Binance founder Changpeng Zhao, known as CZ, has urged crypto holders to spread their funds across multiple wallets after a significant security breach involving Coldcard hardware devices. The $70 million exploit, stemming from a firmware flaw in Coldcard models dating back to March 2021, highlighted vulnerabilities even in long-established hardware wallets. CZ emphasized that diversifying across wallets could mitigate risks, though he acknowledged the added complexity of managing multiple keys. Coinkite, the manufacturer, released emergency updates and advised users to generate new seeds on patched devices. The incident has sparked renewed discussions about the limitations of self-custody solutions despite hardware wallets being a popular offline security option.