Coldcard Exploit Triggers Bitcoin Outflows Amid Panic-Driven Consolidation

A recent wave of attacks tied to Coldcard-generated addresses has resulted in estimated losses totaling 1,367 BTC (about $88.6 million) across 4,585 addresses.

CryptoQuant's head of research Julio Moreno noted that on-chain data shows smaller Bitcoin holders moving quickly towards exchanges or other custody routes.

The movement is seen as a sign of panic-driven consolidation among smaller holders who may prefer centralized exchanges for speed and security.

Alex Thorn, Galaxy Digital's head of firmwide research, warned users to move funds immediately from affected Coldcard-generated addresses, stating that the attack was still ongoing.