Galaxy Research Update: Fourth Wave Suspected, Total Losses Could Exceed $130 Million
### SUMMARY
Galaxy Digital’s research arm updated on the status of a major Bitcoin theft incident. Galaxy confirmed that losses from three previous attacks had exceeded $100 million and identified a potential fourth wave that could bring total losses to approximately 2,055 BTC worth about $130 million. Despite excluding this from its confirmed estimate due to lack of victim confirmation, the group noted that around 90% of stolen Bitcoin remained unmoved as investigators examined the suspected fourth wave.
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Galaxy Research has provided an update on the ongoing investigation into major Bitcoin thefts within the Galaxy Digital organization. The research arm reported that total losses from three previously confirmed attacks exceeded $100 million. In addition to these, a potential fourth wave of theft is being investigated, which could see total losses rise to around 2,055 BTC worth approximately $130 million.
While the group excluded this fourth wave from its confirmed estimate due to insufficient evidence regarding victims involved, they highlighted that nearly 90% of the stolen Bitcoin remained unmoved. This suggests a significant amount of funds still await identification and potentially return or recovery by law enforcement agencies, including US federal law enforcement tasked with investigating financial crimes involving cryptocurrencies.
Galaxy Research’s analysis underscores the complexity and scale of such incidents in the digital asset space. The continued investigation into potential fourth wave will be crucial for providing accurate figures on total losses and aiding in future preventive measures to safeguard against similar heists.
Written by Daniel Brooks
Security Desk
