Coldcard Panic Triggers Record Address Activity

Bitcoin's most active day since December 2024 saw nearly 1 million addresses move on July 31, according to Glassnode data.

This activity spike was driven by a cold storage failure affecting Coldcard hardware wallets, which led to attackers draining the devices through a flawed random number generator.

Over 50% of active addresses increased in a single day, with sending addresses driving nearly all growth while receiving addresses barely moved, suggesting consolidation towards a smaller set of destinations.

The Coldcard panic resulted in three confirmed attack waves linked to 1,367 BTC ($88.6 million) stolen from 4,585 addresses, and a suspected fourth wave swept over an additional 380 BTC.