Bitcoin
Coldcard hack triggers 39,600 BTC in small transfers, largest move since FTX collapse
Bitcoin users moved record volumes of small transactions as the Coldcard hardware wallet breach continued spreading, with researchers warning the attack remained active.
Bitcoin transfers under 1 BTC reached their highest daily level since the FTX collapse in November 2022, with 39,600 BTC moved on Friday according to CryptoQuant data. The figure fell just 300 BTC short of the 39,900 BTC transferred on November 16, 2022, days after FTX filed for bankruptcy.
The surge occurred as the suspected Coldcard hack continued to unfold, with researchers identifying new victims and stolen funds. Galaxy Research reported Saturday that the latest identified wave drained an additional 207.7 BTC worth about $13.2 million. The theft brought estimated total losses to 1,367 BTC ($88.6 million) across 4,585 addresses since late July.
Alex Thorn, Galaxy Digital's head of firmwide research, warned on Sunday that the attack was still ongoing and urged users to move funds from Coldcard-generated addresses immediately if they had not already done so. His team continued identifying new victim and attacker addresses, with user reports helping researchers and authorities track stolen funds.
The breach has reignited debate over Bitcoin self-custody risks and benefits. Nick Neuman, CEO of Bitcoin security company Casa, pushed back against claims that self-custody is endangered, arguing its distributed nature gives users time to react. He estimated that potentially 10 times more Bitcoin was protected through self-custody than was stolen and identified in the attack so far.
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