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Coldcard hack losses top $114 million as wallet draining continues

Galaxy Research said a fourth attack wave began Sunday evening, with 388.9 BTC worth more than $29 million moved in new transactions around 7:50pm New York time.

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Bitcoin Magazine reports that Coldcard Bitcoin wallet thefts are continuing, with the total amount stolen now estimated at over $114 million as hackers drain wallets tied to Coldcard devices.

According to the outlet, Galaxy Research’s Alex Thorn said a fourth wave of attacks likely started on Sunday evening, adding that 388.9 Bitcoins, worth over $29 million, were moved in new transactions around 7:50pm in New York.

Bitcoin Magazine also links the theft to a Coldcard Mk3 firmware issue, saying Coinkite attributed the problem to a bug in firmware version 4.0.1 in March 2021 that caused seed generation to fall back to a weaker software pseudorandom number generator instead of the device’s hardware true random number generator.

The article says Coinkite warned that all Bitcoin addresses related to Coldcard could eventually be at risk, destroyed remaining inventory made with the vulnerable firmware, and halted product shipments, while engineers at payments firm Block were also investigating the incident.

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