Galaxy research head Alex Thorn warns of a new wave of coordinated thefts targeting Coldcard users. Over 389 BTC have been moved in suspicious transactions, raising concerns among traders and highligh
In recent days, cryptocurrency enthusiasts are facing a fresh threat to their funds as a suspected fourth wave of Coldcard attacks has swept through the Bitcoin network, targeting approximately 389 BTC worth around $24.5 million (as of August 3, 2026). According to Galaxy research head Alex Thorn, unconfirmed transactions have provided attackers with an opportunity to exploit vulnerabilities in users' hardware wallets.
Thorn flagged a total of 218 suspicious transactions affecting 462 potential victim addresses over the past few hours. The activity is characterized by frequent sweeps per block—averaging around 13.8 per block, which is nearly 45 times higher than usual pre-incident rates. Most transfers have created fresh destinations for each victim rather than converging on a central collection wallet, indicating an organized and strategic approach.
The latest Coldcard firmware flaw has been exploited in these attacks, causing devices to generate wallet seeds with less entropy than intended. This vulnerability has impacted over 1,100 wallets since the issue was first disclosed, resulting in approximately $90 million worth of Bitcoin being stolen so far. The high-profile nature of this attack and its potential to affect a large number of users underscores the importance of security measures for cryptocurrency storage.
For affected users who control their relevant keys, there is still an opportunity to secure their funds by broadcasting conflicting transactions with higher fees before attackers’ transactions are confirmed. This method can help move funds into more secure wallets or addresses, minimizing potential losses.
These attacks highlight the ongoing risks associated with hardware wallets and bring attention back to the security concerns surrounding Coldcard devices. As more users become aware of these vulnerabilities, they may reassess their storage methods and consider alternative solutions such as software-based wallets or multi-signature setups for added protection.
Traders should remain vigilant and monitor developments closely. With ongoing investigations into potential firmware flaws and increasing reports of coordinated attacks on hardware wallets, the landscape of cryptocurrency security is likely to evolve rapidly in response to these threats.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.