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BTC Coldcard hardware wallet suffers large-scale security breaches, and user assets are frequently stolen.
Users of the Coldcard hardware wallet, which is designed to securely store Bitcoin, are facing a wave of theft following a coordinated attack. A recent series of organized attacks resulted in the theft of hundreds of addresses, raising widespread concerns in the cryptocurrency community.
What does the latest data reveal?
Alex Thorn, director of research at Galaxy, revealed that in a recent incident, attackers targeted 462 potential victims. These attacks initiated a total of 218 transactions and transferred a total of 388.9 bitcoins. In contrast, the average number of sweeps per block soared to 13.8, well above the stable level before previous attacks.
How are assets transferred?
Stolen bitcoins are often transferred to a new wallet rather than to a single address, making it more difficult to track. Some assets have been further transferred to secondary wallets (so-called "second hop" addresses), making tracing extremely difficult.
Many transactions are still waiting for blockchain confirmation, and suspicious activity has occurred in the Bitcoin network's memory pool of unconfirmed transactions. The unique characteristics of these attacks, including their technical traces and frequency patterns, strongly point to associations with Coldcard wallets.
The following table shows key indicators of the latest wave of attacks:
462 addresses were affected.
218 transactions were recorded.
388.9 bitcoins were transferred.
The number of sweeps per block surged from approximately 0.3 to 13.8.
Thorn recommends that users whose transactions have not yet been confirmed take quick action to transfer bitcoin to a more secure wallet by broadcasting a higher-fee transaction to protect the safety of their funds. This proactive measure has the potential to deter ongoing theft.
Thorn said: "These victims are most likely from Coldcard-their characteristics are consistent with Coldcard's vulnerable UTXO, and the abnormal trading pattern makes me highly convinced that this is a new attack." Security experts continue to warn Coldcard users, emphasizing that those who have not yet deployed assets to a more secure environment face higher risks. Current estimates suggest that losses related to these vulnerabilities could be as high as approximately $70 million.
