Coldcard Exploit Continues to Pressure Bitcoin Price
Bitcoin's price dropped on Monday despite improved macro conditions due to fresh talk of a US-Iran deal. The cryptocurrency, along with others like ether and XRP, fell as the market was still reeling from a Coldcard wallet exploit that has shown no sign of containment.
The market was expecting a boost from falling oil prices, which dropped 7.3% to $81.55 a barrel after President Donald Trump announced he had called off a strike on Iran and would open fresh talks. However, the pressure on Bitcoin's price came instead from the broken hardware wallet rather than macro conditions.
The exploit has resulted in observed losses of nearly $89 million across 4,585 addresses, with a third wave of sweeps against Coldcard-generated addresses found over the weekend. The average haul per address has fallen with each wave, suggesting the attacker has worked through the large balances and is now emptying wallets worth a few thousand dollars.
Bitcoin's price dropped from $63,600 to $62,800 on Monday, down 1% on the day and 4% over the past week. Ether fell over 1% to $1,858, while XRP slipped almost 1% to $1.07.