Jimmy Song: FTX loss eclipses ColdCard event for Bitcoin self-custody

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FTX losses surpass ColdCard event scale

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Hanna Syniavska

02.08.2026

Jimmy Song: FTX loss eclipses ColdCard event for Bitcoin self-custody — FTX losses surpass ColdCard event scale

Jimmy Song, Bitcoin educator, developer, and entrepreneur, compares the scale of financial loss at FTX with the recent situation involving ColdCard.

He argues that, while FTX's collapse resulted in much higher losses, neither event marks the end of self-custody for Bitcoin or the continued presence of assets on exchanges.

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But we saved everything 🙂.

Song has previously emphasized that using multisig setups with hardware from multiple vendors provides stronger crypto security, according to his comments in Multisig using diverse hardware boosts additive security, Jimmy Song notes. In a separate report, Song surveyed the crypto community’s expectations about changes in trading volume following the BIP110 split scheduled for August 8. These earlier discussions focused on technical security measures and trading impacts within the Bitcoin network.

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