Coldcard Hacker Swaps Stolen Bitcoin Through THORChain
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Written by: Helen Partz, staff writer
Reviewed by: Yohan Yun, staff editor
A hacker associated with the third wave of Coldcard wallet thefts has started swapping stolen Bitcoin for Ether (ETH) via THORChain.
According to Alex Thorn, Galaxy Research’s head of research, this marks the first movement of funds from any of the three waves onchain from the original hacker addresses.
“The hacker appears to be having some issues swapping all the funds through THORChain — they keep getting refunded and he keeps retrying,” Thorn said.
Onchain analysts traced the stolen funds through THORChain to a new Ethereum address, which Thorn shared with relevant authorities and crypto companies. The next step for the attacker is uncertain, potentially further obfuscation or movement through an exchange.
This activity follows a Coldcard exploit that led to the theft of at least 1,789 Bitcoin from 8,865 addresses, worth approximately $114.7 million at the time.
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