Coldcard Exploiter Moves 45% of Funds Stolen in Wave 3 Attacks, Galaxy Reports
(45 days ago) · 1 source · Summarized by CryptoBipto
According to Galaxy, the attacker behind the Coldcard exploit has moved approximately 45% of the funds stolen during what has been termed the 'Wave 3' attacks. The movement of funds suggests the exploiter may be attempting to launder or cash out the stolen assets. Details about the total amount involved and the destination of the moved funds remain limited based on available reporting.
WHY IT MATTERS
A hardware wallet is a physical device — similar to a USB drive — that stores the private keys needed to access cryptocurrency. These devices are considered one of the safest ways to hold crypto because they keep keys offline, away from internet-based hackers. When a hardware wallet like Coldcard is exploited, it undermines one of the most trusted security methods in crypto. Think of it like discovering that a particular brand of home safe has a flaw that lets thieves open it. When stolen crypto funds are 'moved,' blockchain analysts can track the transactions because all activity is recorded on a public ledger, but identifying the real person behind the transactions remains difficult. This story highlights the ongoing risks even with hardware-based security solutions and the role that blockchain analysis firms play in tracking stolen assets.
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- theblock.co
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