Galaxy Research: Coldcard wallet exploit losses rise to $70 million

Galaxy Research reports losses from a Coldcard wallet exploit have risen to about $70 million, draining more than 1,000 BTC from roughly 1,200 addresses. The scale of the incident elevates near-term operational and counterparty risk perceptions across the crypto stack, potentially dampening spot demand and increasing hedging activity. Attention will likely shift to wallet security practices, recovery prospects, and whether stolen coins move onto liquid venues.