Coldcard Hacker Moves Stolen BTC to Ethereum via THORChain

The hacker behind the recent third wave Coldcard exploit is starting to move their loot. On chain researchers recently spotted the attacker transferring about 10% of the stolen funds, swapping the Bitcoin for Ethereum through the decentralized network THORChain.

Using THORChain allows the attacker to swap assets across different blockchains without using a centralized exchange that requires identity verification. Once the swap was complete, blockchain sleuths traced the converted assets directly to a brand new Ethereum address.

Security firms are keeping a close eye on this new Ethereum wallet to see where the funds go next. Cross chain bridges and decentralized protocols have become popular tools for hackers looking to wash stolen crypto, making it harder for law enforcement to freeze the assets.