Galaxy raises Coldcard exploit estimate to 1,789.28 BTC

Galaxy Research raised its estimate of losses from the Coldcard hardware-wallet exploit to 1,789.28 BTC across 8,865 addresses, up from 1,778.84 BTC across more than 8,600 addresses. The Bitcoin was worth about $114.7 million when stolen and about $138.8 million at current prices cited by Alex Thorn, Galaxy's head of firmwide research. Galaxy received 221 victim reports involving 790.72 BTC, or 44.2% of the identified total. Including medium-confidence cases could raise the estimate to about 1,824 BTC, or roughly $140 million based on prices when the thefts occurred. The thefts began July 30 after a March 2021 firmware change weakened seed-generation randomness, allowing attackers to derive candidate keys without physical access. Most funds remain unmoved, and Galaxy found no confirmed attacker activity after Aug. 6. TRM Labs separately estimated losses at roughly 1,816 BTC.

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