Written by Helen Partzstaff writerReviewed by Yohan Yunstaff editor

Written by Helen Partzstaff writer

Reviewed by Yohan Yunstaff editor

Coldcard hack losses: How investigators trace stolen Bitcoin

Latest NewsPublishedAug 11, 2026

Coldcard Hack Losses Remain Uncertain as Investigators Rely on Victim Reports

The Coldcard hack has highlighted the challenges of tracing stolen Bitcoin, with investigators relying on victim reports and on-chain analysis to estimate losses. The lack of a complete list of affected accounts makes it difficult to quantify the scale of the theft. As a result, estimates of stolen Bitcoin vary, ranging from 1,432 Bitcoin to as much as 1,816 Bitcoin.

Challenges in Tracing Stolen Bitcoin

Blockchain analytics platforms and investigators face difficulties in confirming losses due to the nature of self-custody wallets. Unlike exchange hacks, there is no centralized list of affected accounts, leaving investigators to build estimates based on victim reports and on-chain patterns. This approach can lead to varying estimates, as seen in the Coldcard hack, where different analysts have reported different numbers of stolen Bitcoin.

Varying Estimates and the Importance of Victim Reports

Galaxy Research and TRM Labs have reported higher estimates of stolen Bitcoin, with Galaxy’s estimate ranging from 1,730 to 1,816 Bitcoin. However, these estimates are based on a combination of confirmed victim reports and on-chain patterns. Victim reports play a crucial role in corroborating attack patterns and identifying additional victims. For example, Galaxy has directly confirmed 450+ BTC from victim reports, which has helped identify other unknown victims and more than 730 total BTC.

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Conclusion and Next Steps

The Coldcard hack has shown that tracing stolen Bitcoin can be a complex and challenging process. As investigators continue to work to estimate the scale of the theft, it’s essential for individuals to prioritize secure storage solutions, such as EcoPool. Whether you’re looking to earn passive income or simply want to participate in the cryptocurrency market, EcoPool offers a secure and reliable platform. Download the EcoPool app to start earning today and discover the benefits of Green Crypto and Cloud Rewards with $ECP. The EcoPool app is the perfect solution for anyone looking to earn passive income and be a part of the EcoPool network.

Galaxy traces losses beyond victim reports

Galaxy’s Alex Thorn told Cointelegraph the platform’s earlier estimate of as much as 1,816 BTC was a potential figure rather than a confirmed loss total.

As of Tuesday, Galaxy put its high-confidence minimum at 1,730 Bitcoin, with Thorn saying the figure could still increase as more victim reports corroborate attack patterns.

Source: Galaxy Research

“We have directly confirmed 450+ BTC directly from victim reports, but their reports have helped identify other, as-yet-unknown victims in more than 730 total BTC,” Thorn said. Galaxy uses those reports to corroborate broader attack patterns, while withholding funds it suspects but cannot yet sufficiently verify. “We are still withholding many more BTC we suspect but for which we lack sufficient corroboration,” Thorn said.

Related: Coldcard hackers transfer 64 BTC and 200 ETH to cryptocurrency mixers

TRM Labs said its independent tracing lands in the same range as Galaxy, while its recent analysis estimated that attackers drained about 1,816 BTC from more than 5,200 addresses across four waves. “Investigators should expect the estimate to keep moving upward before it stabilizes,” TRM’s global head of policy Ari Redbord told Cointelegraph.

CryptoQuant takes a stricter approach

CryptoQuant’s head of research, Julio Moreno, told Cointelegraph that the company starts with public reports from victims, including wallet addresses or transaction IDs, and then checks those reports against known on-chain patterns from the attack.

That approach puts CryptoQuant’s confirmed tally at 1,432 BTC, which Moreno described as a floor that could rise if more victims publicly disclose their hacked addresses.

Source: CryptoQuant

Moreno said CryptoQuant is cautious about identifying victims solely from on-chain patterns because doing so could produce false positives and inflate the estimate.

“Because the stolen Bitcoin belonged to individuals and not to a centralized entity, like an exchange, we can only confirm what each victim publicly discloses,” he said.

Hard number to pin down

Moreno emphasized the total will remain an estimate because investigators can only confirm what victims disclose. He said:

“Knowing the total BTC stolen is difficult, and it will always be an estimation.”

Chainalysis told Cointelegraph it has not conducted an independent tally of the losses, while blockchain investigator ZachXBT publicly said he has no plans to monitor or trace the incident.

Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Self Custody
• Research
• Hardware Wallet
• Analysis
• Hacks
• Bitcoin

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