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BTC 
ETH Coldcard attackers reportedly transferred approximately 10% of stolen bitcoins through THORChain
According to reports of the incident, a hacker who allegedly hacked Coldcard wallet transferred approximately 10% of stolen bitcoins through the cross-chain exchange protocol THORChain and converted some of the stolen goods into other assets. This claim has only been partially verified so far, but it points to a common problem in digital asset theft: once the private key is leaked and funds cross the chain, the difficulty of tracking and recovering becomes dramatically increased.
The core story is straightforward: According to crypto.news, a Coldcard attacker exchanged about 10% of stolen bitcoins through THORChain. Currently, this transfer of funds remains a "reported incident" rather than an independently confirmed on-chain restructuring. Among the available evidence, the timeline and utilization of the theft have not yet been confirmed.
Coldcard is a hardware wallet used to store Bitcoin offline, while THORChain is a decentralized protocol that allows users to exchange assets between different blockchains without a centralized intermediary. The key here is the path, not the size: THORChain provides a way for those who control these coins to exit Bitcoin directly and transfer to other coins. Coldcard's security has attracted attention before, including warnings from its suppliers about entropy flaws related to BTC cleanup.
What support does the THORChain exchange get?
In addition to the main reports, this exchange has also received responses from on-chain observers. An account called "intangiblecins" on the X platform posted posts about the flow of funds, one of which was related to wallet activity. Another article published through TradingView stated that the exchange was to convert Bitcoin to ETH.
These are observational attributions from individual trackers and second-time contributors, not verified purse-to-wallet tracking. The existing evidence does not contain a complete on-chain reconstruction, including transaction hashes, sender and recipient addresses, and timestamps, so wallet tracking details should be regarded as the statement of these observers rather than an established fact.
Previously, Coldcard's larger capital loss has triggered conflicts of interpretation on the chain, including reports that 39,600 BTC was transferred to small wallets after the hacking. This history is one of the reasons why we remain cautious here.
Why exchange paths are more important than market reactions
This is a safety story, not a price story. Transferring stolen Bitcoin through cross-chain protocols complicates tracking because funds change the form and network, breaking the simple tracking method of "following Bitcoin" when the currency stays on a single chain. This is the practical enlightenment brought by the THORChain path.
It is necessary to clarify what the existing evidence does not show: there are no confirmed enforcement results, no funds have been recovered, and no agreement responsibilities have been identified in existing materials. This is important in the flow path itself, rather than in any measurable market impact.
The incident has also intensified ongoing discussions about the risks of hardware wallets. Developer Peter Todd has previously warned about the risks of single-signature bitcoin about the Coldcard capital loss incident, which reminds us that when a wallet product is attacked, key management design determines the level of risk the user faces.
For now, responsible interpretation should be cautious: it has been reported that some stolen funds were exchanged through THORChain, a claim that has been corroborated by chain observers but has not yet been fully verified. Confirmation will rely on a complete transaction trace, which is not provided by available evidence.
