Casa CEO Nick Neuman said on-chain data from the recent Coldcard firmware exploit showed how self-custody can limit systemic damage in Bitcoin. In an Aug. 9 X post, he cited Checkonchain figures indicating that after about 2.1k BTC was stolen, 22k BTC moved to exchanges and 233k BTC left long-term holder wallets in on-chain transactions. Neuman said Casa customer conversations suggested part of that movement came from holders shifting from single-key wallet setups to multisig (multiple-key security) arrangements, while some existing multisig users removed Coldcard devices from their keysets. He argued that the episode showed how distributed ownership lets users react independently, unlike a centralized custodian breach where losses could be concentrated in one event. Galaxy Research has tracked confirmed losses from the Coldcard entropy flaw at as low as 1.7k BTC and more than 2k BTC, with attack waves starting July 30 and higher estimates nearing $130 million. The incident has renewed debate over single-signature hardware wallets, seed generation, multisig and covenant-based vault designs.