Coldcard Urges Users to 'Carefully Move Funds' as Exploit Losses Mount

Coldcard, a Bitcoin hardware wallet manufacturer, is urging customers to treat a recently disclosed vulnerability as an emergency and move their funds immediately. In a statement posted to X on August 4, 2026, the company instructed users to follow the advisory for their specific model, upgrade their device, generate a new seed, and carefully transfer their holdings.

“Please treat this as urgent. Migrate your funds. Follow the advisory for your model, upgrade your device, generate a new seed, and carefully move your funds,” the company wrote. Coldcard also asked the community to help spread the word, particularly to users who are less active online and may not have seen the update, emphasizing that the threat is still ongoing.

The issue first emerged in late July when several users reported that their funds had disappeared from the hardware wallet. Coldcard later acknowledged a critical vulnerability in its code. According to the latest estimates from Galaxy Research, the confirmed amount stolen has surpassed $100 million, with some reports suggesting losses could reach approximately $130 million. The exact number of affected users has not been disclosed, but the scale of the theft has drawn widespread attention in the crypto community.

Joe Consorti, a market commentator, pointed out that the attacker may struggle to spend a large portion of the stolen Bitcoin because every BTC is visible on the public blockchain. This could aid in tracking the funds and potentially limiting the attacker’s ability to launder them.

The incident highlights the persistent security risks in cryptocurrency storage, even with hardware wallets that are widely considered a secure option. Users are advised to act promptly and strictly follow the guidance provided for their device model.

Source: https://cryptopotato.com/coldcard-urges-users-to-carefully-move-funds-as-exploit-losses-mount/