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Coldcard wallet incident loss estimate climbs to about $70 million

Galaxy Research traced 1,196 addresses involved in a 41 minute window on July 30, expanding the earlier estimate from about 594.5 Bitcoin.

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Cointelegraph reports that Galaxy Research, the research arm of Galaxy Digital, expanded its analysis of the Coldcard Bitcoin wallet incident, identifying 1,196 addresses that lost 1,082.65 Bitcoin in a 41 minute period, worth about $70.2 million at the time of the transactions.

The outlet says Galaxy Research traced the bitcoin movements between 1:10 AM and 1:51 AM UTC on July 30 across blocks 960,183 to 960,191, about 30 hours before Coldcard published its first security advisory.

Cointelegraph adds that earlier preliminary analysis by AnchorWatch CEO and co-founder Rob Hamilton estimated 594.48 Bitcoin, worth around $38 million, moved across 500 transactions within a three block window.

The story also notes that Coinkite co-founder Rodolfo Novak said the company takes responsibility for a firmware bug, released a hotfix to remove a software fallback path, and warned the update does not protect seeds generated on vulnerable firmware, advising users to move funds to a new seed.

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