Coldcard exploiter moves 45% of funds stolen from 'Wave 3' attacks, Galaxy says

What happened

Galaxy reported that, as of mid-August, about 1,779 Bitcoin, worth a significant amount, were stolen from 190 victims in 'Wave 3' attacks, and the exploiter has now moved 45% of those stolen funds.

Confirmed

Global impact / market context

This matters because the movement of stolen Bitcoin suggests the attacker is cashing out or hiding funds, which could reduce chances of recovery for victims and signal ongoing security risks for Bitcoin holders.

Analyst inference

In the crypto market, large thefts can shake investor confidence, potentially leading to sell-offs or stricter security measures. This event may also draw regulatory attention, affecting how exchanges handle stolen assets.

Analyst inference

What to watch

1. Watch for further updates from Galaxy on the exact amount of Bitcoin moved and the remaining stolen funds, as they have already identified 1,779 BTC from 190 victims. Confirmed
2. Investors should monitor whether the exploiter's actions lead to increased security upgrades by wallet providers, which could reduce future theft risks but also raise costs for users. Proposed
3. Watch for potential price impact on Bitcoin if the stolen funds are sold on exchanges, as large sell-offs could temporarily lower the price, affecting investor portfolios. Analyst inference

Affected assets

• BTC — Bitcoin
• DEFI — DeFi

Evidence

• theblock.co