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BTC Galaxy Research confirmed that the Coldcard vulnerability stole 1719 BTC worth approximately US$111 million.
Galaxy Research confirmed that the number of bitcoins stolen in the Coldcard vulnerability was 1719, worth approximately US$111 million. Researchers are still verifying additional losses.
More than 250 victims have reported losses to Alex Thorn, and the suspected stolen amount may bring the confirmed loss to more than 2300 BTC.
Galaxy said that 88% of stolen bitcoins have been dormant for at least a year, while the investigation revealed more than 25 attack patterns.
According to Galaxy Research, losses caused by the Coldcard vulnerability have been confirmed to reach US$111 million, involving the theft of 1719 BTC items. Galaxy said that as researchers further review other currencies, the actual loss could exceed $130 million. Alex Thorn, director of research at Galaxy company-wide, has received reports of more than 250 victims. The survey traced more than 25 attack patterns in the first, second and third waves of attacks.
Confirmed losses continue to rise
Galaxy said that stolen currencies will only be confirmed after a high level of confidence is gained through victim reports. However, candidate cases to be confirmed could result in losses of more than 2300 BTC.
The total amount of losses currently confirmed is 1719 BTC, valued at approximately US$111 million, according to data reported by Galaxy. Researchers said the total loss could exceed $130 million as the review continues.
Reports received by Thorn show that the amount of damage ranged from 624 Satoshi to 58.97 BTC. Calculated by address, the median loss was 0.014 BTC and the average was 0.212 BTC.
Calculated by reported victim, the median loss was 1.022 BTC and the average was 4.04 BTC.
Stolen bitcoins are mainly aged coins
According to Thorn's analysis, stolen bitcoins show obvious age characteristics. The median dormant period is 3.5 years, with 88% of stolen currencies dormant for at least a year. Galaxy said that none of the stolen coins were generated on the chain before March 17, 2021, which coincides with the release time of the affected Coldcard firmware version.
Researchers said there is currently no evidence that other signature devices or wallets were involved. The models affected are Coldcard Mk3, Mk4, Mk5 and Q. The investigation also traced multiple attackers. Galaxy said more than 25 attack modes emerged in the first, second and third waves of attacks.
Victim reports dominate the investigation process
According to Galaxy, Thorn has received reports from more than 250 victims. Researchers are continuing to review these submissions to confirm each person's loss. Galaxy said the loss characteristics in the first, second and third waves of attacks mainly involved ordinary Bitcoin users rather than large users.
The research team did not include all suspected theft cases in the scope of confirmation, but required high confidence, which usually required multiple victim confirmation. Galaxy stated that candidate cases pending confirmation could result in confirmed losses of more than 2300 BTC units. The team will continue to review these currencies before making further updates.
