A Coldcard hardware wallet-related exploit has now expanded to about $116 million, with attackers moving 1,816 BTC from more than 5,200 addresses, according to ChainCatcher. Galaxy Research said a fourth wave of transfers has been identified, and after revision, that round alone accounted for about 449 BTC.
Alex Thorn, head of Galaxy Research, said the latest activity may represent a "fourth round of organized theft." He added that the transfer rate reached 13.8 transactions per block, roughly 45 times the baseline level seen before the incident. Based on the observed pattern, Galaxy Research said multiple groups may be scanning the affected key space in parallel.
The issue was traced back to a 2021 firmware update affecting some Coldcard devices. According to the report, that update changed wallet seed generation from a hardware randomness source to a predictable software-based mode. Coinkite, the Canadian manufacturer behind Coldcard, has advised users who generated wallet seeds on affected devices to move funds to a new secure wallet as soon as possible.
A Coldcard hardware wallet-related exploit has grown to about $116 million, with attackers moving 1,816 BTC from more than 5,200 addresses, according to ChainCatcher.
Galaxy Research said a fourth wave of transfers has now been confirmed. After revision, that wave alone involved about 449 BTC.
Alex Thorn, head of Galaxy Research, said the latest activity may be a "fourth round of organized theft." He said the transfer rate reached 13.8 transactions per block, about 45 times the baseline level recorded before the incident.
Galaxy Research said the pattern suggests multiple groups may be scanning the affected key space in parallel.
The root of the incident was traced to a 2021 firmware update for some Coldcard devices. That update changed the wallet seed generation process from a hardware randomness source to a predictable software mode.
Coinkite, the Canadian manufacturer, advised users who generated wallet seeds on Coldcard devices to move their funds to a new secure wallet as soon as possible.
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