Galaxy Digital Says $70,000,000 Drained From Bitcoin Holders in Coldcard Wallet Exploit - The Daily Hodl FEATURES News
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Holders in Coldcard Wallet Exploit by Daily Hodl Staff July 31, 2026 in Bitcoin, Scams, Hacks & Breaches Researchers
at Galaxy Digital say about $70 million has been stolen due to an exploit in the popular Bitcoin wallet Coldcard. The
attack was enabled by a firmware bug that dramatically reduced the randomness of how the wallet creates its secret
recovery phrase. According to Galaxy, the vast majority of the funds were stolen in less than an hour. “While new
attacks are likely to occur if users do not migrate their funds out of affected Coldcard-generated addresses, the
initial attack is identifiable onchain. Note that this analysis may not be complete, but it represents our best-efforts
attempt at scoping the initial impact… The full event spans six blocks and 41 minutes. Three intervening blocks
contain no sweep activity at all, suggesting the transactions were broadcast in batches rather than streamed… The
loss profile is dominated by sub-1 BTC addresses in count, but by 1-50 BTC addresses in value. This is the shape of
individual self-custody, not institutional or exchange holdings.” Coinkite, the company behind Coldcard, says it
takes full accountability for the firmware bug and has apologized to affected users. The company has released emergency
firmware updates for all affected models: version 4.2.0 or later for Mk3, 5.6.0 or later for Mk4 and Mk5, and 1.5.0Q or
later for the Coldcard Q. These updates remove the vulnerable software fallback path and ensure new seeds use the
intended hardware true random number generator. Critically, a firmware update alone does not secure existing seeds.
Users must generate an entirely new recovery phrase on the fixed firmware and migrate their BTC. Follow us on X,
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