Coldcard Bitcoin Losses Hit $88M as Third Wave of Thefts Continues
Galaxy Research has tracked a third wave of unauthorized withdrawals from Coldcard hardware wallets, pushing cumulative losses to approximately $88 million across 4,585 addresses. The ongoing drains indicate attackers retain access to affected private key material.
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Story Updates
- Updated Aug 17, 2026, 02:09 AM: Galaxy Research reports third wave of thefts; cumulative losses revised to $88 million across 4,585 addresses.
Losses Reach $88M Across Multiple Waves
Cumulative Bitcoin losses from the Coldcard hardware wallet breach have reached roughly $88 million, according to Galaxy Research tracking. The losses span 1,367 BTC withdrawn across 4,585 separate addresses, indicating a distributed rather than concentrated attack. A third wave of thefts has pushed the total higher than previously reported figures, suggesting the breach continues to be exploited.
Pattern of Ongoing Drains
The emergence of a third wave of unauthorized withdrawals indicates either that attackers retain persistent access to affected private key material or that a large cohort of devices remains compromised and is being systematically exploited over time. Coldcard has not published a detailed postmortem explaining the initial vector of compromise—whether through supply-chain intercept, firmware vulnerability, or targeted exploitation—leaving the precise scope of affected devices unclear.
Institutional and User Implications
The sustained nature of the drains underscores the severity of the breach for a device marketed as a secure custody solution to both retail and institutional Bitcoin holders. Users who have not yet verified the integrity of their Coldcard-stored private keys face ongoing risk of loss. The incident raises questions about the security posture of hardware wallets as a class and may prompt users to reassess custody architecture, including multi-signature setups and air-gapped alternatives.
Why It Matters
For Traders
Active Coldcard users face immediate risk of further unauthorized withdrawals; any position held on affected devices should be migrated to freshly generated wallets immediately.
For Investors
Sustained multi-wave exploitation of a market-leading hardware wallet signals durability of the vulnerability and raises systemic questions about consumer custody security in Bitcoin markets.
For Builders
The multi-wave pattern suggests either persistent backdoor access or batch exploitation of a known weakness; wallet and hardware manufacturers should treat this as a critical audit trigger.
This article is for information only and is not financial advice. Read the full disclaimer.
