Bitcoin tool hack drains $116M from Coldcard hardware wallets

Tim Lamb was on vacation in the Channel Islands with his family last week when he first heard about a cryptocurrency hack rattling the bitcoin world. He had a choice to make: cut the trip short and check on his holdings, or wait it out. By Saturday afternoon, the decision no longer mattered. His two bitcoins, worth roughly $130,000, were gone. His story has become one of the clearest examples yet of how a bitcoin tool hack can undo years of careful saving in a matter of days, even for holders who thought they had done everything right.

Key takeaways

• Tim Lamb lost two bitcoins worth about $130,000 after a hack while he was traveling in the Channel Islands.
• The breach hit Coldcard, a hardware wallet made by Canadian firm Coinkite, long marketed as one of the safest ways to store bitcoin offline.
• Blockchain intelligence firm Galaxy Research traced roughly 1,816 stolen bitcoin, worth close to $116 million, moving out of affected wallets.
• More than 5,200 individual addresses were hit across four separate waves of theft, according to Fortune’s reporting.
• The root cause traces back to a 2021 software update that weakened how Coldcard generated recovery phrases.

Cryptocurrency Hack Impacts Dedicated Bitcoin Holder

Lamb’s ordeal illustrates just how personal these losses can feel, and how fast they unfold once a vulnerability is exploited at scale.

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