Hacker Behind Coldcard Exploit Begins Moving Stolen Funds via THORChain

The hacker responsible for the recent Coldcard wallet exploit has begun laundering stolen funds by converting Bitcoin to Ethereum through THORChain. According to Galaxy Research, approximately 10% of the stolen 1,789 BTC—valued at roughly $115 million at the time of the theft—has been moved. The attacker encountered technical difficulties during the process, leading to multiple failed and retried transactions. The associated Ethereum address has been identified and shared with relevant authorities and crypto firms.