Coldcard Bitcoin Theft Continues, Now Estimated Over $114 Million In Total Stolen

Bitcoin Magazine Coldcard Bitcoin Theft Continues, Now Estimated Over $114 Million In Total Stolen Hackers continue to drain Coldcard Bitcoin wallets, with the total amount stolen now estimated to be standing at over $114 million.  A fourth wave of attacks likely started on Sunday evening, according to Galaxy Research’s Alex Thorn.

Posting at around 7:50pm in New York, he revealed then that 388.9 Bitcoins worth over $29 million had been moved in new transactions that were highly likely to be part of the theft.  Hackers started by taking over $35 million in Bitcoin from wallets on Thursday.

Coinkite, which makes Coldcard, said that a firmware bug in Coldcard Mk3 devices — starting with version 4.0.1 in March 2021 — caused seed generation to fall back to a weak software Pseudorandom Number Generator instead of the hardware true random number generator, allowing hackers to essentially guess investor seedphrases.  The theft continued throughout the weekend while Coinkite and other Bitcoiners urged Coldcard users to immediately move their funds.

Posting on X on Monday, Trezor’s Josef Tětek wrote that the biggest transaction in the ongoing theft so far was 51 Bitcoins.  The biggest drained address (so far) is 51 BTC. Damn. Imagine owning 50+ btc in cold storage and losing it all. Must be absolutely crushing.