Coldcard Bitcoin Hack Losses Pass $115M According To Galaxy

New figures show that at least $115 million in bitcoin has now been stolen in the ongoing Coldcard security breach. Galaxy Research shared the updated numbers after speaking with more than 200 victims to gather intelligence and offer support. The stolen amounts are calculated using the price of bitcoin at the exact time of each attack.

The security issue stems from a firmware bug in Coldcard Mk3 devices dating back to March 2021. This flaw caused seed generation to use a weak software random number generator instead of the proper hardware tool, making it possible for attackers to guess seed phrases. Galaxy Research estimates that at least 15 separate groups of hackers are exploiting the vulnerability independently, and total losses could eventually cross $130 million.

Coinkite, the Canadian company behind the popular wallet, admitted that the bug went unnoticed for years while its impact grew with new updates. Following the first wave of thefts, the company urged users to update their software or move funds immediately. Many cautious investors are now shifting their assets to alternative storage options and exchanges while the situation develops.