Coldcard Bitcoin Stash Moves Through THORChain Swaps into Ethereum
A stash of Bitcoin tied to the 2026 Coldcard hardware wallet theft has begun moving through THORChain swaps into Ethereum. On September 2 and 3, Bitquery tracked 34 swaps that sent 20.45 BTC of traced value into Ethereum. The funds passed through two fresh Bitcoin addresses before arriving at a single Ethereum address.
The majority of the stolen coins, over 1,400 BTC, remains parked and untouched in identified addresses. Researchers have not yet confirmed whether all theft waves trace back to one person or group. A separate dataset built from Bitcoin block data breaks the theft into waves, but cannot confirm a single source behind them.
The main Ethereum address tied to the September swaps still held about 644.5 ETH when Bitquery last checked. The rest of the traced Bitcoin has yet to move beyond the two Bitcoin addresses used in the swap. Galaxy Research estimates total losses from the Coldcard theft at 1,700 BTC or more.