Coldcard Hacker Swaps Stolen Bitcoin for Ethereum via THORChain
A hacker linked to the third wave of Coldcard wallet thefts has started swapping stolen Bitcoin for Ethereum through THORChain. Galaxy head of research Alex Thorn reported that the attacker moved about 10% of the stolen funds, leaving 90% untouched.
The transfer marks the first time funds from any of the three waves have been moved onchain from the original hacker addresses, according to Thorn. He noted that the hacker appears to be having issues swapping all the funds through THORChain, with the attacker repeatedly getting refunded and retrying the transactions.
Onchain analysts traced the funds through THORChain to a new Ethereum address, which Thorn shared with relevant authorities and crypto companies. It remains unclear whether the attacker will attempt to further obscure or move the assets through an exchange, he added.