Coldcard hacker swaps stolen Bitcoin for ETH via THORChain

The third-wave Coldcard exploiter moved about 10% of stolen funds through THORChain as researchers traced the assets to a new Ethereum address.

A hacker linked to the third wave of Coldcard wallet thefts has started swapping stolen Bitcoin for Ether through THORChain.

Galaxy head of research Alex Thorn took to X on Wednesday to report that the third-wave exploiter moved about 10% of the stolen funds, with 90% remaining untouched. Thorn said it marked the first time funds from any of the three waves had moved onchain from the original hacker addresses.

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

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