Coldcard Bitcoin Losses Rise to $88.6 Million After Galaxy's Updated Estimate

The estimated losses from the Coldcard firmware flaw have risen to $88.6 million after Galaxy Research updated its estimate on August 1.

Galaxy's new figure is based on 1,367.05 BTC being drained across 4,585 addresses in three suspected attack waves.

The first wave occurred between July 30 and 31, when 1,082.65 BTC was removed from 1,196 addresses within a 41-minute window.

Coinkite has taken responsibility for the bug and released hotfixes for affected models, but installing new firmware only corrects future seed generation and does not add entropy to existing recovery phrases.