Galaxy has estimated the losses from the Coldcard wallet hack at roughly 1,789 BTC, while noting that the vast majority of the stolen bitcoin has not moved since the theft. Coldcard is a Bitcoin-only hardware wallet sold by CoinKite, and Galaxy is a digital-asset financial services firm that publishes industry and market research.

The estimate comes from research published by Galaxy’s research team, which framed the Coldcard hack losses in bitcoin terms rather than as a single fixed dollar figure. The figure of 1,789 BTC is Galaxy’s estimate, not a confirmed on-chain reconciliation, and it should be read with that attribution attached. Loss tallies in active security cases can be revised as more affected addresses are identified.

Why the unmoved share matters

According to Galaxy’s tracking of the funds, about 87% of the affected bitcoin remains unmoved. That figure describes the current status of the stolen coins, not whether they will ultimately be recovered or cashed out.

It is important to distinguish between the two numbers: the loss estimate measures how much bitcoin was exposed, while the unmoved share measures how much of it has stayed in place. A high unmoved percentage can indicate that the attacker has not yet laundered or liquidated most of the holdings, but it does not guarantee that the funds will remain untouched.

The ability to follow stolen coins at all reflects a broader feature of public blockchains: because Bitcoin’s ledger is open to anyone, analysts, exchanges, and law enforcement routinely monitor suspect addresses. In past crypto theft cases, movement of funds toward regulated venues has at times enabled freezes or seizures, while dispersal across many addresses or through mixing services has historically made tracing more difficult.

For readers following the case, the unmoved balance may represent a window for tracing and possible intervention. More cautiously, it may simply mean the coins have not yet been moved. Galaxy’s data supports the observation itself, but it does not determine which interpretation is correct.

What the report means for the Coldcard case

The case stands out for Bitcoin users because it combines a bitcoin-denominated loss estimate with a live view of fund movement, offering a rare picture of both scale and status. It also carries weight beyond the raw numbers: hardware wallets like Coldcard are designed to keep private keys offline, and self-custody users rely on that separation as a core security assumption, so incidents involving such devices draw close attention across the Bitcoin community.

The evidence currently supports only a restrained conclusion: Galaxy estimates the loss at 1,789 BTC, and it says most of that bitcoin has not moved. Whether the unmoved share declines or remains in place will determine how much of the story remains unresolved.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.