Chainalysis, a blockchain analytics company, said in a Wednesday post on X that Canadian holders accounted for 25% of geographically attributable losses from the Coldcard hack, which researchers estimate has drained more than $100 million, while Australia, the U.S. and Thailand were also heavily affected.
The Coldcard hack is especially damaging to Canadian bitcoiners. Our analysis of attackers and victims finds that BTC holders in Canada are bearing 25% of attributable losses.
— Chainalysis (@chainalysis) August 4, 2026
With estimates ranging as high as $110M, according to Galaxy Research's dataset, we analyzed the… pic.twitter.com/AyxfHCcOrY
The company didn't disclose the value of losses assigned to each country, how it determined victims' locations or what proportion of the total theft could be geographically attributed.
- Chainalysis cited estimates of as much as $110 million based on Galaxy Research data, although totals have changed as investigators identified further attack waves.
A flaw exposed wallets that never went online
As The Coinformer previously reported, affected Coldcard firmware generated wallet seeds with far less randomness than intended. That loophole allowed attackers to reconstruct private keys even without touching the devices.
- Some victims said their Coldcards had never connected to the internet.
- But the funds remained accessible for attackers since anyone who reproduced the weakened seed could derive the same keys and authorize transfers.
The finding comes a week after an Ontario Securities Commission survey found that 15% of Canadians using centralized crypto platforms had lost money through scams or hacking, The Coinformer first reported.
In the meantime, Bitcoin miner MARA has opened its private transaction relay to the public, offering affected multisignature users a possible way to move funds without first exposing a rescue transaction to attackers through Bitcoin's public mempool.