Crypto
Coldcard Hack Sparks Surge in Small Bitcoin Transfers
A suspected Coldcard hack has caused a surge in small Bitcoin transfers, reaching levels not seen since the collapse of FTX. According to CryptoQuant head of research Julio Moreno, 39,600 BTC was moved on Friday, just 300 BTC shy of the 39,900 BTC transferred on November 16, 2022.
This is a significant increase in small transfers, and it's not just the number that's notable, the value also rose to $88.6 million, with estimated losses from the hack reaching 1,367 BTC across 4,585 addresses.
The hack has reignited debate over self-custody, with some arguing that users are better protected by controlling their own funds rather than relying on third-party platforms.