Coldcard hackers attempt to launder stolen BTC, activity visible on-chain

Coldcard hackers are attempting to launder stolen Bitcoin, but the transfers remain visible on-chain, Bitcoin News reported. The 1,159 BTC stolen in the Coldcard hack has effectively been frozen and not converted into cash, although a hacker who took about 64 BTC moved the funds to a mixing protocol. Of that amount, 10 BTC was mixed first, while the remaining 54 BTC was split into 7 BTC chunks and is undergoing additional mixing steps. Because Bitcoin consists of unspent transaction outputs, or UTXOs, moving funds in smaller increments makes them harder to trace. Bitcoin News added, "At this scale, unusually large transfers are not difficult to track. The laundering attempt is unfolding in a relatively transparent manner."