Coldcard’s $130 million crisis is pushing Bitcoin back into Wall Street’s hands

The Coldcard hardware wallet exploit has resulted in the theft of at least 1,596 BTC from about 7,300 addresses as users continue moving funds from potentially vulnerable wallets.

Galaxy Research said the confirmed losses came from three major attack waves and 14 smaller incidents.

The firm has also identified a possible fourth wave that could increase the total to 2,055 BTC, worth about $130 million, but has kept those addresses outside its confirmed estimate pending additional victim reports.

At least 73 victims have contacted Galaxy’s head of research, Alex Thorn, for help tracing their Bitcoin. Those reports helped researchers identify additional attack patterns and conclude that at least 15 attackers may now be exploiting the vulnerability.

About 90% of the stolen Bitcoin has not moved, while all coins linked to the first three confirmed waves remain at their initial attacker-controlled addresses.

Galaxy has shared the identified addresses with US law enforcement agencies, cryptocurrency exchanges and blockchain investigation firms so the funds can be flagged if the attackers attempt to move them through centralized platforms.

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