Galaxy Research

A Bitcoin address holding $31.8 million in dormant coins moved its funds after 12 years, coinciding with a Coldcard wallet hack that has drained an estimated $130 million. Hackers exploited a vulnerability in Coldcard wallets, prompting warnings about security risks and urging investors to transfer funds to safer setups.

Galaxy Research estimates Bitcoin losses from the Coldcard hack could reach $130 million. The firm suspects the total loss may increase further if a fourth, unconfirmed wave of attacks is included.

Galaxy Research reported that the Coldcard Bitcoin theft has exceeded $100 million across three confirmed attack waves, with 90% of stolen Bitcoin still unmoved. Investigators are examining a potential fourth wave that could increase losses to $130 million.

Coldcard losses are nearing $114 million as Bitcoin transfers under 1 BTC surge to levels last seen after the FTX collapse. Galaxy Research has warned of a potential fourth wave of thefts linked to the activity.

A third wave of thefts from Coldcard Bitcoin wallets has increased observed losses to approximately 1,367 BTC across 4,585 addresses, according to Galaxy Research. Attackers continue draining the wallets, pushing the total value stolen to around $88 million.

A firmware flaw in Coldcard hardware wallets, made by Coinkite, was linked to a $70.2 million Bitcoin theft involving 1,082.65 BTC drained from 1,196 addresses in 41 minutes on July 30. Galaxy Research traced the attack to a March 2021 integration error that used a deterministic software pseudorandom number generator for seed generation.

CZ, the Binance founder, warned Bitcoin holders to distribute funds across multiple wallets following a $70 million loss from the Coldcard exploit, as Galaxy Research revised the estimated impact upward. The exploit's financial toll was nearly double the initial estimate.

Galaxy Research identified 1,196 addresses that lost 1,082.65 Bitcoin in a 41-minute window, expanding the estimated scope of the Coldcard wallet incident. The Bitcoin loss estimate has risen to $70M following this analysis.

Galaxy Research reported that nearly 1,200 addresses were drained of over 1,000 BTC, worth approximately $70 million, due to a Coldcard vulnerability. The losses are linked to a security flaw in the Coldcard hardware wallet.

Galaxy Research has reduced the likelihood of the Clarity Act 2026 passing to 50%, according to Alex Thorn, due to Senate calendar constraints and stalled negotiations. The organization cites a lack of progress in discussions as a key factor in the lowered odds.

Galaxy Research has lowered the CLARITY Act's chances of becoming law in 2026 to 50-50 due to a tight Senate schedule and lack of progress on merging bill texts or scheduling a vote. The act, which aims to establish a regulatory framework for digital assets, passed the Senate Banking Committee but remains stalled on the legislative calendar.

New data from Galaxy Research suggests Bitcoin's floor price may not drop as low as previous bear markets, though the bottom-finding process remains ongoing.

A report by Ledn predicts the consumer Bitcoin-backed loan market could grow to $1 trillion within a decade, despite current barriers to adoption. The research found that 88% of crypto holders are open to borrowing against their digital assets, but only 14% currently do. The market is expected to expand significantly in the next ten years.