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BTC 
ETH About 20.5 BTC are suspected to have been transferred to Ethereum through THORChain, and cross-chain operations make tracking more difficult.
It is reported that about 20.5 bitcoins related to the theft of Coldcard have been transferred to the Ethereum network through the THORChain protocol. This cross-chain jump operation separates stolen bitcoins from their original network, making it more difficult to track funds.
This abnormal trend has been discovered by chain monitors who are concerned about the wallet associated with the theft. According to information posted by on-chain researcher intangiblecins on platform X (formerly Twitter), funds related to the incident did not stay on the Bitcoin network, but were routed to the Ethereum ecosystem.
Nature and source of funds involved
The amount involved is approximately 20.5 BTC. It should be emphasized that the funds are currently only described as "related" to the Coldcard theft and not as stolen money confirmed through a legal decision. This distinction is crucial: the word "association" reflects the results of blockchain tracking, not the court's final determination.
Affected addresses can be viewed in the public blockchain browser, including a Bitcoin address traced on Mempool.space. In addition, a community-maintained Coldcard incident timeline also continues to record the flow of funds.
Coldcard's official response
The broader incident has prompted hardware wallet manufacturers to issue warnings. During the investigation into the loss of funds, Coldcard urged Mk3 users to transfer their funds. Subsequently, the company released firmware version 5.6.1 and notified affected users to transfer their Bitcoin assets as soon as possible.
Why the THORChain to Ethereum path is eye-catching
THORChain is a decentralized protocol that allows users to exchange cryptocurrencies between different blockchains without relying on a centralized exchange. Using this protocol, users can convert native Bitcoin into assets that exist on Ethereum.
Here's the key detail of this analysis: Money doesn't just move between Bitcoin wallets, but crosses from the Bitcoin network to the Ethereum ecosystem.
Such cross-chain jump operations will increase the difficulty of monitoring. When value transferred to other networks, investigators had to re-trace clues on a second blockchain rather than just following a single chain of Bitcoin transactions.
Implications for ordinary crypto holders
For everyday holders, the conclusion is simple: stolen funds usually do not stand still, and cross-chain transfers are a common means of preventing anyone from tracking or recovering funds.
This once again highlights the importance of hardware wallet security. The Coldcard case ranks alongside other encryption stories driven by law enforcement, such as the FBI's seizure of Hamas's encryption fundraising infrastructure, in which on-chain activity tracking played a central role in the response.
If you use a hardware wallet, make sure its firmware is kept up to date and follow the manufacturer's official instructions. After a theft, using a public blockchain browser to observe the flow of funds remains one of the few tools available to the public.
