Coldcard Issues Urgent Warning as Estimated Bitcoin Losses Approach $130M

Coldcard, a hardware wallet provider, has issued an urgent warning to its users to migrate their Bitcoin (BTC) funds into newly generated wallets as losses exceed $100 million and possibly approach $130 million. The company acknowledged that updating firmware alone is not enough to protect against the ongoing threat.

The alert follows several attack waves that began near the end of July, after users reported missing funds and Coinkite identified a critical weakness in the wallet's code. Galaxy Research estimated confirmed losses above $100 million, while some reports placed possible total exposure near $130 million.

Coldcard advised users to install updated software, generate a new seed, and carefully transfer their holdings. The company also asked customers to alert people who may not see the warning. Joe Consorti noted that blockchain tracking could make much of the stolen Bitcoin difficult for the attacker to spend.