Why the review was opened

On July 31, 2026, approximately 594 BTC was moved from roughly 500 single-signature Bitcoin addresses in a narrow window, reported by on-chain analysts. Coinkite subsequently issued a security advisory concerning seed entropy generation on affected Coldcard firmware, and has published a technical backgrounder describing the failure.

Coinkite has stated that its investigation is ongoing and has not confirmed that the entropy issue caused the observed movement of funds. Security researchers have identified it as the most plausible explanation. Linkmerica records that distinction rather than collapsing it.

For affected firmware versions and device models, refer to Coinkite's own advisory and technical backgrounder. That scope has been revised during the disclosure and is the vendor's to state, not ours to restate.

Why no score is being published today

A LISR score is a deterministic assessment produced under a versioned methodology against a stable evidence base. Coinkite's investigation is ongoing, and the scope of affected devices has already been revised since initial disclosure. Publishing a score against facts still in motion would produce a number that reflects a news cycle rather than an assessment.

The review will complete when the evidence base is stable. The score, when published, will be dated, versioned, hash-verified, and will reference the disclosure that opened this review. Linkmerica scores move in both directions on evidence: one hardware wallet's risk rating was raised within 48 hours of an unpatchable fault-injection disclosure this month, and another's was lowered when the manufacturer shipped production post-quantum firmware.

Linkmerica is a trade name of CASPO LLC. LISR scores and research are for informational purposes only and do not constitute financial or investment advice. This notice is based on publicly available information as of July 31, 2026.