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Coldcard-related Bitcoin thefts slow, but losses may still exceed $150M

Galaxy Research attributed the slower pace to vulnerable holders migrating to avoid losses or already being emptied, even as total theft value could rise above $150 million.

Reported · Written up by our desk · Market Structure

Galaxy Research says theft activity tied to Coldcard-related Bitcoin incidents has slowed, but the total losses could still exceed $150 million, according to Decrypt.

In Galaxy Research's view, the recent lull does not necessarily signal the threat has ended. The research points to the possibility that vulnerable holders either moved funds to reduce exposure or had already been drained.

Decrypt reports that Galaxy's interpretation of the slowdown is consistent with an initial wave that made certain targets safer by removing remaining balances, leaving fewer victims for later attacks.

Even with fewer thefts in the latest period, Galaxy's framing suggests the cumulative impact could continue to build as remaining exposure is addressed.

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