Coldcard Bitcoin Wallet Hack: Third Attack Wave Totals $88.6M Loss
A Coldcard Bitcoin wallet hack campaign is expanding. Galaxy Research reports a third wave of attacks targeting addresses created on affected Coldcard hardware wallets.
In this wave, attackers withdrew 207.7294 BTC, taking estimated total losses to 1,367.05 BTC (about $88.6M) across 4,585 addresses. Galaxy also estimates the attackers still control 1,366.3865 BTC, and not all stolen funds have been spent on-chain yet.
Key change in the Bitcoin wallet hack pattern: earlier waves clustered victims via shared collection addresses and P2WPKH usage, while the third wave switched behavior to separate target addresses per victim, P2WSH destinations, batching about 6.37 victim addresses per “dump,” and scanning mainly the default derivation path. Galaxy cannot confirm whether all three waves came from the same attacker.
Separately, Coinkite expanded its Coldcard advisory for additional models/firmware ranges. It warns that installing fixed firmware does not recover funds generated under vulnerable software. The recommended mitigation is migrating funds using updated firmware, verified backups, and test transfers.
For traders, this Bitcoin wallet hack highlights ongoing, delayed on-chain theft risk tied to hardware-wallet generation issues. Monitor BTC wallet flows, exchange inflows, and self-custody risk sentiment as more clustered transactions may follow.
Neutral
This news is mainly security- and forensics-driven (a Coldcard-related Bitcoin wallet hack with evolving on-chain patterns) rather than a new macro or protocol catalyst for BTC. The estimated losses are large in dollar terms, but the information is unlikely to change BTC’s supply/demand fundamentals quickly. Short-term price impact is likely limited to sentiment effects around self-custody hardware risk, while long-term impact depends on how quickly affected users migrate and how widely the advisory is acted upon.