Security alert · Coldcard hardware wallet

Move your Bitcoin off any Coldcard seed created since March 2021 — today.

A firmware bug made affected Coldcards generate seed phrases with a predictable software RNG instead of the chip's hardware RNG. Attackers have already reconstructed the private keys offline and drained roughly 1,719 BTC across three confirmed waves, without ever touching a device — and a suspected fourth wave is still being traced. Updating the firmware does not repair a seed that already exists. If your seed was generated on a Coldcard on or after March 2021, treat it as compromised: move the coins now to a new seed on patched firmware, to a different hardware wallet, or — if you need somewhere immediately — to an exchange you already use, and sort out longer-term custody after the coins are safe.

Watch for follow-on scams. Events like this draw fake “migration” and “wallet checker” sites. Coinkite will never ask for your seed words, and no legitimate tool needs them. Type coldcard.com in by hand rather than following links from social media or email.

Read Coinkite's official advisory Firmware upgrade docs
Am I affected? Version list and migration steps

The flaw cut seed randomness from the intended 128 bits to roughly 40 bits on Mk2/Mk3 and 72 bits on Mk4/Mk5/Q. Your seed is at risk if you generated it on the device while running:

  • Mk2 / Mk3 — 4.0.1 through 4.1.9
  • Mk4 / Mk5 — anything before 5.6.0 (standard) or 6.6.0X (Edge)
  • Q — anything before 1.5.0Q (standard) or 6.6.0QX (Edge)

Two exceptions. Coinkite states seeds are not at risk from this bug if you supplied at least 50 fair, independent rolls through Add Dice Rolls and those rolls were never recorded or exposed. Seeds generated before firmware 4.0.1 (March 2021) are also outside the affected range. If you are not certain which applies to you, assume you are affected and move the coins.

If a sweep is already under way. Galaxy Research reports that some fourth-wave transactions have replace-by-fee enabled. If you find an unconfirmed transaction spending from your address sitting in the mempool, you may have a short window to broadcast your own higher-fee transaction and move the coins before the attacker's confirms. Galaxy also counts at least 15 separate attackers working through the remaining vulnerable addresses, so assume the sweeping is still going on.

Migration. Update the firmware, generate a brand-new seed, verify the backup and a receive address, send a test transaction, then move the remaining funds. Keep the old backup until the migration is confirmed.

Independent tracing by Galaxy Research attributes roughly 1,719 BTC (about $111M) drained across three confirmed waves, as of Aug 7, 2026 — up from 1,596 BTC on Aug 4, when Galaxy last put the address count at about 7,300. Counting a suspected but still unconfirmed fourth wave, Galaxy puts the possible total near 2,055 BTC (~$130M) across more than 7,700 addresses. Figures were still rising at the time of writing. Bitcoin Lending Intel is not affiliated with Coinkite and this is not financial advice. Verify firmware versions and guidance against Coinkite's own advisory before acting.
Home  /  Compare  /  Ledn vs Strike
Head-to-head · Updated 24 Jun 2026

Ledn vs Strike: which Bitcoin-backed loan is right for you?

Two of the most trusted Bitcoin-only lenders, compared on the things that actually decide a loan: rate, liquidation headroom, custody, fees, and how much you can borrow. Both keep your coins out of the rehypothecation machine — the difference is who they're built for.

By Bitcoin Lending Intelligence Independent · not a lender Figures verified against each lender's own terms

Ledn and Strike are both Bitcoin-native lenders: you pledge real bitcoin (not a wrapped token), and neither lends your collateral out to third parties. That already puts them in a safer category than much of the market. But they're aimed at different borrowers. Strike is built around large, fee-free, fixed-term loans with generous liquidation headroom; Ledn is built around accessibility and transparency, lending from as little as $1,000 with monthly proof-of-reserves. Here's the side-by-side.

The quick verdict

Bottom line Choose Strike if you're borrowing $10,000 or more and want the lowest all-in cost, zero fees, and the most room before liquidation. Choose Ledn if you want to borrow a smaller amount (from $1,000), value monthly proof-of-reserves, or want a tiered rate that drops as your loan grows. Both are native-BTC, 50% max-LTV, 12-month products that don't rehypothecate your coins.

Side-by-side comparison

 LednStrike
Headline APR9.25%–11.49% (tiered)from 9.5% (fixed)
Fees2% admin fee$0 across the board no fees
Max initial LTV50%50%
Margin callAlerts + auto-top-up70% LTV (72h window)
Liquidation LTV~80%85% more buffer
Term12 mo (prepay free)12 mo + line of credit
Minimum loan$1,000 accessible~$10,000 (no max)
CollateralNative BTCNative BTC
CustodyCustodied, ring-fencedSegregated
RehypothecationNoNo
TransparencyMonthly proof-of-reserves edgeBitcoin-only operator
Sourceledn.iostrike.me

Figures reflect each lender's published entry-level terms as of 29 June 2026 and can change. Always confirm the current rate, fees, and thresholds for your loan size and state directly with the lender before borrowing.

