117 Partners Proposes Two Recovery Strategies for Coldcard Incident Victims

117 Partners outlines dual recovery paths for Coldcard victims: a Canadian product liability class action and US asset seizure from hackers, aiming to maximize returns.

Woofun AI reports that Thomas Braziel, founder of 117 Partners, has detailed two parallel recovery strategies regarding the security incident at Coldcard’s manufacturer, Coinkite. The first approach involves filing a product liability lawsuit in Canada, arguing that Coinkite sold defective security products. This class action would operate on a victory-sharing model, requiring no upfront legal fees from victims, with a projected timeline of one to three years.

The second strategy targets asset recovery from hackers through US temporary restraining orders, wallet identification, and third-party compensation claims. While this method may require financial support for litigation, it is expected to proceed more rapidly than the class action. Braziel emphasized that recovery is not yet guaranteed as discussions with additional law firms continue.