Coldcard hacker swaps stolen Bitcoin for ETH via THORChain
The third-wave Coldcard exploiter moved about 10% of stolen funds through THORChain as researchers traced the assets to a new Ethereum address.
A hacker associated with the third wave of Coldcard wallet thefts has begun exchanging stolen Bitcoin for Ether via THORChain, according to Galaxy Research head of research Alex Thorn. The perpetrator moved approximately 10% of the stolen funds, leaving the remaining 90% untouched. Thorn noted that this marks the first instance of any funds from the three waves being moved on-chain from the original hacker addresses.
The hacker has encountered difficulties in swapping all the funds through THORChain, frequently receiving refunds and retrying the process. Thorn shared the new Ethereum address with pertinent authorities and crypto companies, though it remains uncertain whether the attacker will further obscure or transfer the assets through an exchange.
The transfers follow a successful Coldcard exploit linked to the theft of around 1,789 Bitcoin from 8,865 addresses, valued at approximately $114.7 million at the time of the theft. In August, blockchain security firm CertiK reported that hackers involved in the exploit had sent 64 Bitcoin and 200 Ether to cryptocurrency mixers like Tornado Cash.
The latest movement occurred just days after Thorn reported the continued activity of the Coldcard attackers, citing an Aug. 28 operation aimed at testing their ability to uncover vulnerable keys.
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