Unlike the FTX collapse, the $89 million Coldcard exploit has investors sending bitcoin back to exchanges
The Coldcard vulnerability has smaller bitcoin holders moving funds onto exchanges for safety, according to blockchain analytics firms. This is opposite of the trend seen following the FTX collapse in late 2022.
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Summary
- The recent Coldcard hack has raised broader questions about the security of hardware wallets and self-custody.
- Some bitcoin holders are moving coins onto exchanges.
- This on-chain flow is the opposite of the large withdrawals seen after FTX’s collapse in late 2022.
