Bitcoin (BTC) Whales Are Moving Big as Coldcard Chaos Sends Shockwave

Bitcoin activity has surged sharply over the past week, with 712,000 addresses active in the past seven days, according to Santiment’s findings. That marks a three-month high.

Whale activity also hit a five-month high. 61,800 transactions worth more than $100,000 were recorded during the period.

Coldcard Fallout Drives Network Activity

Santiment flagged the recent security incident involving Coldcard hardware wallet as the obvious catalyst behind the rise in activity. Reports linked the late-July attacks to weak keys generated by affected devices. Santiment estimates losses at above 2,055 BTC, or about $130 million. It said affected users rushed to move funds, consolidate wallets and reduce their exposure.

Meanwhile, Galaxy Research identified that the tokens were stolen from 7,300 addresses across three confirmed waves of attacks. It also found 14 smaller security incidents. The firm also said the exploits linked to an issue affecting seeds generated on Coinkite’s Coldcard Mk3, Mk4, Mk5 and Coldcard Q firmware versions.

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