Technologist
SAT AUG 1 · 12:20 PM ET
SECOND COLDCARD DRAIN WAVE — GALAXY RESEARCH: 1,158 BTC / 2,673 ADDRESSES CUMULATIVE. SAME PRODUCT FAILURE, SAME OPERATIONAL VECTOR, MORE VICTIMS.
UPDATE · Sun Aug 2 · 12:10 AM ET: Bitcoin Magazine has now flagged a
third wave. Per Galaxy Research, cumulative theft across the Coldcard drain now stands at
1,367.05 BTC across
4,585 addresses. That’s more than 2.3× the initial 594 BTC / 500 addresses reported Thursday. The pattern is legible: each wave hits more wallets for less BTC per wallet. Wave 2 added 564 BTC across 2,173 new addresses (avg 0.26 BTC/wallet). Wave 3 added 209 BTC across 1,912 new addresses (avg 0.11 BTC/wallet). The attacker’s economic filter is narrowing — high-value targets exhausted, sweeping downward. See the
wave 3 headline →
The Technologist read: same mechanism, same operational vector, more victims. The bug that made the seed generation predictable didn’t care about wallet size; the attacker’s economic filter did. First wave: high-value targets. Second wave: everything else. That pattern was always going to play out this way once the mechanism became public. Coinkite’s guidance stands unchanged — any seed made on affected firmware without dice-roll entropy or a strong BIP-39 passphrase should be treated as exposed. Migration is not optional. See the mechanism read for the technical detail; see Coinkite’s advisory for the version list. Investigation continues.
The network didn’t fail.
The products around it did.
READ BITCOIN MAGAZINE’S REPORT →
Bitcoin Magazine · Galaxy Research data · sat aug 1 · 12:06 PM ET · 57K+ views
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