Coldcard Wallet Hack Losses Could Hit $114M With New Sweep
Losses tied to compromised Coldcard hardware wallets may be approaching $114 million as a possible fourth wave of fund sweeps emerges.
If you're holding crypto on a Coldcard hardware wallet, pay attention — this story is moving fast and the damage keeps climbing. Reports now suggest total losses linked to compromised Coldcard devices could be nearing $114 million, and a potential fourth sweep of victim funds may already be underway, according to CoinDesk.
Hardware wallets are supposed to be the gold standard of self-custody security. The whole pitch is that your private keys never touch the internet. When those devices get exploited at scale, it doesn't just hurt individual holders — it shakes confidence in the entire cold-storage model that serious crypto investors rely on.
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The phrase "possible fourth sweep" is the detail that should have your full attention. A sweep in this context means an attacker is actively draining wallets, likely in coordinated batches. If three prior sweeps have already occurred and a fourth is emerging, this isn't a one-time breach — it looks like a sustained, methodical operation. That pattern suggests either a large tranche of compromised seed phrases or a systemic vulnerability that hasn't been fully plugged.
For traders and holders right now, the practical move is straightforward: if you use a Coldcard device, treat your current seed as potentially exposed until you have clarity from the manufacturer. Move funds to a freshly generated wallet on a verified, uncompromised device. Don't wait for official confirmation — by then, another sweep could already be in motion.
The scale here — approaching nine figures — puts this among the more significant hardware wallet security events in crypto history. Watch for updates from Coldcard's maker, Coinkite, and monitor on-chain analytics platforms for additional sweep activity. Continue reading at CoinDesk.
