Coldcard Flaw Triggers Bitcoin Activity Surge Amid Wallet Draining

A security flaw in older Coldcard firmware triggered a sudden surge in Bitcoin on-chain activity after attackers began draining vulnerable wallets on July 30. The incident drove a sharp increase in unique addresses involved in transactions, reaching 978,570 on July 31, according to Santiment data.

The figure was about 1.6 times July's average and 43% above the busiest day of the month. However, the surge does not indicate selling, as it shows unusually high Bitcoin transfer activity during the scare.

Santiment defines daily active addresses as unique addresses involved in transactions. The data also show that exchange inflows did not show an equivalent surge, with average inflows at about $1.55 billion from August 1 through August 6, below the roughly $1.67 billion July average.