$154 Million in Bitcoin Moved from Hacked Coldcard Devices to Recovery Trust
A recent exploit of Coinkite's Coldcard hardware wallet has seen hackers target over $154 million in Bitcoin, but some good news has emerged for would-be victims. According to Galaxy Digital's Alex Thorn, a total of $4.5 million in Bitcoins have been moved from the compromised devices to a recovery trust. The funds were taken by 'white hats' to protect potential victims and are now being held in an address controlled by Crypto Recovery Trust, a Wyoming Trust created to help return stolen assets.
The hack started on July 31, with criminals targeting Bitcoin stored using Coinkite's popular Coldcard hardware wallet. A firmware bug allowed hackers to guess investor seedphrases, resulting in the loss of over $154 million in Bitcoin at today's prices. Galaxy Digital tracked the movement of funds and reported that 1,789.28 Bitcoins were lost in the attacks.
Earlier this month, Nick Bax of Ump Labs announced he was involved in helping recover some of the stolen funds. He noted that the funds are currently being held by a Wyoming trust to ensure their safe return to rightful owners.