Galaxy Research reports that the Coldcard wallet incident has resulted in over $100 million worth of stolen BTC, with a suspected fourth attack potentially pushing losses to $130 million.
In what is being called one of the largest cryptocurrency heists, Galaxy Research announced that 90% of the 1,596 Bitcoin (BTC) stolen from Coldcard wallets remains unspent. This theft spans across three major attack waves and 14 smaller incidents, with confirmed losses now topping $100 million.
The victims involved are a mix of individuals who had their funds compromised through Coldcard wallets. According to Galaxy Research, 73 out of the approximately 7,300 affected addresses have reported the thefts, which investigators believe represent significant attacks that could be part of an ongoing scheme.
Galaxy's research arm has identified what they consider a potential fourth wave of attacks, potentially increasing total losses to $130 million. However, this figure is contingent on confirmation from additional victims. The first three confirmed incidents were traced across 4,585 addresses, with attacker and victim addresses shared with law enforcement agencies.
The stolen funds have not been moved significantly since the thefts, indicating that hackers are likely holding onto them for a strategic reason or waiting for an opportune moment to sell. This inactivity has allowed investigators time to analyze patterns and potentially trace the movements of the stolen BTC.
This incident highlights significant security vulnerabilities within cryptocurrency wallets. Coldcard users have been advised by Galaxy Research to immediately transfer their funds to safer addresses, as attacks are still ongoing. The severity of this breach underscores the need for robust security measures in wallet management systems.
Traders and investors should monitor developments closely, particularly those using similar cold storage solutions. This event serves as a stark reminder that even highly secure wallets can fall victim to sophisticated cyberattacks.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.