The hacking of Coldcard hardware wallets has provoked unprecedented panic among small bitcoin holders. Analysts of the CryptoQuant platform have recorded a sharp surge in network activity, which has reached its maximum values over the past four years. The greatest mobilization was observed among owners of crypto assets with a balance of less than one bitcoin. On the thirty-first of July, the volume of outgoing transactions from such addresses reached an impressive 39,600 coins. Such a large-scale transfer of funds by small investors was last recorded during the collapse of the FTX exchange in November 2022, when users urgently withdrew 39,900 bitcoins.

The immediate trigger for the panic was a large-scale hacker attack on Coinkite devices. The attackers used automated scripts to compromise about five hundred Coldcard cold wallets. As a result of the coordinated operation, the hackers managed to withdraw 594 bitcoins. Researchers from Galaxy Research have confirmed the fact of a new wave of theft by tracking the movement of about four hundred coins to two hundred new wallets allegedly belonging to criminals. The news about the vulnerability of popular hardware caused a real shock among retail users.

The massive migration of digital assets has led to a tremendous increase in the burden on the basic infrastructure of the first cryptocurrency. CryptoQuant experts noted that the number of active network addresses at the moment exceeded one million. This is almost twice the standard daily figures, which usually range around six hundred thousand. Representatives of the analytical agency stressed that small holders had not moved their own funds on a similar scale for almost four years. The current situation clearly demonstrates the high degree of vulnerability of user trust in hardware solutions. The incident is forcing many market participants to reconsider their own approaches to ensuring the security of digital savings.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.