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Coldcard exploit prompts 233k BTC shift from long-term wallets

After the Coldcard hack, about 22k BTC moved to exchanges while 233k BTC left long-term holder wallets, according to on-chain data cited by Casa CEO Nick Neuman.

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Casa CEO Nick Neuman pointed to on-chain data following a Coldcard firmware exploit as evidence that self-custody can strengthen Bitcoin resilience. In an Aug. 9 post, Neuman cited Checkonchain data showing that in the days after the hack, about 22k BTC moved to exchanges and 233k BTC left long-term holder wallets through on-chain transactions.

The Coldcard incident involved theft of roughly 2.1k BTC, according to Neuman. He said Galaxy Research has tracked confirmed losses from the Coldcard entropy flaw as low as 1.7k, rising to more than 2k BTC, with the stolen coins spread across multiple attack waves beginning July 30.

Neuman attributed part of the 233k BTC movement to Casa customer feedback and described it as holders shifting from non-Coldcard single-key setups such as Ledger or Trezor into multisig wallets after reassessing single-key risk. He also said other flows reflected multisig users removing Coldcard devices from their keysets after the exploit.

Neuman argued that, compared with a hypothetical centralized custodian breach, the outcomes would likely differ because attackers would need to target individual wallets under self-custody. He said attackers would face smaller, wallet-specific targets and that holders would have time to react, rather than a single breach event moving the majority of funds.

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