Chainalysis said its review of the Coldcard exploit, which involved more than $38 million, found that the attackers deliberately went after the most valuable wallets before broader draining began. The analysis cited one wallet holding $1.8 million as an example, suggesting victims had already been profiled before funds started moving.
According to the findings, about $30 million was stolen in the first 10 minutes. After that, roughly 500 wallets were drained within 25 minutes. Clay Garrett of Block said investigators also confirmed that the attackers used a paid account from a well-known blockchain service provider to look up victim addresses during the operation. Block added that the provider’s internal logs matched the timing and sequence of those requests.
Block said it found no evidence that the company knowingly helped with the theft. The information has been shared with authorities.
According to Bitcoin News monitoring, Chainalysis said its analysis of the Coldcard exploit, which involved more than $38 million, found that the attackers deliberately targeted the highest-value wallets first. One of those wallets held $1.8 million, a detail that suggests victims had been profiled before the asset transfers began.
The analysis said about $30 million was stolen in the first 10 minutes. It added that roughly 500 wallets were then drained within 25 minutes.
Clay Garrett of Block said investigators also confirmed that the attackers used a paid account from a well-known blockchain service provider to query victim addresses during the operation. According to Block, the provider’s internal logs matched the timing and sequence of those requests.
Block said it did not find evidence that the company knowingly assisted the theft. The information has been shared with authorities.
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