Galaxy Research estimates that 1,596 BTC worth approximately $102 million has been stolen from around 7,300 addresses in the Coldcard hack, with users urged to review official security guidance immediately.
Coldcard Hack Estimated to Have Stolen 1,596 BTC Worth $102 Million, Galaxy Research Says
A major security incident involving Coldcard users has resulted in an estimated theft of 1,596 Bitcoin (BTC) worth approximately $102 million, according to new findings from Galaxy Research. The analysis suggests that around 7,300 Bitcoin addresses have been affected, making it one of the most significant wallet-related security incidents reported this year.
Galaxy Research noted that the investigation is still ongoing and that some of the identified transactions have yet to be fully confirmed. However, the current estimates indicate that a substantial amount of Bitcoin has already been moved from compromised addresses.
Security experts are urging all Coldcard users to carefully review the wallet manufacturer’s official security guidance and take immediate steps to secure their funds if they believe they may have been affected.
Galaxy Research Details the Estimated Losses
According to Galaxy Research, approximately 1,596 BTC has been linked to the incident across multiple groups of affected addresses. The report breaks the stolen funds into several categories, showing that a large portion of the Bitcoin remains in wallets believed to be controlled by the attackers.
The researchers also noted that some transactions remain under investigation and that additional addresses could be identified as the analysis continues. Because blockchain investigations are ongoing, the final number of affected wallets and total losses could change as more information becomes available.
Users Urged to Follow Official Security Guidance
Following the incident, users have been strongly encouraged to review Coldcard’s official security recommendations as soon as possible. Anyone who suspects that their wallet may have been compromised should avoid making further transactions until they have confirmed that their device and recovery phrase remain secure.
Security experts generally recommend verifying wallet authenticity, ensuring firmware is obtained only from official sources, and never entering recovery seed phrases into websites or unknown software. Users should also be cautious of phishing attempts that often appear after high-profile security incidents.
Impact on the Bitcoin Community
The estimated theft has once again highlighted the importance of strong operational security for Bitcoin holders, particularly those using self-custody solutions. Hardware wallets remain one of the safest methods for storing digital assets when used correctly, but users must still follow best security practices to protect against sophisticated attacks.
The incident has sparked renewed discussions within the cryptocurrency community about supply-chain security, firmware verification, and user education. Researchers believe that increasing awareness of security risks is essential as cryptocurrency adoption continues to grow worldwide.
Investigation Continues
Galaxy Research emphasized that its estimates are based on currently available blockchain data and that the investigation remains active. Additional addresses, transaction flows, and confirmations may be identified over time as researchers continue tracking the movement of funds.
Coldcard users are encouraged to monitor official announcements for further updates and follow recommended security procedures to minimize potential risks.
While the full scope of the incident is still being determined, the reported loss of 1,596 BTC, valued at roughly $102 million, serves as another reminder of the importance of maintaining strong security practices when managing digital assets.
