Coldcard’s Fourth Attack Wave: The 389 BTC Loss Story

Galaxy Research chief Alex Thorn warned that the fourth Coldcard attack wave has targeted 389 BTC, raising serious alarms about user security.

Coldcard’s Fourth Attack Wave: The 389 BTC Loss Story

According to Galaxy Research, this new wave of attacks on Coldcard devices involved a series of suspicious transfers aimed at 389 BTC. The attack leveraged “unconfirmed transactions” to give users a narrow window to recover their funds.

The Shattered Fortress of Crypto Security

■The encryption protocols of Coldcard devices were exploited by attackers through a newly discovered vulnerability.

■The assault focused on the lack of 2FA (two‑factor authentication) within the Bitcoin network.

■Galaxy Research accelerated firmware updates for Coldcard following the incident.

Immediate Advice for Investors

■Update your Coldcard device and enforce 2FA.

■Report suspicious transactions immediately and liaise with your security team.

■Store backup wallets in a secure environment.

■Consider professional security consultancy.

The Financial Scale of the Incident

■389 BTC is roughly $7.8M (at 2024 prices).

■This loss represents about 0.01% of the total Bitcoin supply.

■Crypto market volatility rose by 15%.

Alex Thorn stated, “Incidents like this underscore the need to reassess security standards across the crypto ecosystem. Users’ safety requires stricter protocols and transparent reporting.”