The figure was just 300 BTC below the 39,900 BTC transferred on Nov. 16, 2022, days after FTX filed for bankruptcy. \u201cThe Bitcoin plebs had not moved this amount of BTC in a day since the FTX collapse,\u201d Moreno said, adding that he was encouraged to see users \u201ctaking action.\u201d<\/p>\n
As the suspected Coldcard hack continues to unfold, the incident has become a broader test for Bitcoin self-custody, reigniting debate over whether users are better protected by controlling their own funds or relying on third-party platforms.<\/p>\n
Incident ongoing as Galaxy tracks three attack waves<\/h2>\n
The surge in small Bitcoin transfers came as researchers continued to uncover new victims of the suspected Coldcard hack, which first surfaced in late July and appeared to remain active at the time of publication.<\/p>\n
Galaxy Research, the research arm of crypto investment company Galaxy Digital, reported<\/a> Saturday that the latest identified wave drained an additional 207.7 BTC, worth about $13.2 million. The theft brought estimated losses to 1,367 BTC ($88.6 million) across 4,585 addresses.<\/p>\n Bitcoin drained from Coldcard wallets. Source: <\/em>Coldcard Watch<\/em><\/a><\/p>\n Alex Thorn, Galaxy Digital\u2019s head of firmwide research, warned<\/a> in an X post on Sunday that the attack was still ongoing and urged users to move funds from Coldcard-generated addresses immediately if they had not already done so.<\/p>\n Thorn said his team continued to identify new victim and attacker addresses, adding that reports from users had helped researchers and authorities track stolen funds.<\/p>\n The suspected Coldcard hack has reignited debate over the risks and benefits of Bitcoin self-custody, a core principle of crypto that allows users to control their funds without relying on third parties.<\/p>\n Nick Neuman, CEO of Bitcoin security company Casa, pushed back against claims that \u201cself-custody is over,\u201d arguing that its distributed nature gave users time to react. He estimated<\/a> that potentially 10 times more Bitcoin was protected through self-custody than was stolen and identified in the attack so far.<\/p>\n Related: <\/strong><\/em>SecondFi to wind down after $2.6M ADA theft linked to wallet flaw<\/strong><\/em><\/a><\/p>\n The debate also drew responses from traditional finance supporters. Eric Balchunas, senior ETF analyst at Bloomberg, argued<\/a> that Bitcoin exchange-traded funds (ETFs) provide a safer and more convenient alternative for many users, pointing to the long operating history of the ETF industry. Others pushed back, saying the Coldcard incident was a failure of one wallet provider rather than a failure of self-custody itself.<\/p>\n Magazine: <\/strong><\/em>A quantum roadmap would push Bitcoin much higher: Charles Edwards<\/strong><\/em><\/a><\/p>\n Related:<\/strong> Bitcoin price<\/a> \u00b7 BTC live chart<\/a> \u00b7 Ethereum price<\/a> \u00b7 ETH gas fee<\/a> \u00b7 Bitcoin price today<\/a> \u00b7 Top 10 cryptocurrencies<\/a><\/p>\n![\"\"](\"https:\/\/s3-images.ctmedia.io\/media\/content\/pasted-image-2223.png\")
<\/p>\n<\/p>\nColdcard incident reignites self-custody debate<\/h2>\n