Coldcard Thief Swaps Stolen Bitcoin for Ether via THORChain
A hacker linked to the third wave of Coldcard wallet thefts has started swapping stolen Bitcoin for Ethereum through THORChain. According to Alex Thorn, Galaxy head of research, the hacker 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. Thorn reported that the hacker is having issues swapping all the funds through THORChain, with repeated attempts resulting in refunds.
Onchain analysts traced the funds to a new Ethereum address, which Thorn shared with relevant authorities and crypto companies. The hacker's next move remains unclear, although they may attempt to further obscure or move the assets through an exchange.