Flowdesk Expands Regulated Crypto Operations With Dubai Approval

cointelegraph.com – Aug 11, 2026

Galaxy Research said 90% of the stolen Bitcoin remains unmoved as investigators examine a suspected fourth wave that could lift losses to $130 million.

Confirmed losses from the Coldcard wallet incident have exceeded $100 million, with 1,596 Bitcoin (BTC) stolen from about 7,300 addresses across three separate major attack waves and 14 smaller incidents, according to a new update from Galaxy Research.

On Monday, Galaxy Digital’s research arm said 73 victims had contacted its researchers, and victim reports confirmed the first three major attacks, helping investigators identify smaller “footprints” that Galaxy said could represent opportunistic attackers exploiting the vulnerability.

Galaxy Research also identified a suspected fourth wave that could bring total losses to 2,055 BTC, worth about $130 million. However, Galaxy said it excluded the event from its confirmed estimate because it had not yet received confirmation from victims believed to be part of that wave. The research group said with “medium-high” confidence that the wave largely represented attacker activity.

Galaxy said 90% of the stolen Bitcoin had not been moved, including funds attributed to the first three confirmed incidents. Attacker and victim addresses have been shared with US federal law enforcement, crypto exchanges and cyber-investigation companies, according to Galaxy Research.

The new findings raise Galaxy’s confirmed estimate from the 1,367 BTC traced across 4,585 addresses, which it published on Saturday. Galaxy warned that attacks were ongoing and urged uncertain Coldcard users to migrate their funds to a safe address immediately.

Flowdesk’s VARA approval follows its MiCA authorization in France as crypto firms build regulated operations across major global markets.

Flowdesk, an institutional crypto market maker backed by Coinbase Ventures and BlackRock, has received a full broker-dealer license in Dubai, expanding its ability to serve institutional investors in the emirate.

On Tuesday, Flowdesk said Dubai’s Virtual Assets Regulatory Authority granted the license to its local entity, Flowdesk Omega FZE, allowing it to provide regulated broker-dealer services to qualified and institutional investors in and from Dubai.

The approval follows Flowdesk’s broader regulatory expansion, with the company receiving authorization in France as a Crypto-Asset Service Provider under the European Union’s Markets in Crypto-Assets framework.

Broker-dealers are playing an increasingly important role in the cryptocurrency market, bridging traditional finance and digital assets while providing liquidity, custody services and regulatory compliance. Earlier this month, crypto market maker Wintermute launched a US broker-dealer, allowing it to trade stocks and options.

Digital asset infrastructure provider BitGo and securities marketplace operator OTC Markets announced in July that they plan to provide digital asset trading and custody infrastructure for more than 150 broker-dealers using OTS Link ATS, an alternative trading system.