Coldcard exploit drains $90 million in Bitcoin as Clarity Act stalls with five days left

A Coldcard hardware wallet exploit drained about $90 million in Bitcoin from cold storage on Aug. 2, spurring a flight to safety across crypto markets, CoinTelegraph reports. The loss is pressuring sentiment at a fragile moment for digital assets and is prompting consolidation that some traders call constructive, according to the outlet. At the same time, the Clarity Act has stalled with only five days left to hold a Senate vote, adding policy uncertainty, CoinTelegraph notes.

CoinTelegraph’s Hodler’s Digest characterized the $90 million hit as 'sickening' and said Bitcoin is consolidating as investors rotate into safer positions. Key tokens saw choppy trading as liquidity thinned into the weekend session, the publication adds. Market participants are watching for wallet security guidance and any sign that lawmakers will revive the Clarity Act before the window closes. [Developing. This article will be updated.]