The number of smaller Bitcoin transactions has reached levels that have not been seen since the collapse FTX, a cryptocurrency exchange.
Bitcoin transactions below 1 BTC reached their highest level daily since November 2022, on Friday. 39,600 BTC were moved. according CryptoQuant’s Julio Moreno, head of Research at CryptoQuant, shared data on Saturday.
It was only 300 BTC lower than the 39.900 BTC transfered on November 16, 2022 – days after FTX’s bankruptcy. “The Bitcoin plebs had not moved this amount of BTC in a day since the FTX collapse,” Moreno also said that the fact that users are interacting with him is encouraging. “taking action.”
While the Coldcard incident continues to unfold the test has been expanded for Bitcoin self custody, reigniting the debate on whether users should control their own funds, or depend on third-party platforms.
Galaxy is currently tracking three attacks waves
Researchers continue to find new Coldcard victims, who were first exposed in late July.
Galaxy Digital’s research division, Galaxy Research, is a crypto-investment company. reported The latest wave, which occurred on Saturday, drained a further 207.7 BTC worth approximately $13.2 Million. This theft caused estimated losses of 88.6 Million BTC (1,367 BTC) to be spread over 4,585 address.
Bitcoin drained Coldcard wallets. Source: Coldcard Watch
Alex Thorn is the head of research at Galaxy Digital. warned The attack is still going on, according to a post made by X Sunday. Users were urged to immediately move their funds out of Coldcard generated addresses if they hadn’t already.
Thorn added that his team continues to identify new victims and attackers, and reports from users have helped researchers and officials track stolen funds.
Coldcard incident reignites debate about self-custody
Coldcard, the suspected Coldcard hacker has reignited a debate about Bitcoin self custody. Bitcoin self custody is one of the core principles of cryptocurrency that allow users to take control of their money without depending on third-parties.
Nick Neuman is the CEO of Casa Bitcoin Security. He rebutted claims about the security and privacy risks associated with Bitcoin. “self-custody is over,” The argument was that it’s distributed nature allowed users to have time for reaction. He estimated Self-custody could protect up to 10 times as much Bitcoin than has been stolen or identified so far.
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This debate attracted responses from supporters of traditional finance. Eric Balchunas, senior ETF analyst at Bloomberg, argued Many users find that Bitcoin ETFs are safer and easier to use, thanks to their long-standing history. Some argued that the Coldcard issue was more a result of a wallet failure than of a self-custody failure.
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Source: cointelegraph.com
