Galaxy Research tracked $100 million in stolen Bitcoin from Coldcard hardware wallets across three confirmed attack waves. Ninety percent of the funds remain untouched on the blockchain, with investigators now examining evidence of a potential fourth wave that could push total losses to $130 million.
The theft unfolded in stages, exploiting vulnerabilities in the popular cold storage device. Each wave targeted different batches of users, suggesting either coordinated attackers or copycat operations following initial breach patterns. The fact that most stolen coins haven't moved indicates either deliberate holding by thieves or uncertainty about converting the assets without triggering detection.
Security researchers are still unpacking how attackers bypassed Coldcard's protections. The device's reputation rested on being immune to remote attacks, making this incident particularly damaging to user confidence across the hardware wallet industry. Galaxy's investigation continues as forensic teams trace wallet movements and attempt to identify who orchestrated the theft.
This article is for informational purposes only and does not constitute financial advice or recommendations regarding cryptocurrency security practices.
