Blockaid CEO Ido Ben-Natan sees last week's Coldcard exploit as exposing crypto’s “original sin” of relying on private keys, which can ultimately become a single point of failure, he said during an interview with The Starting Block on Friday.
"The fact that we govern who has access to our assets, whether that's from crypto or access to different pieces of data on the Internet, is generally derived historically by a password, and then after that, some sort of private key," Ben-Natan said.
"It's a single-use kind of access to these things.
Now there's beauty in that no one else can go in and have access to these things.
The hardship in that is that it is a single point of failure." What made the recent Coldcard exploit particularly striking is that the Bitcoin hardware wallet is designed to keep private keys offline, shielding them from many of the risks associated with internet-connected devices.
