Galaxy Research: Coldcard flaw linked to more than $110 million in bitcoin theft
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Galaxy Research says it is highly confident ~1,719 BTC (~$111m) were stolen via a Coldcard hardware wallet vulnerability, with expected total losses potentially exceeding $130m based on 250+ victim reports. While the issue appears limited to specific Coldcard models and post-2021 firmware, the scale of theft elevates custody and operational risk concerns, potentially tightening risk appetite across BTC-related venues and self-custody hardware supply chains.
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Galaxy Research said it is now highly confident, based on victim reports, that a vulnerability in Coldcard hardware wallets led to the theft of about 1,719 BTC—roughly $111 million—according to ME News on Aug. 7 (UTC+8). The firm added that additional suspicious funds are still being reviewed and total losses are expected to top $130 million. Galaxy said it has received more than 250 victim reports.
Galaxy Research also noted that no on-chain creation records for the stolen tokens appeared before the release of the affected Coldcard firmware on March 17, 2021. It added that there is currently no evidence the issue impacts any signing devices or wallets other than the Coldcard Mk3, Mk4, Mk5, or Q. The affected scope is limited to those devices running firmware versions released after March 17, 2021. (Source: Foresight News)
