Dormant Bitcoin Moves as Hackers Drain Estimated $130M from Coldcards

A significant Bitcoin movement has taken place after a recent hack targeting Coldcard wallets. An address holding approximately $31.8 million in BTC, which had remained dormant for 12 years, transferred its funds on Tuesday. The transaction, flagged by Lookonchain on X, was notable due to the recent wave of wallet drainings caused by hackers exploiting a vulnerability in Coldcard's software.

The hack has resulted in an estimated $130 million in Bitcoin being drained from wallets, with Galaxy Research investigating a fourth wave of attacks. The security issue has left many investors urging others to move their coins to a new, safer setup, as Coinkite, the company behind Coldcard, acknowledged that all its models are now vulnerable.

The movement of dormant funds can have significant implications for the market, as other investors often anticipate a large sale. However, this may not always be the case, and sometimes whales simply move their coins to hardware wallets or consolidate them.