Coldcard Bitcoin theft tops $100 million across three confirmed attack waves, Galaxy Research says
NEW YORK, Aug. 4. More than $100 million in $BTC has been stolen from Coldcard hardware wallet users across three confirmed attack waves, according to Galaxy Research. Ninety percent of the stolen funds remain unmoved on-chain, the firm said, as investigators examine a suspected fourth wave that could push total losses to $130 million.
Key takeaways
- More than $100 million in Bitcoin has been stolen from Coldcard hardware wallet users across three confirmed attack waves, according to Galaxy Research.
- Galaxy Research found that 90% of the stolen Bitcoin from the three confirmed waves remains unmoved on-chain and has not been transferred or liquidated as of its report.
- Investigators are examining a suspected fourth wave that, if confirmed, could raise total losses to approximately $130 million.
- Coldcard is a Bitcoin hardware wallet built for cold storage, intended to keep bitcoin offline and separate from internet-connected systems for direct custody outside exchanges.
- Galaxy Research's summary did not specify when each wave occurred, how many wallets or users were affected, or what attack vectors were used.
NEW YORK, Aug. 4. More than $100 million in $BTC has been stolen from Coldcard hardware wallet users across three confirmed attack waves, according to Galaxy Research. Ninety percent of the stolen funds remain unmoved on-chain, the firm said, as investigators examine a suspected fourth wave that could push total losses to $130 million.
What the on-chain data shows
Galaxy Research found that 90% of the $BTC taken across the three confirmed attack waves has not been transferred or liquidated as of the firm's report. That figure is the central on-chain finding. Funds left in place at this scale can indicate the attacker is waiting or has lost access to the holdings. Galaxy Research did not specify which applies.
The 90% figure covers the three confirmed waves only. Whether it extends to the suspected fourth wave, still under investigation, is not yet known.
Three waves confirmed, a fourth under review
Galaxy Research documented three separate attack waves tied to Coldcard. A fourth is now under examination. If confirmed, that additional wave would lift aggregate losses from above $100 million to approximately $130 million, according to the firm.
Coldcard is a Bitcoin hardware wallet built for cold storage, intended to keep bitcoin offline and separate from internet-connected systems. Users hold it for direct custody outside of exchanges. The specific attack methods and any vulnerabilities involved in the waves were not detailed in the summary Galaxy Research provided.
What the report leaves open
Galaxy Research's summary does not specify when each wave occurred, how many individual wallets or users were affected, or what attack vectors were used. The $130 million figure is contingent on confirmation of the fourth wave, not a current tally. As of the firm's release, that determination had not been made.