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Tracking the Coldcard Hackers: Inside the $120M Bitcoin Theft with Alex Thorn
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Over $120 million in Bitcoin has been drained from Coldcard hardware wallets and the attack is still ongoing. Alex Thorn, Head of Firmwide Research at Galaxy, joins Spencer Nichols to break down exactly how the critical entropy bug in Coldcard's 2021 firmware was exploited, how he's tracing stolen funds on-chain, and what victims must do right now to have any chance of recovery. Thorn also explains why multisig and collaborative custody may be the only responsible path forward for Bitcoin self-custody. 🔶 Host: Spencer Nichols — Bitcoin Magazine 🔶 Alex Thorn — Head of Firmwide Research, Galaxy Chapters: 09:26 – Which Coldcard Devices Are Vulnerable 15:18 – Tracking the Attackers: Waves, Footprints & 1,600 Stolen BTC 23:46 – White Hats, Victim Reports & How to Prove Ownership 27:57 – Is Coinkite Liable? Negligence vs. Malice in the Firmware Bug 32:24 – Bitcoin's Soul-Searching Moment…
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Analysis last updated August 22, 2026 · Read the methodologyRead the creator’s original video description
Over $120 million in Bitcoin has been drained from Coldcard hardware wallets and the attack is still ongoing. Alex Thorn, Head of Firmwide Research at Galaxy, joins Spencer Nichols to break down exactly how the critical entropy bug in Coldcard's 2021 firmware was exploited, how he's tracing stolen funds on-chain, and what victims must do right now to have any chance of recovery. Thorn also explains why multisig and collaborative custody may be the only responsible path forward for Bitcoin self-custody. 🔶 Host: Spencer Nichols — Bitcoin Magazine 🔶 Alex Thorn — Head of Firmwide Research, Galaxy Chapters: 09:26 – Which Coldcard Devices Are Vulnerable 15:18 – Tracking the Attackers: Waves, Footprints & 1,600 Stolen BTC 23:46 – White Hats, Victim Reports & How to Prove Ownership 27:57 – Is Coinkite Liable? Negligence vs. Malice in the Firmware Bug 32:24 – Bitcoin's Soul-Searching Moment: Trust & Self-Custody Culture 37:56 – Multisig & Collaborative Custody Explained 43:09 – AI-Powered Attackers: The First Salvo of the Clanker Wars 50:46 – Open-Source AI, Encryption Battles & Internet Freedom 58:03 – Quantum Threats, Market Impact & Final Advice for Victims #Bitcoin #Coldcard #ColdcardHack #BitcoinSecurity #SelfCustody #HardwareWallet #AlexThorn #Galaxy #BitcoinMagazine #BitcoinPodcast #Multisig #ColdStorage #BitcoinNews #OnChainAnalysis #Cybersecurity #BTC #Coinkite #SeedPhrase #BitcoinHack #DigitalSecurity #AIcybersecurity #QuantumComputing #BitcoinCulture #CryptoHack #WalletSecurity