Coldcard Hack Losses Top $100 Million as Galaxy Flags Possible Fourth Wave

Losses from hacks targeting the Coldcard Bitcoin hardware wallet have exceeded $100 million.

Cointelegraph reported on August 4 that Galaxy Digital's research unit said in an updated report that 1,596 Bitcoin were stolen from about 7,300 addresses. It identified three major waves of attacks and 14 smaller incidents.

Galaxy Research said 73 victims have contacted the team directly so far. Based on those accounts, it confirmed three major attacks. Researchers also identified additional signs of smaller opportunistic attacks that exploited the vulnerability.

Galaxy Research also detected cases believed to be part of a fourth wave of attacks. Including those cases would lift total losses to 2,055 Bitcoin, or about $130 million. The firm has not yet received confirmation from the victims believed to be part of that wave, however, and excluded them from its official tally. Researchers assessed the likelihood that those cases were linked to attacker activity as medium-high.

About 90% of the stolen Bitcoin has not yet moved. Galaxy Research said it shared attacker and victim addresses with US federal investigators, cryptocurrency exchanges and cyber investigation firms. It added that the attacks are still ongoing and urged Coldcard users to move their assets to safe addresses immediately.