Hackers of the Bitcoin hardware wallet Coldcard are attempting to launder stolen funds, but their activities are being detected on-chain. According to Bitcoin News, 1159 BTC stolen in the Coldcard hack remains effectively frozen and has not been cashed out. However, a hacker who stole approximately 64 BTC transferred the funds to a mixing protocol. Of this amount, 10 BTC was mixed first, and subsequently, the remaining 54 BTC was divided into units of 7 BTC each and is undergoing additional mixing stages. Since BTC consists of Unspent Transaction Outputs (UTXOs), the smaller the units transferred, the more difficult it becomes to trace the funds. Bitcoin News added, "Transfers of unusually large units at this level are not difficult to track. The money laundering attempts are relatively transparent."
