Galaxy Estimates Coldcard Hack Losses at 1,789 BTC – Majority of Affected Users Remain Unscathed

The recent hack targeting Coldcard wallets has sent shockwaves through the crypto world—and with good reason. Galaxy Digital’s research arm has now released its initial assessment of the losses, estimating that a total of 1,789 Bitcoin (BTC) were exposed in the attack. At first glance, this figure appears staggering, but there’s a surprising twist: approximately 87% of these funds remain untouched. For the affected users, this offers a small glimmer of hope—but it also serves as a stark reminder that even systems widely regarded as secure can be compromised.
For its analysis, Galaxy Research evaluated 221 reported incidents. What stands out is that more than half of the affected users suffered losses exceeding one Bitcoin. This stark disparity highlights the varying degrees of impact—ranging from modest sums to high six-figure euro amounts.
So, what exactly happened?
The attack struck Coldcard wallets at a time when the product was widely considered one of the most secure hardware wallets for Bitcoin. Many users had relied on it for years, trusting in its security. That such an established product became a target raises serious concerns—not just for Coldcard, but for the entire industry.
Galaxy Research suggests that actual losses could be even higher, as not all victims report breaches immediately. The current estimate of 1,789 BTC might only scratch the surface.
A glimmer of hope in dark times
One of the most surprising findings from the analysis: 87% of the affected Bitcoin have not been moved. While the hackers gained access, they haven’t yet been able to withdraw the funds—a critical window of opportunity for affected users to act.
Coldcard has already issued recommendations: users should immediately transfer their funds to a new, secure wallet and review their transaction history for suspicious activity. A crucial step to potentially mitigat



e further losses.
How is the community reacting?
Reactions within the crypto space are mixed. Many users are sharing their experiences in forums and on social media, warning of the risks and questioning the security of hardware wallets. At the same time, others emphasize that hardware wallets remain one of the most secure methods for storing cryptocurrencies—provided they are used correctly.
Experts view the incident as a wake-up call for the industry, calling for stricter security audits and improved encryption methods to prevent future attacks. Some speculate a vulnerability in Coldcard’s firmware may have been exploited, while others point to insecure user practices—such as sharing seed phrases—as a contributing factor.
What’s next?
Coldcard has pledged to conduct a thorough investigation and share the findings publicly. The company is also working on a firmware update to address potential security gaps. Until then, users are urged to follow the recommended security measures.
For those affected, the incident could have long-term consequences. If they cannot recover their losses, it may permanently erode trust in Coldcard—and possibly in hardware wallets overall. The case underscores the importance of staying informed about emerging threats and regularly reviewing security practices.
Conclusion
The Coldcard hack is yet another reminder that, despite advanced technology, cryptocurrency security remains an ongoing challenge. With losses totaling 1,789 BTC, the incident is a major setback for affected users and the broader crypto community. However, the fact that the majority of the stolen funds remain untouched offers a ray of hope. If users act quickly and Coldcard strengthens its security measures, the damage may yet be contained. The big question remains: how many similar incidents will emerge in the future—and will the industry learn from them?