Coldcard Bitcoin loss estimate rises to $70M after Galaxy analysis
Galaxy Research traced the Coldcard wallet incident to 1,196 Bitcoin addresses and 1,082.65 BTC lost, worth about $70.2 million at the time. It mapped the transfers across blocks 960,183 to 960,191 between 1:10 AM and 1:51 AM UTC on July 30, roughly 30 hours before Coldcard’s first security advisory. The transactions shared a clear on-chain pattern, including identical 30 sat/vB fees and no change outputs, which may help identify the initial attack activity. Earlier estimates from AnchorWatch put the loss at 594.48 BTC across 500 transactions. Coinkite co-founder Rodolfo Novak said the company accepts responsibility for the firmware bug, has issued a hotfix to remove the fallback path, and warned that seeds generated on vulnerable firmware remain exposed and should be moved to a new seed.
