Bitcoin
Coldcard Bitcoin theft losses climb to $88.6 million across 4,585 addresses
Galaxy Research identified a third attack wave linked to a Coldcard seed-generation flaw, raising total suspected losses to 1,367 bitcoins worth approximately $88.6 million.
Losses tied to a critical flaw in Coldcard's seed-generation process have reached an estimated 1,367.05 Bitcoin, worth about $88.6 million, according to analysis by Galaxy Research. The estimate now covers 4,585 addresses, with attacker-controlled endpoints holding 1,366.3865 BTC that remained unspent on-chain.
The latest identified attack wave involved 207.7294 BTC, marking the third suspected theft cluster. Earlier, investigators had identified a larger sweep of 1,082.65 BTC from 1,196 addresses during a 41-minute window on July 30, with transactions crossing six blocks. Initial reports had placed losses near 594 BTC across about 500 wallets.
The weakness originated in 2021 when a software integration redirected seed creation to MicroPython's deterministic fallback generator instead of the intended hardware random-number generator. This sharply reduced the unpredictability protecting newly created wallets. Older Mk2 and Mk3 units produced an estimated 40 bits of effective search space, while newer Mk4, Q, and Mk5 models reached about 72 bits instead of the intended 128 bits.
The attack required no physical access, malware, or stolen recovery phrase—only vulnerable seeds created by the flawed firmware. Block's engineering and security teams traced the weakness to the same firmware path, confirming the source of the vulnerability.
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