Losses tied to a recent Coldcard hardware wallet incident have climbed to roughly $70 million, according to fresh on-chain analysis from Galaxy Research that widened the estimated scope of the event.
What the Analysis Found
Galaxy Research said it identified 1,196 addresses that collectively lost 1,082.65 Bitcoin during the incident. The affected transactions were concentrated in a narrow 41-minute window, a detail that suggests the drains occurred in a coordinated burst rather than being spread out over an extended period.
The finding significantly expands what was initially believed to be the reach of the problem. Earlier assessments pointed to a smaller pool of impacted wallets and a lower dollar figure, but the deeper blockchain forensic work uncovered a broader set of compromised addresses.
A single 41-minute window accounted for more than 1,000 lost Bitcoin across nearly 1,200 addresses.
Why It Matters for Hardware Wallet Users
Hardware wallets such as Coldcard are widely marketed as one of the safest ways to store Bitcoin, keeping private keys offline and away from internet-connected threats. Incidents of this scale raise pointed questions about how the affected funds were exposed and whether users followed secure setup and recovery practices.
The tight timing of the losses has prompted researchers to examine whether the compromise stemmed from a common vulnerability, a phishing or supply-chain vector, or exposed seed phrases. Pinpointing the root cause is critical for the broader self-custody community.
Key takeaways from the reported analysis include:
- 1,196 addresses were identified as affected
- 1,082.65 Bitcoin was lost, valued near $70 million
- The losses unfolded within a 41-minute window
For Bitcoin holders relying on cold storage, the episode is a reminder that even offline devices demand careful handling of recovery information and vigilance against social engineering attacks. As more data emerges, the total tally and the underlying cause may continue to be refined.