Coldcard exploit hacker starts laundering stolen BTC via THORChain; about 10% moved
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Hackers linked to the third wave of Coldcard wallet thefts have begun moving stolen BTC, swapping into ETH via THORChain, with about 10% of funds transferred while 90% remains dormant. The activity highlights renewed liquidation and compliance risk around stolen coins and cross-chain liquidity venues. Researchers traced flows to a new Ethereum address shared with authorities, amid estimates of 1,789 BTC stolen (~$115M at theft time).
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ChainCatcher reported that, according to Bitcoin News monitoring, the hacker tied to the third wave of Coldcard wallet thefts has begun moving stolen funds for the first time, swapping Bitcoin into ETH through THORChain. Galaxy Research's Alex Thorn said roughly 10% of the stolen BTC has been transferred, while about 90% remains untouched.
The attacker appears to have run into friction during the conversion process, with several THORChain transactions rejected and subsequently retried. Investigators traced the related swap activity to a newly created Ethereum address, which Thorn said has been shared with relevant authorities and cryptocurrency firms.
Galaxy Research added that broader exploitation of the Coldcard vulnerability has led to losses of at least 1,789 BTC across 8,865 addresses, worth about $115 million at the time of the theft.
