Coldcard Wallet Exploit Losses Rise to $70 Million, Galaxy Research Says
Researchers now estimate 1,082.65 BTC was drained from nearly 1,200 Coldcard wallets in a 41-minute sweep traced to a 2021 firmware flaw.
AfroEuropa Newsroom
AfroEuropa desk
The estimated losses from an exploit targeting Coldcard Bitcoin hardware wallets have risen to roughly $70 million, according to an analysis by Galaxy Research.
Galaxy Research identified 1,196 addresses that lost 1,082.65 BTC during a 41-minute window on July 30, according to Cointelegraph and BitKE. The revised figure is nearly double an earlier estimate of about 594 BTC. Galaxy Research said the funds were drained across six Bitcoin blocks, with the affected wallets emptied in rapid succession.
According to BitKE, the incident differs from most hardware wallet attacks because the attackers did not need physical access to the devices or to users' recovery phrases. Rather than relying on victims revealing seed phrases, installing malicious firmware, or handing over devices, the exploit targeted the wallet creation process itself.
Keep reading
Crypto Stocks Fall After Senate Declines to Advance Clarity Act
Shares of Coinbase, Circle and Galaxy dropped after the U.S. Senate failed to move forward a crypto market structure bill.
Other highlights
Health and Legal Tech Startups Draw Fresh Funding Across US, MENA and Europe
From women's health diagnostics to construction procurement and IP enforcement, four startups have secured new capital to expand their platforms.
Follow the story
One newsletter, two continents
The Bridge brings you the tech, startups, and leaders moving between Africa and Europe in one sharp email each morning. No spam, unsubscribe anytime.
