Coinkite's Email Retention of Buyers Sparks Controversy

Coinkite, the manufacturer of the Bitcoin hardware wallet Coldcard, has come under scrutiny after it was revealed that the company has been retaining buyers' email addresses. This has raised concerns regarding its privacy policy. The company has been sending security alert emails to customers since 2019, which contradicts the data retention policy disclosed by co-founder and CEO Rodolfo Novak. Coinkite claims that it does not store customer information and deletes it after 90 days post-purchase; however, a recent warning email revealed that it still held email addresses from old purchase records. The company stated that it retains emails for operational purposes such as login authentication and transaction confirmation, and it will continue to do so 'for the time being.' This controversy arose shortly after security flaws in the Coldcard were disclosed, which may be linked to a Bitcoin theft incident involving approximately $38 million. According to Galaxy Research, the estimated loss amounts to 1,367 BTC, roughly $88 million as of the first day. This has heightened concerns about the safety of self-custody wallets, and Coinkite is recommending firmware upgrades to affected users. The email retention controversy raises fears that it could directly impact customer trust.

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