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Coldcard hack loss totals vary as investigators rely on victim reports

CryptoQuant confirms 1,432 BTC in losses, while Galaxy and TRM Labs trace higher amounts, with Galaxy citing a high-confidence minimum of 1,730 BTC as victim reports continue to update totals.

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Coldcard hack losses remain uncertain because investigators must measure thefts from self-custody wallets using a combination of victim reports and on-chain tracing, which yields different totals depending on methodology, Cointelegraph reported.

Blockchain analytics platform CryptoQuant currently puts confirmed losses at 1,432 Bitcoin, while Galaxy Research and TRM Labs say their independent analysis indicates a higher toll. Galaxy previously flagged an estimate of as much as 1,816 BTC as a potential figure rather than a confirmed loss total, and as of Tuesday it set a high-confidence minimum at 1,730 BTC, according to Cointelegraph.

Cointelegraph cited Galaxy’s Alex Thorn saying 450+ BTC has been directly confirmed from victim reports. Thorn added that those reports helped identify other, as-yet-unknown victims in more than 730 total BTC, and that Galaxy is still withholding many additional BTC it suspects but cannot yet verify.

TRM Labs told Cointelegraph its tracing points to attackers draining about 1,816 BTC from more than 5,200 addresses across four waves. TRM’s Ari Redbord said investigators should expect estimates to keep moving upward before stabilizing as more corroboration arrives.

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