Coldcard hackers begin converting stolen BTC to ETH via THORChain

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The hackers behind the Coldcard wallet theft are now converting BTC to ETH via THORChain, with 10% of the stolen funds moved. The BTC price remains under close watch as the remaining 90% stays untouched. Galaxy Research’s Alex Thorn reported failed and retried transactions during the swap. A new Ethereum address has been identified and shared with authorities. The breach impacted 8,865 addresses, draining 1,789 BTC—$115 million at the time. Altcoins to watch may include those linked to the hacker’s ETH movements.

Huo Xing Finance reports, according to Bitcoin News monitoring, the hacker linked to the third wave of Coldcard wallet thefts has begun moving stolen funds, exchanging Bitcoin for ETH via THORChain. Alex Thorn of Galaxy Research stated that approximately 10% of the stolen BTC has been transferred, while the remaining 90% remains untouched. The attacker reportedly encountered difficulties during the fund conversion, with multiple THORChain transactions being rejected and retried. Researchers have traced the related exchange activities to a new Ethereum address, which Alex Thorn said has been shared with relevant authorities and cryptocurrency companies. Galaxy Research noted that the broader exploitation of the Coldcard vulnerability has resulted in at least 1,789 BTC lost across 8,865 addresses, valued at approximately $115 million at the time of the theft.

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