Transfers of less than 1 BTC totaled 39,600 BTC (around $2.5 billion) on July 31, close to the 39,900 BTC moved days after FTX collapsed in November 2022, according to CryptoQuant. Galaxy Research flagged a likely fourth wave of thefts that would bring total losses to about 1,816 BTC, near $114 million. The Coldcard flaw dates to a March 2021 firmware build error that drastically reduced the pool of generated keys. Bitcoin’s price barely moved despite this wave of transfers, suggesting users were securing their funds rather than selling them. Kraken chief security officer Nick Percoco called the incident a wake-up call for the entire hardware wallet industry.
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