Galaxy Research identified 1,596 stolen Bitcoin across three confirmed Coldcard attack waves, with losses now exceeding $100 million. Researchers said a suspected fourth attack wave could rai
Galaxy Research said confirmed losses linked to the Coldcard hack have surpassed $100 million after identifying 1,596 stolen Bitcoin across about 7,300 addresses. The research team published its latest findings in a detailed thread, stating that three confirmed attack waves account for the thefts, while a fourth suspected wave could push total losses to about 2,055 BTC, valued near $130 million.
According to Galaxy Research, engineers at Block first detected Wave 1. The team later confirmed that incident using reports submitted by affected users. Galaxy Research said victim reports also helped uncover Waves 2 and 3.
The firm added that new confirmations continue arriving as more users review their wallet activity. Most victims appeared in only one attack wave. However, the researchers said some addresses were affected in two separate waves.
The report also identified 14 smaller incidents beyond the three major attacks. According to Galaxy Research, those cases may involve different attackers exploiting the same known vulnerability.
Galaxy Research said 73 victims have contacted Alex Thorn for assistance with tracing stolen funds. Those reports helped investigators identify additional attacker and victim addresses.
The team also identified a possible fourth wave. However, Galaxy Research excluded it from the confirmed totals because victims have not yet verified their inclusion.
If confirmed, the suspected wave would increase estimated losses to about 2,055 BTC, worth roughly $130 million. The researchers said they hold medium-high confidence that the activity belongs to an attacker.
According to Galaxy Research, about 90% of the stolen Bitcoin has not moved on-chain. The report added that every coin stolen during Waves 1, 2, and 3 remains untouched.
Galaxy Research said it has shared confirmed attacker and victim addresses with U.S. federal law enforcement agencies, cryptocurrency exchanges, compliance firms, cyber investigation groups, and other relevant organizations.
The researchers also advised Coldcard users who remain uncertain about their wallet security to move funds to a fresh seed or a custodian or exchange. Meanwhile, they encouraged victims to contact Alex Thorn with drained wallet addresses and attacker transaction IDs to support ongoing tracing efforts.
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