Since July 30, attackers have drained thousands of BTC from Coldcard-generated wallets, exploiting a flaw dating back to March 2021. According to researchers at Galaxy, total damage so far is about $130 million in BTC.
Over the weekend, some analysts pointed to increased inflows of BTC onto exchanges as the hack dented confidence in self-custody safety.
The 500 BTC isn’t an isolated case
On-chain data from CryptoQuant tracking the so-called spent output age bands, an indicator which groups all bitcoin moved on a given day by how long each coin had sat dormant before being spent, reveals a clear spike in old-coin movement around the same window.
Coins that had been dormant for 10 years or longer saw roughly 935 BTC move on Aug. 3, the largest single-day total since March 20. Separately, coins dormant for five to seven years saw a much larger spike, with roughly…
