Hackers Figure Out a Trick to Steal Bitcoin From Cold Wallets, Grab $110 Million

Cybercriminals have successfully implemented a technique to extract Bitcoin from cold wallets, specifically targeting users of the Coldcard tool. According to reports from Bitcoin Magazine and Futurism, the total amount stolen has exceeded $110 million, with some sources placing the figure at $111 million. Bitcoin Magazine further notes that victims of this exploit have reported a median loss of 1 BTC. The event has caused significant disruption to the perceived safety of offline storage, as hackers managed to bypass the security measures of a tool previously considered safe for long-term asset holding. Coverage of the incident is widespread across financial and tech outlets.

Forbes has focused on the mechanics of how the $100 million theft was executed, while Bloomberg.com describes the event as a test of faith for those devoted to self-custody. The Block reports on comments from Blockaid CEO, who suggests the Coldcard exploit exposes what he terms the 'original sin' of private keys. Additionally, Yahoo Finance has provided updates on the movement of the stolen funds, noting that a hacker recently moved $1.94 million in stolen Bitcoin for the first time, leading to questions regarding a potential cash-out operation. This event is particularly significant because it targets cold storage, which is designed to keep private keys offline and away from internet-connected vulnerabilities. As TradingView reports, the breach has led some Bitcoin users to re-evaluate their self-custody setups, with some turning to dice throws for security.

This shift reflects a broader crisis of confidence in hardware-based security. Yahoo Finance also contextualizes this event within a difficult week for the cryptocurrency market, noting that the Coldcard hack coincided with disappointment surrounding the Clarity Act. Future developments to monitor include the tracking of stolen assets as they move through the blockchain. Yahoo Finance is specifically watching for further movements following the initial $1.94 million transfer to determine if the attackers are attempting to liquidate their holdings. Industry observers will also be watching for how the Coldcard community and developers respond to the exploit and whether the revealed vulnerabilities in private key management lead to widespread changes in how users secure their digital assets.