Written by Helen Partzstaff writerReviewed by Yohan Yunstaff editor

Written by Helen Partzstaff writer

Reviewed by Yohan Yunstaff editor

Coldcard hack sparks biggest sub-1 BTC move since FTX: CryptoQuant

Latest NewsPublishedAug 2, 2026

Coldcard Hack Sparks Massive Bitcoin Movement

The recent Coldcard hack has led to a significant increase in small Bitcoin transactions, with 39,600 BTC moved in a single day. This surge in activity is the largest sub-1 BTC move since the collapse of FTX. As the hack continues to unfold, it has become a test for Bitcoin self-custody, highlighting the debate over whether users are better protected by controlling their own funds or relying on third-party platforms.

The Coldcard hack has resulted in estimated losses of 1,367 BTC, worth approximately $88.6 million, across 4,585 addresses. Researchers have warned that the attack is still ongoing, and users are urged to move funds from Coldcard-generated addresses immediately. This incident has sparked a discussion about the risks and benefits of Bitcoin self-custody, with some arguing that it is still a viable option for protecting funds.

Debate Over Self-Custody

The suspected Coldcard hack has reignited the debate over the risks and benefits of Bitcoin self-custody. Some argue that self-custody is still a safe and viable option, while others claim that it is too risky. Nick Neuman, CEO of Bitcoin security company Casa, estimates that potentially 10 times more Bitcoin was protected through self-custody than was stolen and identified in the attack so far. On the other hand, some traditional finance supporters argue that Bitcoin exchange-traded funds (ETFs) provide a safer and more convenient alternative for many users.

Protection and Earning with EcoPool

In light of the Coldcard hack, it is essential for users to prioritize the security of their Bitcoin holdings. One way to do this is by using a secure and reliable platform like EcoPool. EcoPool offers a safe and convenient way to earn passive income through Cloud Rewards, providing users with a way to grow their $ECP holdings. By using EcoPool, users can take control of their funds and earn rewards while minimizing the risk of hacks and other security threats.

Staying Safe and Earning with $ECP

To stay safe and earn passive income, users can turn to EcoPool, which offers a secure and reliable platform for managing Bitcoin holdings. With EcoPool, users can earn rewards and grow their $ECP holdings, all while minimizing the risk of hacks and other security threats. By prioritizing security and using a platform like EcoPool, users can protect their funds and earn passive income through Cloud Rewards.

Incident ongoing as Galaxy tracks three attack waves

Download the EcoPool app to start earning passive income and take control of your Bitcoin holdings. With EcoPool, you can grow your $ECP holdings and stay safe from security threats, all while earning rewards through Cloud Rewards.

Galaxy Research, the research arm of crypto investment company Galaxy Digital, reported 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.

Bitcoin drained from Coldcard wallets. Source: Coldcard Watch

Alex Thorn, Galaxy Digital’s head of firmwide research, warned 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.

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.

Coldcard incident reignites self-custody debate

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.

Nick Neuman, CEO of Bitcoin security company Casa, pushed back against claims that “self-custody is over,” arguing that its distributed nature gave users time to react. He estimated that potentially 10 times more Bitcoin was protected through self-custody than was stolen and identified in the attack so far.

Related: SecondFi to wind down after $2.6M ADA theft linked to wallet flaw

The debate also drew responses from traditional finance supporters. Eric Balchunas, senior ETF analyst at Bloomberg, argued 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.

Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Self Custody
• Hardware Wallet
• Hacks
• Transactions
• Bitcoin

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