Canadians Suffer Biggest Share of Losses in $130M Coldcard Wallet Hack
AI Market Summary
Chainalysis and Galaxy Research estimate ~$130M stolen from Coldcard users due to weak-entropy private keys tied to a flawed 2021 firmware update, with Canadian BTC holders comprising ~25% of losses. The incident is a negative signal for self-custody operational risk and hardware wallet supply-chain/firmware diligence, potentially elevating near-term caution among retail holders and increasing scrutiny of wallet security practices across the crypto ecosystem.
Impact level
● Medium
Affected assets
BTC/USDT-0.72%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Canadian Bitcoin $BTC holders bore the brunt of losses tied to the Coldcard hardware wallet exploit, accounting for 25% of the total, according to Chainalysis—the highest share of any country. Coldcard's parent company, Coinkite, is headquartered in Toronto.
Australia ranks next, representing 15% to 20% of losses, while the U.S. and Thailand each make up 10% to 15%.
Galaxy Research attributed the breach to a faulty 2021 firmware update that left Coldcard devices generating private keys with weak entropy for years. As of Tuesday, the firm estimated total stolen funds at roughly $130 million.
