Bitcoin
Coldcard exploit now affects 4,585 wallets with $88.6M in stolen Bitcoin
The Coldcard exploit has expanded to 4,585 drained addresses across three waves, totalling 1,367.05 BTC worth $88.6 million, with the attacker holding all stolen funds without spending them.
Galaxy Research uncovered that the Coldcard exploit has affected 4,585 addresses across three attack waves, draining a total of 1,367.05 BTC worth approximately $88.6 million. The latest wave alone drained 207.73 BTC from 1,912 addresses, exceeding earlier estimates of 2,673 wallets and 1,158.81 BTC.
Crucially, investigators found that 100% of the stolen Bitcoin remains unspent, suggesting the attacker prioritizes consolidation over immediate liquidation. Onchain Lens analysis shows the exploit cluster received 1,159.42 BTC worth about $72.71 million from 870 compromised addresses before consolidating into eight verified wallets. However, the attacker has moved only 0.06 BTC to a fresh address, leaving roughly 1,159.35 BTC untouched. This pattern indicates operational planning rather than opportunistic selling, with funds held ready for future movement.
The attacker's behavior suggests a focus on control, organization, and reducing exposure before attempting larger transfers. While the stolen Bitcoin remains visible on-chain for monitoring purposes, investigators now face a critical phase where future movements will determine whether the operation shifts from fund management to extraction. Transfers to regulated exchanges could expose identities through KYC procedures, while movements through mixers or cross-chain bridges would fragment the transaction trail and complicate analysis.
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