Coldcard Losses Surge to $70M Following Galaxy Deep Dive

As the myth of impregnable cold storage crumbles, Galaxy Research's granular analysis exposes the true magnitude of the Coldcard wallet debacle, sending shockwaves through the perception of hardware security.

Escalating Crisis: A $70M Black Hole in Cold Storage

The gravity of the incident becomes crystal clear as on-chain data reveals the breach far exceeded initial estimates. This massive heist, executed within a mere 41-minute window, underscores the critical nature of security vulnerabilities inherent in even the most reputable hardware wallets.

■ Galaxy Research, which detailed the incident, identified the number of affected wallet addresses as 1,196.

■ The total amount of Bitcoin stolen in the brief period was updated to 1,082.65 BTC.

■ Total damages are estimated to exceed $70 million based on current market valuations.

This incident shatters the illusion that offline storage is an absolute guarantee of safety. Vulnerabilities at the firmware level can liquidate assets in moments. For investors, relying on a single manufacturer is no longer viable; migrating to multi-signature setups is now a critical necessity, not a luxury.