CryptoQuant research revealed that Bitcoin users resumed making small transactions, reaching levels not seen since the collapse of cryptocurrency exchange FTX. The surge in Bitcoin transfers below 1 BTC reached its highest daily level since November 2022.
The latest figures show that 39,600 BTC moved in these small transactions as of Friday, matching the peak from Nov. 16, 2022 (39,900 BTC). This trend is attributed to ongoing concerns over a suspected Coldcard hack, which has reportedly resulted in estimated losses of around 1,367 BTC worth about $88.6 million across 4,585 addresses.
Researchers at CryptoQuant and Galaxy Digital continue to track the situation, with Julio Moreno from CryptoQuant noting that users are responding by moving funds from Coldcard-generated addresses immediately. Meanwhile, Alex Thorn of Galaxy Digital echoed this advice, emphasizing the ongoing nature of the attack despite some progress in identifying victims.
Casa, a Bitcoin security company providing insights into self-custody and the incident, has yet to reveal any changes in user behavior or increased security measures since the breach. The lack of definitive information on these aspects remains an uncertainty, adding complexity to the evolving situation.
Written by Daniel Brooks
Security Desk
