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ETH Coldcard Wave 3 hackers move stolen funds on the chain for the first time
According to Alex Thorn, director of Galaxy research, Coldcard Wave 3 hackers moved stolen cryptocurrency on the chain for the first time since the incident. The transaction exchanged stolen assets for Ethereum (ETH) through the cross-chain decentralized liquidity protocol THORChain. This was the first known on-chain activity involving stolen funds and attracted the attention of blockchain analysts and investigators monitoring the wallets involved. Such transactions are often closely watched because they may provide clues about how stolen assets are managed or launder money.
THORChain is used for cross-chain exchanges
According to Thorn, attackers used THORChain to convert stolen funds into Ethereum. Cross-chain protocols allow users to exchange assets between different blockchains without relying on centralized exchanges. Although these protocols are used for legitimate purposes, attackers can also use them to move or conceal stolen funds across networks. Blockchain analytics companies and security researchers may continue to monitor relevant wallet addresses to observe further activity.
Investigators continue to monitor
The latest transfer of Coldcard hacker funds highlights the importance of blockchain transparency in tracking illegal transactions. Although attackers have begun to move assets, every chain transaction leaves a public record that can be checked by analysts. Security companies, exchange and compliance teams are expected to continue to monitor these wallets for additional transfers and possible cash out attempts.
