Coldcard hack sparks biggest sub-1 BTC move since FTX: CryptoQuant
Bitcoin users moved 39,600 BTC in small transactions as the Coldcard hack continued, with researchers warning that the attack remained active.
Bitcoin users transferred 39,600 BTC in small transactions amid the ongoing Coldcard hack, marking the highest daily volume since the FTX collapse, according to CryptoQuant's head of research Julio Moreno. The figure was just 300 BTC shy of the 39,900 BTC moved on November 16, 2022. Researchers warn that the attack remains active, with Galaxy Research reporting a new wave draining an additional 207.7 BTC, worth around $13.2 million, as part of the estimated 1,367 BTC ($88.6 million) losses across 4,585 addresses.
Coldcard wallet owners are urged to move funds from affected addresses immediately. The incident has reignited discussions about the risks and benefits of Bitcoin self-custody, a core principle that allows users to control their funds without relying on third parties. While some argue that self-custody remains robust, others question its practicality in light of the ongoing hack and suggest that centralized platforms like Bitcoin ETFs offer a safer alternative for many users.
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