Coldcard Bitcoin theft losses exceed $100 million... Analysis by Galaxy Research

Samsung's Digital Research division has announced that the total amount of Bitcoin stolen in attacks exploiting vulnerabilities in Coldcard hardware wallets has exceeded $100 million. Approximately 1,596 BTC were stolen from around 7,300 addresses through three major attacks and 14 smaller incidents. According to Samsung Research, 73 victims have contacted the research team directly to confirm their losses. These reports from victims helped to officially confirm the first three major attacks, and the research team was also able to identify traces of smaller attackers who opportunistically exploited the vulnerabilities. Samsung refers to this as a "footprint." Samsung has also identified activity that is suspected to be a fourth attack wave. If this wave is included, the total losses could reach 2,055 BTC, or approximately $130 million. The research team considers this wave to be an "medium-high" probability of being an attacker's activity, but it has not yet been officially included in the total count, as confirmation from related victims is still pending. Previously, the official estimate of losses was 1,367 BTC, tracked across 4,585 addresses, but this figure has increased significantly with this update. Ninety percent of the stolen Bitcoin remains unmoved. Most of the funds stolen in the first three confirmed attack waves are still intact. The addresses of the attackers and victims have been shared with U.S. federal law enforcement agencies, cryptocurrency exchanges, and cybersecurity investigation firms, and investigations are underway to track and potentially recover the funds. Samsung has warned that the attacks may continue and strongly urges users who are currently using Coldcard wallets to immediately move their funds to safer addresses. This incident serves as a case study demonstrating how security vulnerabilities in hardware wallets can lead to significant losses, highlighting the need for a comprehensive review of asset storage methods.