THORChain Used to Swap Stolen Coldcard Bitcoin for Ether

A hacker linked to recent Coldcard wallet thefts has started exchanging stolen Bitcoin for Ether via the THORChain platform.

According to Galaxy head of research Alex Thorn, the third-wave exploiter transferred about 10% of the stolen funds through THORChain, with the remaining 90% still untouched.

'The hacker appears to be having some issues swapping all the funds through THORChain, they keep getting refunded and he keeps retrying,' Thorn said.

The transfer marks the first time that funds from any of the three waves have moved onchain from the original hacker addresses. Onchain analysts traced the funds through THORChain to a new Ethereum address, which Thorn shared with relevant authorities and crypto companies.