Coldcard Bitcoin theft tops $100M across 3 confirmed attack waves: Galaxy
Galaxy Research said 90% of the stolen Bitcoin remains unmoved as investigators examine a suspected fourth wave that could lift losses to $130 million.
Galaxy Research has confirmed that Bitcoin thefts linked to Coldcard hardware wallets have surpassed $100 million across three verified attack waves, according to a new report. The firm identified 90% of the stolen Bitcoin as currently unmoved, suggesting that perpetrators have yet to liquidate the majority of their holdings. Investigators are also examining a suspected fourth wave of attacks that could push total losses to approximately $130 million.
Coldcard is a widely used Bitcoin hardware wallet favored by security-conscious users and institutional holders for its advanced cryptographic protections. The scale of the theft has raised significant questions about the attack vector employed, as hardware wallets are generally considered among the most secure methods of storing digital assets offline. Galaxy Research's analysis indicates the incidents involved multiple coordinated waves, pointing to a sophisticated and potentially ongoing operation rather than an isolated breach.
The revelations carry notable implications for the broader self-custody ecosystem. If vulnerabilities in widely trusted hardware wallet infrastructure can be exploited at this scale, it may prompt both retail and institutional holders to reassess their storage strategies and security protocols. The incident could also accelerate demand for multi-signature custody solutions and third-party security audits across the hardware wallet industry.
Analysts will be closely watching whether the dormant stolen funds begin moving, which could signal an attempt to launder or liquidate assets. Confirmation of a fourth attack wave remains a key development to monitor as the investigation continues.
Source: Cointelegraph
