Unchained · Friday, August 7, 2026
Analysis of the Coldcard hack reveals at least four distinct 'waves' of activity, suggesting the possibility of multiple threat actors. Each wave is believed to represent a separate cluster of malicious actions, though the exact number of attackers remains unconfirmed.
“Galaxy research has been doing Alex Lauren, he's been doing an amazing job. He's been doing what I usually do. I'm just looking at this one. Poor guy. He's been doing so good though. Um, so he's collecting victim reports on the one side and then he's also doing some crazy on-chain analysis to find these different clusters. They're calling them waves.”
“Um, and so like, uh, he's doing, he's doing like you get victim reports, you find the pattern, then you find the other things you can combine it, you find all these waves.”
“Um, and we're kind of assuming at this point that each wave is like a distinct, uh, cluster of activity. They're probably, I won't say probably. It is possible that it's four separate threat actors.”