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Coldcard user losses could reach $114 million in new wave of Bitcoin thefts

Coldcard user losses could reach $114 million in new wave of Bitcoin thefts
Coldcard attack enters fourth wave

​Researchers have identified a fourth wave of Bitcoin thefts targeting Coldcard wallets created with a vulnerable firmware version. If the latest attack succeeds, total losses could reach 1,816 BTC (about $114 million) across more than 5,200 wallet addresses.

The ongoing attack was reported by Galaxy Research head of research Alex Thorn. According to him, the attackers are exploiting the replace-by-fee (RBF) mechanism, which allows an unconfirmed Bitcoin transaction to be replaced with another carrying a higher transaction fee.

This means users who spot their transactions in the mempool—the queue of unconfirmed transactions—may still be able to move their funds to a secure address by broadcasting a replacement transaction with a higher fee.

Attack has continued since late July

The first wave of thefts began on July 30, when attackers drained 1,083 BTC from 1,196 addresses in just 41 minutes. Two additional waves followed, increasing confirmed losses to 1,367 BTC across 4,585 affected addresses.

According to Thorn, if the ongoing fourth wave succeeds, total stolen funds could rise to approximately 1,816 BTC.

The researcher noted that he has not yet received confirmation from affected users and based his conclusions solely on blockchain analysis. He said he decided to alert wallet owners as early as possible while some transactions were still awaiting confirmation.

Vulnerable firmware to blame

The issue stems from a firmware version released in March 2021.

Instead of relying on the device's hardware random number generator when creating seed phrases, the firmware used a predictable software-based algorithm, allowing attackers to later reconstruct affected private keys.

Wallet manufacturer Coinkite has already released updated firmware for all affected devices. The company urged users who generated seed phrases using the vulnerable version to immediately move their funds to newly created wallets.

According to Thorn, the first three attack waves did not affect multisignature wallets, supporting the theory that only single-signature seed phrases were compromised.

The latest Coldcard attack continues a broader wave of major cryptocurrency security incidents in 2026.

According to industry researchers, hackers carried out a record 83 successful attacks during the second quarter, stealing approximately $755 million in digital assets. Even so, total losses remained well below the all-time quarterly record of $3.56 billion set in the fourth quarter of 2020.

Earlier, Immunefi reported that cryptocurrency projects lost approximately $972 million across 207 hacking incidents during the first half of 2026.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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