A Coldcard exploit has led to the loss of $90 million worth of Bitcoin from cold storage. The breach hit hard, dragging down market sentiment across the board. It comes as the Clarity Act remains stalled in the Senate with only five days left for a vote.
The Coldcard breach
Cold storage is supposed to be the safest way to hold crypto. But an exploit targeting Coldcard devices changed that this week. Attackers made off with $90 million in Bitcoin, a sum that's left the affected exchange and its users scrambling. Details on how the exploit worked are still thin, but the damage is clear: a significant chunk of BTC pulled from what many considered an impenetrable vault.
Market reaction
The loss has weighed heavily on sentiment. Prices dipped as the news broke, and traders are on edge. Yet not everyone sees this as a pure negative. Some analysts describe the current price action as 'bullish' consolidation — a period where the market absorbs the shock and builds a base for the next move. It's a contrarian take, but one that's gaining traction among those who think the selloff is overdone.
Clarity Act deadline
Meanwhile, the regulatory clock is ticking. The Clarity Act, a bill that would set clear rules for crypto classification, has stalled in the Senate. With just five days left before the session deadline, its fate is uncertain. The timing isn't great. A major exploit and a looming vote create a tense backdrop for an industry already tired of uncertainty. If the bill fails, the regulatory vacuum could persist for months.
The Senate has five days to act. Whether the Clarity Act passes or dies will shape the next chapter for U.S. crypto policy — and the market is watching closely.
