Crypto
Home›Crypto›Market Structure›Coldcard firmware bug reportedly leads to $111 million…
Coldcard firmware bug reportedly leads to $111 million BTC theft
Analysis of 250 victim reports found the typical stolen coin had been dormant for 3.5 years, with 88% at least a year old.
Bitcoin Magazine reports that new analysis of Coldcard-related thefts puts confirmed losses at $111 million, while the total could be higher, potentially exceeding $130 million.
The outlet says Galaxy Research reviewed 250 victim reports and found the median stolen amount was over one bitcoin. It also reported that stolen funds overwhelmingly came from long-dormant wallets, with the typical coin sitting untouched for 3.5 years and 88% of pilfered funds at least one year old.
Bitcoin Magazine further reports that losses by address ranged from a median of 0.014 BTC to a mean of 0.212 BTC, and that individual victims reported a median loss of 1.022 BTC and an average of 4.04 BTC, including one case of 58.97 BTC.
The outlet adds that Coinkite said a firmware issue in Coldcard Mk3 devices, starting with version 4.0.1 in March 2021, caused seed generation to fall back to a weaker software pseudorandom number generator, enabling attackers to guess seed phrases. It said hackers began by taking $35 million in bitcoin from wallets last Thursday, and that Coinkite urged users to update or move funds after the first hack.
Latest closeBitcoin $64,802.26 ▲0.8%