Bitcoin
Coldcard Bitcoin theft reaches $88 million across third wave of attacks
Galaxy Research has identified a third wave of attacks on compromised Coldcard wallets, bringing observed losses to roughly 1,367 BTC across 4,585 addresses.
Thefts from compromised Coldcard hardware wallets continue, with Galaxy Research identifying a third wave that drained 207.73 BTC. The firm's cumulative tally now stands at approximately 1,367 BTC—around $88.6 million—across 4,585 addresses. Galaxy flagged roughly 600 suspected attacker addresses to federal investigators, compliance firms and cyber researchers, and urged anyone holding single-signature funds on a Coldcard to move them immediately.
The exploit stems from a March 2021 firmware build error on Coinkite's devices that caused seed phrases to be generated with insufficient randomness, making private keys guessable. Galaxy's head of research stated the sweeps appear deliberate and programmatic, likely orchestrated with a large language model. The firm warned that every single-signature Coldcard address created after the 2021 update will eventually be drained.
The stolen coins had remained dormant for years before being taken—averaging 3.18 years of inactivity—indicating the victims were long-term holders. Funds from all three documented waves remain parked in attacker addresses and have not been moved. The fallout has prompted affected users to transfer Bitcoin off self-custody to centralized exchanges such as Coinbase and Binance, or to newly generated addresses, inverting the industry's standard "not your keys, not your coins" approach.
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