$114M Gone: The Coldcard Hack Is Still Active and Wallets Are Still Draining

$114M Gone: The Coldcard Hack Is Still Active and Wallets Are Still Draining

Bitcoin wallets are being emptied in real time, and the total stolen has now crossed $114 million, with no clear end in sight.

The ongoing Coldcard-linked theft is not a past-tense story. It is happening now. What started as reports of suspicious drains has snowballed into one of the most significant hardware wallet security events in Bitcoin's history, and the attackers have not stopped.

What We Know

Coldcard is one of the most trusted names in Bitcoin self-custody. It is the wallet recommended by Bitcoin maximalists, cited by security experts, and used by holders who take cold storage seriously. That reputation is exactly what makes this situation so alarming.

The theft has been attributed to vulnerabilities that allowed attackers to access funds tied to Coldcard wallets. The exact attack vector has not been fully disclosed publicly, which means affected users may not yet know they are at risk. Wallets continue to be drained as the investigation unfolds.

Bitcoin Magazine, which first reported this story through journalist Mathew Di Salvo, has confirmed the $114 million figure, and that number has been climbing.

Why This Is Bigger Than It Looks

Hardware wallets exist for one reason: to protect Bitcoin from exactly this kind of attack. When a hardware wallet is compromised, it does not just shake confidence in one product. It shakes confidence in the entire model of self-custody that Bitcoin culture is built on.

For years, the message has been clear: not your keys, not your coins. Move off exchanges. Get a hardware wallet. Coldcard was the gold standard of that advice. If that standard has cracks, every Bitcoin holder needs to reassess their setup today, not tomorrow.

This also raises serious questions about supply chain integrity, firmware security, and whether the attack was targeted or broad. None of those questions have definitive public answers yet.

What You Should Do Right Now

If you hold Bitcoin on a Coldcard device, treat this as urgent:

- Check your wallet balance immediately and compare it against your last known transaction - Do not generate new receive addresses on the device until the attack vector is confirmed and patched - Follow Coldcard's official channels for firmware updates and security advisories - Consider moving funds to a separate, verified cold storage solution until full clarity emerges

The market implication is straightforward: this story will grow. As the attack vector becomes public, expect significant media attention and potential short-term pressure on Bitcoin sentiment. Holders who act on verified information now are ahead of the crowd that will panic later.

Watch this one closely. $114 million is not the final number.