Stolen Coldcard Funds Begin Moving After $1.6M Route Through THORChain

A significant development has occurred in the case of the 2026 Coldcard hardware-wallet theft, as approximately $1.6 million worth of stolen Bitcoin began moving on September 2-3.

The funds were routed through 34 THORChain swaps into Ethereum, with most of the total, 20.15 BTC across 26 swaps, going towards a single Ethereum address holding around 649.5 ETH.

A blockchain tracker, Bitquery, recorded the movement, which underscores DeFi/THORChain security and AML risks rather than signaling positive crypto adoption or market impact.

The majority of the identified Bitcoin remains parked, with 1,402.59 BTC still sitting in identified addresses and fully traceable, including 1,396.33 BTC that had never moved.