Interest rate & real cost

Strike's fixed APR now starts at 9.5% for a 12-month loan, varying by loan type (payment-at-maturity prices higher than monthly-payment) and loan size, with no published upper bound. Crucially, Strike charges no origination, early-repayment, late, or draw fees, so the headline rate is essentially the real cost.

Ledn uses tiered pricing from about 11.49% down to 9.25% (lowest for the largest loans) but now adds a 2% admin fee on every loan. That fee is the decisive difference: it pushes Ledn's effective first-year cost a couple of points above its headline, so even a large Ledn loan tends to land above the comparable Strike rate.

What moves the number Once Ledn's 2% admin fee is counted, Strike is the cheaper of the two at almost every size: a Strike loan starts at 9.5% all-in (no fees) versus roughly 13.5% effective at Ledn at the entry tier (11.49% + 2%). Even Ledn's lowest tier (9.25%) lands above Strike once the admin fee is added. Still, confirm the actual quote for your amount and structure.

LTV & liquidation

Both cap your initial LTV at 50% — borrow $25,000 against $50,000 of bitcoin — which is conservative and leaves a healthy buffer. Where they differ is what happens as bitcoin falls.

Strike publishes a clear ladder: a warning at 65% LTV, a margin call at 70% with a 72-hour window to act, and partial liquidation at 85%. That 85% liquidation point gives you meaningfully more room before a forced sale than most lenders.

Ledn leans on proactive tooling: real-time LTV monitoring, early margin-call alerts, and optional auto-top-up that moves spare BTC into your loan automatically if your LTV climbs. Ledn has highlighted having zero liquidations through a recent 32% bitcoin drawdown. Its liquidation level sits around 80%.

You can model the exact margin-call and liquidation prices for either lender with the liquidation calculator on the dashboard.

Custody & safety

This is where both lenders separate themselves from the platforms that blew up in 2022. Neither rehypothecates your collateral on these products — your bitcoin is not lent out to generate yield.

Ledn

  • Custodied model: collateral ring-fenced and not lent out
  • Monthly proof-of-reserves and a third-party Open Book report
  • SOC 2 Type 2 certified; regulated VASP entities
  • Over $10B in originations since 2018

Strike

  • Collateral held in segregated custody
  • Bitcoin-only company; licensed money transmitter (NYDFS)
  • Zero liquidation/penalty fees that eat collateral
  • Loans not reported to credit agencies

Ledn's edge is transparency — monthly proof-of-reserves is something most lenders, including Strike, don't publish. Strike's edge is simplicity and a fully fee-free structure. Both are reasonable choices on custody.

Minimums & accessibility

This is the clearest dividing line. Ledn lends from $1,000, so it's genuinely usable if you only want to unlock a few thousand dollars without selling. Strike's fixed-term loan starts around $10,000 (it varies by state) but has no maximum, and Strike also offers a separate line of credit from as little as $3,500 (variable rate, up to $250,000). If you're a small borrower, Ledn is the practical pick; if you want a large loan or a revolving credit line, Strike is more flexible.

Who should pick which

Pick Strike if…

  • You're borrowing $10,000+ and want the lowest all-in cost
  • You want zero fees and the most liquidation headroom (85%)
  • You'd use a revolving line of credit, not just a term loan
  • You have no maximum loan ceiling in mind

Pick Ledn if…

  • You want to borrow a smaller amount (from $1,000)
  • Monthly proof-of-reserves transparency matters to you
  • You want a tiered rate that drops as your loan grows
  • You value auto-top-up to help avoid liquidation

For the full mechanics behind these terms — how LTV, margin calls, liquidation, and effective APR really work — see our guide to Bitcoin-backed loans. To weigh these two against every other lender, use the live comparison table.

FAQ

Is Ledn or Strike cheaper for a Bitcoin-backed loan?

Strike is usually cheaper once fees count: from 9.5% APR (varies by loan type and size) with no origination fees, versus Ledn's 9.25–11.49% plus a 2% admin fee. Compare the quote for your exact amount.

What is the minimum loan at Ledn vs Strike?

Ledn lends from $1,000. Strike's fixed-term loan minimum varies by state and starts around $10,000, with no maximum. Strike also has a line of credit from about $3,500.

Do either of them lend out my Bitcoin?

No. Neither rehypothecates collateral on these products. Strike uses segregated custody; Ledn ring-fences collateral in its custodied model and publishes monthly proof-of-reserves.

At what LTV does each lender liquidate?

Both start at 50% max initial LTV. Strike warns at 65%, margin-calls at 70% (72-hour window), and partially liquidates at 85%. Ledn uses alerts and auto-top-up with liquidation around 80%.

Compare every Bitcoin lender, not just two

See live rates, LTV, liquidation thresholds, custody, and minimums for every lender we track side by side — with a source link on every row.

Open the lender comparison →