What happened
Galaxy Research has released findings from its investigation into an attack tied to a Coldcard vulnerability, confirming that at least 1,778 BTC, worth roughly $112 million, were stolen. The firm warned that the final loss figure could end up being higher.
Why it matters for the market
The investigation identified three main attack waves and more than 30 smaller traces, with at least 33 attacker address clusters now flagged. Galaxy also said it has not found any high-confidence new attack wave after August 6.
Of the stolen funds, approximately 1,531 BTC remain in addresses controlled by the attacker. The remaining 246 BTC have been moved, with about 65% going through CoinJoin and roughly 35% sent to exchanges or cross-chain bridges.
Galaxy said it has shared the list of attack-related addresses with cryptocurrency exchanges, compliance and investigation firms, and law enforcement agencies, in an effort to track and potentially freeze movements.
What traders should watch
For intraday traders, the key focus is whether the attacker will move any of the roughly 1,531 BTC still held. A transfer toward an exchange could signal imminent selling, while the use of CoinJoin complicates tracking. This development adds a bearish overhang to Bitcoin market sentiment and could raise volatility as the market digests the risk of future supply hits.
