The $120 million Coldcard hack lights up Bitcoin's memory pool
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The hardware wallet Coldcard experienced a multimillion-dollar hack starting on July 30, 2026, which is still ongoing. This incident raised concerns about the security of hardware wallets for long-term coin custody. The hack also triggered increased movement of Bitcoin to exchanges and multiple wallets, leading to a significant rise in transaction counts in Bitcoin’s memory pool (mempool) and on-chain activity.
Why it matters
The increased Bitcoin network activity following the Coldcard hack highlights heightened user movements and shuffling of assets, which could influence market dynamics. The spike in mempool transactions and active addresses suggests more engagement by holders, including large holders or whales. This activity might support Bitcoin’s valuation by exhibiting stronger network usage, though the price of Bitcoin has remained stable within a recent range.
Key context
After the collapse of the FTX exchange in 2022, hardware wallets became a popular long-term holding strategy for cryptocurrency custody. The Coldcard hack challenges this assumption by exposing potential vulnerabilities. The mempool transaction count reached 89,031 on August 4, 2026, the highest since February 2025. Meanwhile, large-holder transactions and active addresses hit multi-month highs, indicating an uptick in network activity.
Key numbers and entities
The Bitcoin mempool transaction count peaked at 89,031 on August 4, 2026. Active Bitcoin addresses reached a three-month high of 712,000, and transactions from large holders increased to 61,800, a five-month high. Bitcoin’s price remained between $62,000 and $65,000. The hardware wallet Coldcard was the target of the hack. Analysts from Marex and the exchange Bitfinex provided commentary on policy and macroeconomic factors affecting Bitcoin.
What remains unclear
The source does not specify the exact amount stolen in the Coldcard hack but refers to it as a multimillion-dollar incident. It also does not detail the technical mechanism of the hack or the ongoing status beyond mid-August. The duration of the increased network activity and whether it will have lasting effects on Bitcoin’s price or usage remain uncertain. The source flags no additional open questions.