Galaxy Estimates Coldcard Hack Losses Could Reach $130 Million

Galaxy Research has been investigating the Coldcard exploit and estimates that losses could reach as high as 2,055 BTC. This is based on three confirmed attack waves that resulted in the theft of 1,596 Bitcoin from approximately 7,300 addresses.

The research firm values the possible total at nearly $130 million, using current Bitcoin prices. However, this figure only applies if investigators confirm the additional losses.

Galaxy also identified 14 smaller security incidents that are connected to the same seed-generation flaw. These cases increase the confirmed scope of the Coldcard exploit.

The suspected fourth wave of attacks is estimated to have stolen around 448.7 BTC from 709 probable victim addresses, but Galaxy has not added this figure to the confirmed total due to a lack of confirmation from affected wallet owners.