Coldcard Bitcoin Loss Estimate Soars to $70M After Galaxy Research Analysis

Coldcard's Bitcoin loss estimate has increased to $70M after Galaxy Research analyzed the incident. The research identified 1,196 addresses that lost 1,082.65 BTC in a 41-minute window on July 30.

The analysis by Galaxy Research expanded the estimated scope of the Coldcard wallet incident, which occurred between 1:10 AM and 1:51 AM UTC across blocks 960,183 to 960,191. This is about 30 hours before Coldcard published its first security advisory on X.

The identified transactions shared a pattern, including identical 30 satoshis per virtual byte fees and no change outputs. Galaxy Research noted that the initial attack activity is identifiable on-chain through this pattern, but future attacks against Coldcard-generated addresses may not follow the same fingerprint.