Galaxy Research: Coldcard Security Breach Losses Could Top $130 Million
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Galaxy Research estimates the Coldcard incident involved confirmed theft of 1,719 BTC (~$111M), with potential losses exceeding $130M if additional reports are verified. The breadth of observed attack patterns and indications of multiple concurrent attackers raise operational and custody-risk concerns for self-custody users. While the issue is reported as limited to specific Coldcard models, the headline theft size can weigh on near-term crypto risk sentiment.
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BlockBeats reports that Galaxy Research said on Aug. 7 it has high confidence the Coldcard security incident led to the theft of 1,719 BTC, worth about $111 million, and expects total losses could exceed $130 million. The team has identified more than 25 distinct attack patterns and believes multiple threat actors exploited the same vulnerability in parallel.
More than 250 victims have filed reports. Galaxy Research said that if all currently unverified cases are ultimately confirmed, total stolen funds could surpass 2,300 BTC, though the figure remains unconfirmed.
Galaxy Research added it has found no evidence the issue impacts any other signing devices or wallets beyond the Coldcard Mk3, Mk4, Mk5, and Q models.
