A hacker linked to the third wave of Coldcard wallet thefts has started swapping stolen Bitcoin for Ether through THORChain. According to Alex Thorn, head of research at Galaxy, approximately 10% of the stolen funds have been moved, with 90% remaining untouched. This marks the first time funds from any of the three waves have been moved onchain from the original hacker addresses. Onchain analysts traced the funds through THORChain to a new Ethereum address, which Thorn shared with relevant authorities and crypto companies. The original theft is linked to at least 1,789 Bitcoin stolen from 8,865 addresses, worth approximately $114.7 million at the time.
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