Coldcard Hacker Swaps Stolen Bitcoin for Ether on THORChain

The hacker behind the recent wave of Coldcard wallet thefts has started exchanging stolen Bitcoin for Ether via THORChain. According to Galaxy head of research Alex Thorn, about 10% of the stolen funds have been moved onchain, with the remaining 90% untouched.

Thorn reported that the attacker attempted to swap the funds through THORChain but encountered issues, with some transactions being refunded and others retried. The hacker's actions mark the first time funds from any of the three waves have been moved onchain from the original addresses.

The transfers follow a Coldcard exploit in which at least 1,789 Bitcoin were stolen from 8,865 addresses, worth around $114.7 million at the time of the theft. The hacker has also sent funds to cryptocurrency mixers such as Tornado Cash.