Coldcard Hack Sparks Largest Sub-1 BTC Transfer Since FTX Collapse

A suspected Coldcard hack has led to the largest transfer of less than 1 BTC since the collapse of cryptocurrency exchange FTX, according to data from CryptoQuant. On Friday, a total of 39,600 BTC was moved in smaller transactions, marking the highest daily level since November 2022.

This figure is just 300 BTC below the 39,900 BTC transferred on Nov. 16, 2022, days after FTX filed for bankruptcy. 'The Bitcoin plebs had not moved this amount of BTC in a day since the FTX collapse,' said Julio Moreno, head of research at CryptoQuant.

The surge in small transactions comes as researchers continue to uncover new victims of the suspected Coldcard hack. Galaxy Research reported that the latest identified wave drained an additional 207.7 BTC, worth about $13.2 million. The theft has brought estimated losses to 1,367 BTC ($88.6 million) across 4,585 addresses.

Researchers are urging users to move funds from Coldcard-generated addresses immediately if they have not already done so. Nick Neuman, CEO of Bitcoin security company Casa, pushed back against claims that 'self-custody is over,' arguing that its distributed nature gives users time to react.