The estimated value of lost bitcoins following the Coldcard wallet security incident has climbed to approximately 70 million dollars, according to fresh findings from blockchain analytics firm Galaxy Research. The comprehensive investigation identified 1,196 addresses that collectively held a staggering 1,082.65 Bitcoin which were potentially exposed during what Galaxy characterized as an intense 41-minute window of compromise.
Galaxy’s deep-dive analysis went beyond initial assessments by systematically scanning the blockchain for address patterns consistent with known compromised Coldcard devices and related entities involved in or associated with the incident chain. Through this methodical process, researchers were able to significantly expand their damage assessment far past what was initially publicized.
The timeline suggests a sophisticated attack vector that managed to exploit vulnerabilities across multiple device instances within an exceptionally short timeframe of just over two hours. The concentrated nature of losses—approximately 50 BTC lost every few minutes during the incident peak—points toward either coordinated exploitation or systematic scanning procedures targeting Coldcard wallet infrastructure.
As one of the most widely-used hardware wallets in the Bitcoin ecosystem, Coldcard devices represent a critical security layer for individual and institutional holders. The expansion of the loss estimate reflects both increased transparency through improved analytics capabilities and an incomplete picture that continues to evolve as investigations progress toward their conclusions.
