Coldcard Hack Losses Could Swell to $130M as Fourth Wave Feared

The Coldcard bitcoin hardware vulnerability has led to significant losses for its users. According to Galaxy Research, the total losses could reach $130 million if a fourth wave of attacks is confirmed.

Galaxy Research identified 1,596 BTC stolen from 7,300 addresses across three confirmed waves of attacks, plus 14 smaller security incidents. The issue affects seeds generated on Coinkite's Coldcard Mk3, Mk4, Mk5, and Coldcard Q firmware versions.

Coinkite released emergency firmware updates for all affected models and destroyed remaining vulnerable inventory. However, Galaxy Research suspects the losses to be greater once the yet-unconfirmed fourth wave of attacks is included.