Galaxy Research: Bitcoin Losses from Coldcard Attack Could Reach $130 Million
Cryptocurrency research firm Galaxy Research assesses potential losses from the Coldcard hardware wallet attack at $130 million, with the possibility of higher figures as additional attack waves are confirmed.
Coldcard Attack Triggers $130 Million in Potential Bitcoin Losses
A significant security incident involving the Coldcard hardware wallet has resulted in substantial Bitcoin losses, according to research published by Galaxy Research. The firm released its assessment on X, indicating that users of the compromised wallet have lost approximately $130 million in Bitcoin.
Multiple Attack Waves Signal Escalating Threat
Galaxy Research’s analysis reveals that the Coldcard breach unfolded across multiple coordinated attack phases. The research firm noted that losses documented so far represent only part of the total damage, as a fourth wave of attacks remains yet-unconfirmed. Once this additional attack wave is officially documented, the firm suspects that the total Bitcoin losses will exceed the current $130 million figure, potentially reaching significantly higher levels.
The phased nature of the attack, spanning multiple waves, underscores both the severity and the ongoing nature of the security threat facing Coldcard users. The existence of a distinct fourth wave still awaiting confirmation suggests that the full scope of damage may not yet be fully understood or disclosed.
Implications for Hardware Wallet Users and the Broader Ecosystem
The scale of losses reported by Galaxy Research—reaching into the nine figures—demonstrates the substantial financial impact that security breaches can inflict on cryptocurrency holders, even those using hardware wallets specifically designed to protect against such vulnerabilities. The incident highlights the critical importance of security vigilance in the cryptocurrency space and raises questions about the safeguards protecting users’ digital assets.
As more details emerge regarding the fourth wave of attacks, the total damage assessment may shift upward, according to Galaxy Research’s preliminary analysis. This dynamic nature of the breach—with new attack phases potentially still unfolding—means that users and observers should remain alert to further developments.
The Coldcard incident serves as a stark reminder of the ongoing challenges in cryptocurrency security infrastructure and the potential for significant financial losses when vulnerabilities are exploited at scale.Source: Galaxy Research, via the source. Not financial advice.