Coldcard Hack Triggers Largest Sub-1 BTC Transfer Surge Since FTX Collapse
The suspected Coldcard hack has triggered a surge in small Bitcoin transfers, reminiscent of the activity seen following the FTX collapse. According to CryptoQuant's head of research Julio Moreno, daily transfers under 1 BTC reached 39,600, the highest since November 2022.
This spike in smaller transfers is often associated with users rapidly reallocating funds rather than executing large institutional transactions. The timing aligns with an ongoing suspected Coldcard hack, which first came into view in late July and has been linked to estimated losses of 1,367 BTC (about $88.6 million) across 4,585 addresses.
Galaxy Research tracked additional drained funds, observing a further 207.7 BTC worth about $13.2 million at the time of reporting. This update pushed estimated total losses higher and reinforced the idea that the full scope of the incident may still be expanding as researchers refine their identification methods.