Coldcard Wallet Bitcoin Heist Surpasses $100M: Three Waves, Suspected Fourth, and 90% Frozen Funds

Galaxy Research's latest report reveals that three major attack waves targeting the Coldcard wallet have resulted in losses exceeding $100 million.

Wave Breakdown: Numbers and Traces

■1,596 BTC (approximately $100 million) stolen from about 7,300 addresses.

■Three distinct major waves plus 14 smaller incidents affected a total of 4,585 addresses.

■73 victims contacted Galaxy researchers, confirming the first three waves.

Suspected Fourth Wave: Potential $130 Million Surge

Galaxy Research estimates, with "medium-high" confidence, a possible fourth wave involving 2,055 BTC (about $130 million) that has yet to be verified by victims.

■The wave likely extends the footprints of the earlier attacks, reflecting opportunistic actors.

■While awaiting confirmation, the loss estimate could rise from 1,367 BTC to 2,055 BTC.

Stagnant Assets: 90% of Stolen BTC Remain Stationary

■90% of the stolen Bitcoin has not moved.

■These funds, along with attacker and victim addresses, have been shared with US federal law enforcement, crypto exchanges, and cyber‑investigation firms.

Institutional Response: Immediate Migration and Collaboration

■Galaxy warns that attacks are ongoing and urges Coldcard users to migrate their funds to a safe address without delay.

■Shared address data is being examined in coordination with international authorities and exchanges.

Cem Talu – The Coldcard incidents underscore the existence of an active vulnerability and the critical need for multi‑layered security in crypto asset storage. The fact that 90% of the stolen coins remain unmoved suggests a window for tracing and potential recovery, but investors must reassess cold‑storage practices and prioritize isolated, hardware‑based solutions.