$1.6 Million Drained in Seven Minutes: Coldcard Wallet Hack Exposes Vulnerability

A Canadian entrepreneur lost more than $1.6 million in Bitcoin to a Coldcard hardware wallet hack on July 29, 2026.

The victim, Jonathan Goodman, had followed best practices for cold storage: he stored his Coldcard in a safety deposit box and kept every device isolated from online exposure.

Despite this, between 9:36 and 9:43 pm on the evening of July 29, Goodman's wallets were emptied. He discovered the issue while at his cottage and later found that multiple safes had been targeted.

The hack is linked to a flaw in Coldcard's seed phrase generation code from 2021, which attackers allegedly exploited using artificial intelligence to brute-force affected seed phrases.

A total of 1,367.05 BTC ($88.6 million at the time) was drained across three suspected attack waves targeting addresses generated by Coldcard devices.