Losses from the Coldcard hardware wallet exploit continue to climb. A recent report from WatcherGuru as of August 2, 2026, notes that the total Bitcoin stolen has now surpassed $88 million. This figure significantly revises early estimates circulating across the crypto community over the past few days.
The true scale of the hack was only revealed through on-chain analysis by Galaxy Research. They identified 1,196 victim addresses that lost a total of 1,082.65 BTC, valued at $70.2 million at the time of the incident. The entire asset drain was executed by the hackers within a 41-minute window, spanning from 1:10 to 1:51 AM UTC on July 30, 2026.
This rapid execution contradicts initial estimates from AnchorWatch CEO Rob Hamilton, who previously stated losses were around 594.48 BTC, or roughly $38 million, across 500 transactions in three blocks. Galaxy’s on-chain data shows the exploit unfolded smoothly between blocks 960,183 and 960,191 - roughly 30 full hours before Coldcard finally issued its first security advisory.
What Footprints Did the Hackers Leave Behind?
In carrying out the attack, the hackers left behind a specific transaction pattern. Each theft incurred a network fee of 30 satoshis per vbyte and was executed without generating any change output. This pattern immediately served as a digital fingerprint, simplifying the tracking of stolen funds across the public ledger.
However, this trail may only be temporary. Analysts from Galaxy Research warned users and exchanges that subsequent attacks might no longer adhere to this fee benchmark. The hacking group could switch tactics at any time, meaning strict vigilance in screening transactions remains essential.
Update Released, but Funds Remain at Risk
Facing public scrutiny, Coinkite co-founder Rodolfo Novak acknowledged the existence of a vulnerability in Coldcard device firmware. The company immediately released an emergency update to remove a software fallback path identified as the exploit vector.
One crucial fact victims must note: the update does not automatically secure existing wallets. The new software cannot protect seed phrases that were generated while the firmware was vulnerable. Users must transfer their remaining assets to wallets with fresh seeds generated after updating the device.
The incident breaching hardware wallet defenses has reignited long-standing debates over absolute security. Responding to the scale of the exploit, Binance founder Changpeng Zhao (CZ) issued a blunt warning to all crypto holders: no system is guaranteed to be 100% secure, even cold storage. Reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
