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

Galaxy Research has identified significant losses from a Coldcard bitcoin hardware vulnerability. The firm estimates that the total loss could reach $130 million, based on 2,000 BTC stolen across three confirmed waves of attacks and 14 smaller security incidents.

The issue affects seeds generated on Coinkite's Coldcard Mk3, Mk4, Mk5, and Coldcard Q firmware versions. Coinkite has released emergency firmware updates for affected models and destroyed remaining vulnerable inventory.

Galaxy suspects that the losses may be greater when a potential fourth wave of attacks is included. If confirmed, this would bring the total loss to 2,055 BTC, or $130 million.