Attack on Bitcoin Wallets: Claims to Have Lost $1.6 Million

A Large-Scale Hack on Coldcard Hardware Wallets

The hacking of Coldcard hardware wallets continues to escalate. As of this writing, 1,431.97 Bitcoin, worth nearly $90 million, has reportedly been stolen from 5,415 compromised addresses.

This vulnerability affects certain seeds generated by faulty firmware versions, allowing attackers to brute-force recovery phrases. While a fourth wave of coordinated attacks could further increase the toll, testimonies from presumed victims are multiplying on social media.

At this stage, these accounts have not been independently verified and should therefore be treated with caution. However, they provide insight into the human impact of what could be one of the most significant security incidents affecting a Bitcoin hardware wallet.

The price of Bitcoin hovers around $62,500, down 4.1% over the past seven days. Despite the scale of the hack, no major panic movements have been observed so far.

$1.6 Million Stolen

One of the most widely shared testimonies is from Jonathan Goodman. On X, he claims to have lost 18.25245043 BTC, just over $1.6 million, during the hack that occurred on July 29.

$1.6 million dollars in Bitcoin was drained from my account on July 29th in the Cold Card wallet hack.

My Bitcoin was in cold storage. My keys were on a ColdCard device kept in a safety deposit box that had never been connected to the internet.

--- Jonathan Goodman 🇨🇦 (@itscoachgoodman) August 1, 2026

He explains that he followed the recommended practices to protect his funds: a seed phrase kept offline, multiple physical backups stored in safes, and a Coldcard kept in a bank vault, never connected to the internet outside of its initial setup.

Hacked While on Family Vacation

Other users recount similar experiences. Tim Lamb explains that he learned of the theft of his 2 BTC, worth about $125,000, while on vacation with his family.

Alerted on Friday, he initially hesitated to cut his vacation short. It was only on Saturday night that he asked a neighbor to retrieve his backup. When he restored his wallet on Sunday morning, his bitcoins had disappeared.

$400,000 Vanished

Another presumed victim, Adam Carson, claims to have lost 6.42 BTC, worth over $400,000 at current prices. According to his testimony, his Coldcard had never been connected to the internet and was stored in a bank vault.

He adds that he has little hope of recovering his funds.

Years of DCA Lost

On Reddit, another user claims to have lost just over 3 BTC, nearly $190,000 at current prices. He recounts having invested $250 per week for several years using a Dollar Cost Averaging (DCA) strategy, before transferring all his bitcoins to a Coldcard in 2022, following community recommendations.

In hindsight, he believes he might have been better off spreading his funds across multiple wallets, while reminding that he simply followed what was then presented as best security practices.

Community in Shock

On X and Reddit, many members of the Bitcoin community express their concern over an incident that shakes confidence in one of the most reputable hardware wallets on the market. User Sky notably published an open letter to the hackers, reminding them that they now hold one of the most blacklisted stacks of bitcoins in history.

Others, like wale.moca, question what storage solutions can still be considered reliable after such an event.

For its part, Coinkite, the manufacturer of Coldcard, announced that it has suspended shipments and destroyed all devices still equipped with the vulnerable firmware. However, the patch released only protects new seeds generated after the update, forcing affected users to create a new wallet and then transfer their funds.