Coldcard Hack Drains $116M from Bitcoin Holders

A recent hack of the Coldcard hardware wallet has left Bitcoin holders vulnerable to theft. Tim Lamb, a dedicated holder, lost two Bitcoins worth approximately $130,000 while on vacation in the Channel Islands.

The breach targeted more than 5,200 individual addresses tied to Coldcard wallets across four waves of theft, with roughly 1,816 stolen Bitcoins, valued at close to $116 million, moved out of affected wallets.

Investigations have revealed that the root cause of the hack traces back to a 2021 software update that weakened how Coldcard generated recovery phrases.