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Coldcard exploiter moves 45% of funds stolen in ‘Wave 3’ attacks: Galaxy

Galaxy Research reports that the exploiter behind the ‘Wave 3’ Coldcard attacks has moved 45% of the stolen funds as of mid-August. The firm identified approximately 1,779 BTC stolen from 190 victims, with funds spread across more than 8,600 addresses. The movement marks a notable shift in the handling of the illicit assets.

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AI take

The movement of a significant portion of stolen funds signals that the attacker is actively managing the assets, which could complicate recovery efforts and law enforcement tracking. For the 190 victims, this redistribution across thousands of addresses makes tracing and freezing more difficult. The key question now is whether the remaining 55% will be moved similarly, and how exchanges and analytics firms respond to flag these addresses. This development underscores the persistent challenge of asset recovery in crypto thefts, where post-heist fund mobility is a critical factor in outcomes.

Generated by AI for reference only.

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