Galaxy Research confirmed 1,719 BTC stolen in the Coldcard exploit, worth about $111 million, as researchers continue verifying additional losses. More than 250 victims have reported losses t
Coldcard exploit losses have reached $111 million, according to Galaxy Research, after reports confirmed 1,719 BTC stolen. Galaxy said losses likely exceed $130 million as researchers review additional coins, while Alex Thorn, Galaxy’s Head of Firmwide Research, has received reports from more than 250 victims. The investigation tracks more than 25 attack patterns across Waves 1, 2 and 3.
https://twitter.com/intangiblecoins/status/2085752444236005465?s=20Galaxy said it only confirms coins after establishing high confidence through victim reports. However, outstanding candidates could push losses beyond 2,300 BTC.
The confirmed total stands at 1,719 BTC, worth $111 million based on Galaxy’s reported figure. Researchers said total losses likely exceed $130 million as vetting continues.
Thorn’s reports show losses ranging from 624 satoshis to 58.97 BTC. By address, the median loss is 0.014 BTC, while the mean is 0.212 BTC.
By reported victim, the median loss reaches 1.022 BTC, with the mean at 4.04 BTC.
The stolen coins show an age pattern, according to Thorn. Median dormancy stands at 3.5 years, while 88% of stolen coins were at least one year old. Galaxy said no stolen coin originated onchain before March 17, 2021. That date matches the release of the affected Coldcard firmware.
Researchers said there is currently no evidence involving other signing devices or wallets. The affected models are Coldcard Mk3, Mk4, Mk5 and Q. The investigation also tracks multiple threat actors. Galaxy said more than 25 attack patterns appear across Waves 1, 2 and 3.
Thorn has received reports from more than 250 victims, according to Galaxy. Researchers continue reviewing those submissions to confirm individual losses. Galaxy said the loss profile across Waves 1, 2 and 3 mostly involves everyday bitcoiners. It said the victims are mostly not whales.
The research team has not added every suspected theft to its confirmed set. Instead, it requires high confidence, usually through multiple victim confirmations. Galaxy said outstanding candidates could raise confirmed losses above 2,300 BTC. The team continues vetting those coins before making further additions.
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