Coldcard Wave 3 attackers first transferred the stolen funds, converting some of the assets into ETH.
2026.09.03 08:31:50
Galaxy Digital Head of Research Alex Thorn stated that attackers behind the Coldcard Wave 3 recently transferred stolen funds for the first time, converting a portion of the assets to ETH via cross-chain decentralized exchange THORChain. This marks the first instance of funds from the Wave 1, Wave 2, or Wave 3 attacks being moved from the attackers’ initial wallet addresses to other on-chain addresses. Currently, approximately 90% of the stolen funds from Wave 3 remain untransferred. On-chain activity indicates the attackers encountered apparent issues when conducting conversions via THORChain, with some transactions being repeatedly refunded, though they continue to attempt converting the remaining funds.
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