, AI-powered attacks, CLARITY Act pushed, a chain split. And somehow, honey badger don't care. Our latest newsletter breaks down one of the wildest weeks in Bitcoin history. Get the full picture in your inbox tomorrow. Subscribe:

Bitcoin News

Subscribe | Bitcoin News

A highly curated list of Bitcoin news and updates, delivered straight to your inbox every week.

LUKE DASHJR SUGGESTS SEPT. 1 FOR BIP-110 PROOF-OF-WORK CHANGE BTC HARD FORK Bitcoin developer Luke Dashjr suggested Sept. 1 as a potential target date for a BIP-110 proof-of-work change, saying it should occur when BIP-110 “would have activated.” BIP-110 author Dathon Ohm says the community is now working on a proposal to change Bitcoin’s proof-of-work algorithm and “fire the miners,” accusing large mining pools of colluding against the BIP-110 movement. Asked how the network would remain secure after firing existing miners, Ohm responded: “We will hire new miners.”

BIP-110 NEXT BLOCK FEES REACH $17,000, BUT MINING INCENTIVE REMAINS FAR BELOW BITCOIN There is currently 0.27 BTC, worth roughly $17,400, in transaction fees waiting to be collected in the next BIP-110 block. BIP-110 proponents argued yesterday that rising fees could eventually incentivize a large miner to redirect hash rate to the chain and find the next block. However, 0.27 BTC remains considerably less than the 3.125 BTC block subsidy, plus transaction fees, a miner can earn by mining a block on Bitcoin’s legacy chain.

The average block time on the BIP-110 chain is 6.9 hours. Bitcoin is designed to have average block times of roughly 10 minutes.

The BIP-110 chain has fallen 18 blocks behind the legacy Bitcoin chain.

Bitcoin spot ETFs records $128.69M in net inflows.

Bitcoin miner fee revenue falls to a 5-year low.

TREZOR USER CLAIMS LIFE SAVINGS STOLEN AFTER CLICKING PHISHING SITE IN GOOGLE SPONSORED RESULT A Trezor user says they lost their life savings after clicking what they claim was a sponsored Google search result impersonating Trezor. The phishing page, hosted on Google Sites, allegedly tricked victims into entering their wallet recovery seed. Trezor says it is escalating the report, working to have the site removed, and has reminded users to never enter a wallet backup or seed phrase into any website or online form. Google-sponsored phishing ads remain a persistent attack vector for crypto users.

BESSENT’S $90B YEN INTERVENTION IS ALREADY LOSING ITS EFFECT Scott Bessent made it a priority to push the Japanese yen lower through intervention. The effort reportedly cost roughly $90 billion, yet nearly half of the move has already been erased by the market. If Japan ultimately adopts more durable policies to keep the yen weak, it could become a significant tailwind for Bitcoin.

Strategy's mNAV based on share count sits currently at 0.7, but factoring in its $8B debt and liquidation preference of its STRC preferred stock, the mNAV reaches 1.03.

MAJOR HEDGE FUNDS TARGETED IN WAVE OF AI-ENABLED CYBERATTACKS Hackers launched a coordinated wave of attempted cyberattacks against major Wall Street firms, including Two Sigma, Citadel, Point72 and several private equity firms, using AI-powered voice phishing (“vishing”) to impersonate trusted contacts. Two Sigma said it successfully thwarted the attack with no impact to its systems. Cybersecurity experts warn AI is rapidly lowering the cost and scale of sophisticated attacks, allowing threat actors to target thousands of organizations simultaneously.

COLDCARD ATTACKERS BEGIN ATTEMPTING TO LAUNDER STOLEN BITCOIN AS LARGEST HAUL REMAINS FROZEN Galaxy Research says the largest known COLDCARD theft, 1,159 BTC spread across seven attacker addresses, remains untouched, with 0 BTC cashed out or sent through mixers. The coins were stolen in just 41 minutes, but spending them has proven far more difficult as roughly 600 attacker addresses have been flagged by law enforcement, exchanges, and blockchain analytics firms. Meanwhile, a smaller attacker appears to have begun laundering funds. On-chain analysts traced 64 BTC entering a mixer, with only about 10 BTC mixed initially while 54 BTC returned as change before being split into roughly 7 BTC outputs for additional mixing. Analysts say the unusually large outputs remain easily traceable, making the laundering attempt relatively transparent. h/t Nader

NEW: $STRC up 3% on the day, following the news that MSTR has increased their cash position to $4 billion.

COLDCARD BUG MAY HAVE BEEN CAUSED BY A COMPILER WORKAROUND A new technical analysis by Core-Lightning dev ddustin suggests the 2021 COLDCARD vulnerability may have started while a developer was trying to connect three layers of the firmware: the wallet’s Python code, MicroPython’s C code, and the STM32 hardware random number generator. The custom code appears to have conflicted with MicroPython’s existing implementation, likely triggering a compiler error. The evidence suggests the developer then disabled the hardware RNG by setting MICROPY_HW_ENABLE_RNG to 0, allowing the firmware to compile. That change had an unintended consequence. When users created new wallets, the firmware no longer used the hardware random number generator. Instead, it fell back to MicroPython’s much weaker Yasmarang software random number generator. The commit message left by the dev was just the word “runs.” The analysis argues this is a reminder that developers should never ship security-critical code they don’t fully understand, especially when it protects billions of dollars in Bitcoin.

NUNCHUK ON COLDCARD VULNERABILITY Some Nunchuk platform keys were generated with a Coldcard Mk4, but the company says those keys are never used directly. Instead, it derives separate keys through custom logic, making them less susceptible to lookup-table attacks based on compromised Coldcard seeds. Nunchuk adds that, given enough time, it assumes attackers could eventually include those derived keys as well.

COINKITE WARNS COLDCARD MK3 USERS OF POTENTIAL FUND RISK Coinkite is urging anyone who generated a seed on a COLDCARD Mk3 running firmware version 4.0.1 (released March 2021) or later to treat their funds as potentially at risk. The company says the vulnerability affects all Mk3 firmware through version 5.0.3, the final release for the device. Based on its initial analysis, Coinkite says Mk4, Q, and Mk5 devices are not affected. Users who protected their Mk3 wallet with a BIP-39 passphrase face minimal risk, according to the company. Coinkite recommends migrating funds to a newly generated seed on an unaffected device, or, if necessary, using a strong BIP-39 passphrase or a dice-only seed as an interim measure. The company says its investigation is ongoing and a full technical review will follow.

NEW: Michael Saylor confirms that the main impetus for the Bitcoin Security Consortium was to help address institutional investor fears over the quantum threat.

ANTHROPIC: AI DISCOVERS NEW CRYPTOGRAPHY ATTACKS, WEAKENS POST-QUANTUM CANDIDATE Anthropic says its Claude Mythos Preview AI discovered two new cryptographic attacks, including one that significantly weakens the HAWK post-quantum digital signature candidate and another that speeds up attacks on a reduced-round version of AES by 200-800x. The company stressed neither finding affects production systems or breaks the full AES standard. Instead, the research demonstrates AI’s growing ability to uncover mathematical flaws in cryptographic algorithms that have withstood years of expert review. Anthropic says Claude developed the HAWK attack in roughly 60 hours and estimates each breakthrough cost about $100,000 in API compute.

Bitcoin addresses holding 10 to 10K BTC have accumulated 19,696 BTC in the past 8 days.

NEW: Lawsuit accuses BitMEX of using server freezes and internal trading to seize 622 Bitcoin before of its closure.