₿ Crypto

Coldcard hacker moves 10% of stolen Bitcoin to Ethereum via THORChain

Coldcard hacker swaps stolen Bitcoin for Ethereum via THORChain, moving 10% of funds to a new address as researchers trace the cross-chain transfer.

📅 September 3, 2026 🕐 1 min read

2 assets impacted (Crypto). Net bias: 0 Bullish, 0 Bearish, 2 Neutral. Strongest signal: BTC/USD → 2/10 (80% confidence).

📊 Affected Assets (2)

BTC/USD

Neutral 🤖 80%

📅 Short-term 🌍 Global · Explicit

The article reports that the third-wave Coldcard exploiter moved about 10% of stolen Bitcoin through THORChain, swapping it for Ethereum. This transfer is a small fraction of the stolen funds and is unlikely to directly impact Bitcoin's market price, but it highlights ongoing security vulnerabilities in hardware wallets and the use of cross-chain swaps for fund movement.

Catalysts

• Third-wave Coldcard exploiter moves 10% of stolen BTC via THORChain
• On-chain tracing reveals new Ethereum address

▼ Show FAQ (2) ▲ Hide FAQ

Does this transfer affect Bitcoin's price?

The transfer of a small portion of stolen funds is unlikely to move Bitcoin's price directly, but it underscores security concerns that could weigh on sentiment.

What does this mean for Bitcoin holders?

Bitcoin holders should be aware of hardware wallet vulnerabilities, but this incident does not change Bitcoin's fundamental outlook.

ETH/USD

Neutral 🤖 80%

📅 Short-term 🌍 Global · Explicit

The hacker swapped stolen Bitcoin for Ethereum via THORChain, with researchers tracing the assets to a new Ethereum address. This demonstrates Ethereum's role as a liquidity destination for cross-chain swaps, though the amount is small and unlikely to affect ETH's price.

Catalysts

• Hacker swaps BTC for ETH via THORChain
• Funds traced to new Ethereum address

▼ Show FAQ (2) ▲ Hide FAQ

Why did the hacker choose Ethereum?

The hacker used THORChain to swap Bitcoin for Ethereum, likely for liquidity or to obscure the trail, though the exact motive is not disclosed.

Does this affect Ethereum's network?

The transfer is a routine on-chain transaction and does not impact Ethereum's network performance or security.

🎯 Key Takeaways

The third-wave Coldcard exploiter moved about 10% of stolen funds through THORChain.
The funds were swapped from Bitcoin to Ethereum and traced to a new Ethereum address.
The incident highlights the use of cross-chain swaps for moving illicit funds.
Hardware wallet security remains a concern for crypto holders.

📝 Executive Summary

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

❓ FAQ

What is THORChain?

THORChain is a decentralized liquidity protocol that enables cross-chain swaps between different blockchain assets, such as Bitcoin and Ethereum, without a centralized intermediary.

How did researchers trace the funds?

On-chain researchers followed the transaction trail from the Coldcard exploiter's Bitcoin address through THORChain to a new Ethereum address, using blockchain analytics to identify the destination.

What does this mean for Coldcard users?

The incident underscores potential vulnerabilities in hardware wallets, though Coldcard has not issued a statement. Users should ensure firmware is updated and follow security best practices.

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