Coldcard Losses Top $100 Million as Security Breach Persists

New data shows that losses from the Coldcard hardware wallet exploit have officially crossed the $100 million mark. Galaxy Research reports that 1,596 BTC has been stolen across thousands of addresses. Investigators are also tracking a possible fourth wave of attacks that could push total damages to roughly $130 million if confirmed.

The security failure stems from a firmware error introduced in March 2021. This bug caused the device to bypass its secure hardware random number generator, relying instead on predictable software inputs. While Coldcard released a fix on July 31, it cannot repair seeds that were already generated using the faulty process.

Most of the stolen Bitcoin remains stationary, and the details regarding victim addresses have been shared with federal law enforcement and major exchanges. Because the damage has tripled in just a few days, observers are closely watching to see if the activity continues to spread. Owners of older devices should check their firmware status immediately to ensure their funds remain secure.