Galaxy Research has pegged the Coldcard Bitcoin loss at roughly $70 million, with 1,082.65 BTC drained from 1,196 addresses in a span of just 41 minutes. The figure, released this week, provides the first independent estimate of the scale of the breach that hit users of the popular hardware wallet.
The 41-minute window
The attack unfolded rapidly. According to Galaxy's analysis, the entire loss occurred within a 41-minute period, suggesting an automated or highly coordinated exploit. The 1,196 addresses involved indicate a broad sweep rather than a targeted heist. Coldcard has not yet confirmed the root cause, but the speed and scope point to a vulnerability that allowed attackers to move funds before users could react.
What Galaxy found
Galaxy Research's team traced the stolen coins using on-chain data. The $70 million figure is based on the Bitcoin price at the time of the incident. The firm noted that the attacker consolidated the funds into a small number of wallets shortly after the heist. No further movement has been detected since then, leaving the possibility that the thief is waiting for a quieter moment to launder the coins.
Coldcard has yet to release a public post-mortem. Users are waiting for a firmware update or a statement explaining how the exploit worked. The 41-minute window means that even users who acted quickly may not have been able to stop the loss. Galaxy's estimate gives the community a concrete number to track as the investigation continues.
