Bitcoin · AI Safety · Canada · Decrypt
After Coldcard Was Hacked, $15 Billion in Bitcoin Moved to Safety
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In the days after the worst hardware wallet exploit in Bitcoin ’s recent history, Casa CEO Nick Neuman began counting more than the BTC being drained from vulnerable Coldcard wallets.
Key facts
- The Coldcard incident resulted in Long-Term Holder supply declining by ~233k BTC, a 1.38% fall from its recent all-time high
- While attackers were draining Coldcard wallets one address at a time, 233,000 BTC—worth about $15 billion at today’s prices—was quietly moving in search of safety
- In the couple of days around the hack:
- 2.1k BTC was stolen
- 22k moved to exchanges
- 233k moved out of long term holder wallets in on… pic.twitter.com/iewr5RvG9c
- Galaxy Research tracked the fallout across three confirmed attack waves, with losses reaching approximately 1,596 BTC across more than 5,200 addresses
Summary
The Coldcard firmware exploit drained approximately 2,100 BTC, with losses estimated near $130 million across multiple attack waves. Onchain data from Checkonchain shows 233,000 BTC left long-term holder wallets in the days around the breach. Casa CEO Nick Neuman, citing actual customer conversations, says some of that 233,000 BTC came from Ledger and Trezor users—not Coldcard owners—who upgraded to multisig after watching the hack unfold. While attackers were draining Coldcard wallets one address at a time, 233,000 BTC—worth about $15 billion at today’s prices—was quietly moving in search of safety.