Coldcard Hack Losses Unclear Amid Estimates

The recent hack of Coldcard has left researchers scrambling to quantify the losses. The blockchain analytics platform CryptoQuant estimates that 1,432 BTC have been stolen, while Galaxy Research and TRM Labs put the figure at around 1,816 BTC. However, Julio Moreno from CryptoQuant emphasizes that their methodology is deliberately conservative to avoid false positives, as the stolen Bitcoin belonged to individuals rather than a centralized entity.

Galaxy Research has directly confirmed more than 450 BTC through victim reports and identified another 730 BTC in unknown victims. The firm also suspects higher amounts that cannot yet be corroborated with sufficient evidence. TRM Labs estimates that attackers drained around 5,200 addresses in four waves, expecting the figure to keep rising before stabilizing.

The absence of a centralized victim inventory makes it difficult for researchers to determine a definitive loss figure. Moreno summarized that 'the total amount stolen in Coldcard will always be an estimate.' This highlights the challenges of blockchain investigation methodologies when dealing with self-custody wallets and decentralized attacks.