Coldcard users sue Coinkite founders over ignored 2025 security warning

Amir Reza Naderi filed a proposed class-action claim in Ontario Superior Court of Justice against Coldcard maker Coinkite Inc. and co-founders Rodolfo Novak and Peter D. Gray, alleging they knew from May 2025 of a seed-generation flaw but failed to warn customers. Naderi says he lost 1.22940052 bitcoin, about $79,800, on Aug. 6; the court file was issued Sept. 11, 2026. Coldcard is a Canadian hardware wallet that creates recovery phrases, but a March 2021 firmware update moved random-number generation from a dedicated chip to software, and a backup tool called Yasmarang produced seeds with far less randomness than the BIP-39 standard assumes. Naderi seeks a Consumer Protection Act finding, class certification, compensatory and punitive damages, and a litigation trust.