Coldcard Hack Losses Climb Above 1,700 Bitcoin as Investigators Struggle to Track Self-Custody Wallets

The Coldcard hack has left investigators scrambling to estimate losses from self-custody wallets. Unlike exchange hacks, there's no complete list of affected accounts, making it difficult to quantify the toll.

Galaxy Research and TRM Labs both say their analysis points to a higher loss total than CryptoQuant's confirmed tally of 1,432 Bitcoin. Galaxy estimates that between 1,730 and 1,816 BTC was stolen, while TRM Labs puts the figure at around 1,816 BTC.

Galaxy uses victim reports to corroborate attack patterns, but also withholds funds it suspects but cannot yet verify. 'We have directly confirmed 450+ BTC directly from victim reports,' said Alex Thorn of Galaxy Research, 'but their reports have helped identify other, as-yet-unknown victims in more than 730 total BTC.'

CryptoQuant takes a stricter approach, only confirming losses based on public reports from victims and known onchain patterns. The company's head of research, Julio Moreno, said that the confirmed tally could rise if more victims publicly disclose their hacked addresses.