- Identifying the Coldcard attacker may help locate stolen BTC but does not ensure recovery.
- More than 1,000 BTC from Wave 1 remains linked to three addresses under investigation.
- Victims still face uncertainty over how recovered BTC would be returned or allocated.
For victims of the 2026 Coldcard hack, the biggest question is no longer only who stole their Bitcoin, but whether they can ever get it back. Investigators may have a lead on the attacker behind the first wave, while more than 1,000 BTC linked to that attack remains in addresses controlled by the suspected operator.
Block’s investigation found that the operator used a paid account with a blockchain-services provider during the theft, and the provider’s internal logs reportedly matched the attacker’s request patterns. Block said it shared the information with authorities.
Does Identifying the Coldcard Hacker Improve Recovery Odds?
Identifying an attacker could give investigators a clearer path toward locating the stolen funds. In the Coldcard case, the Wave 1 Bitcoin remains locked up in three addresses, making the movement of those funds visible onchain.
Galaxy Research’s Alex Thorn said the identity of the Wave 1 attacker “may be known to law enforcement.” He also said Wave 2 showed similarities to the first attack and added about 76 BTC to the losses.
What Happens to Victims’ Bitcoin?
The first wave alone moved 1,082.65 BTC. Across multiple waves, confirmed and estimated losses exceeded 1,800 BTC from more than 5,000 addresses, with roughly $118 million confirmed stolen.
For victims, the location of the coins matters since the funds have not simply disappeared from the blockchain. The Wave 1 Bitcoin remains in addresses linked to the attacker, while later waves involved different movement patterns, including rapid transfers and laundering.
That creates another uncertainty if investigators recover only part of the stolen funds. The report does not specify which victims would receive priority if Bitcoin had been moved between addresses, mixed with other funds, or partly sold. It also does not identify a reimbursement process or explain how recovered BTC would ultimately be allocated.
Why Recovery Remains Unresolved
The Coldcard investigation is still in progress. Researchers continue to track the stolen Bitcoin while authorities examine information connected to the Wave 1 attacker.
For victims, progress in attribution does not yet equal financial recovery. Thus, the next step is to establish control over the stolen Bitcoin and determine what happens to any funds investigators recover.
Related: Coldcard Exploit Sends Bitcoin Active Addresses to Highest Since 2024
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