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Old Bitcoin Wallet Moves $31 Million After Coldcard Hack

The transfer came soon after the Coldcard hack, when Galaxy said thousands of BTC were drained from vulnerable wallets. On-chain analysts say the timing could point to extra security-driven moves.

By Zenz van der Wielen
• 2 min read
Old Bitcoin Wallet Moves $31 Million After Coldcard Hack

Key Takeaways

  • A dormant Bitcoin wallet moved 500 BTC on Monday, worth $31.3 million, after more than 12.7 years of inactivity.
  • The transaction happened alongside several old coins moving on-chain, shortly after the visible Coldcard hack on July 30.
  • Researchers say thousands of BTC have been drained from Coldcard-generated wallets since July 30, with about $130 million in losses.

A long-inactive Bitcoin wallet sent 500 BTC on Monday, a transfer worth $31.3 million (€27.1 million). The move came as several older coins were shifting on-chain at the same time, not long after the Coldcard hack surfaced on July 30. For on-chain observers, that suggests a wider wave of wallet reactivations, though a transfer like this does not reveal the owner’s motive.

Wallet From 2013 Wakes Up

The wallet, labeled 18TExP, had been untouched since 2013 and became active again after more than 12.7 years. According to Whale Alert, the transaction involved 500 BTC, which were worth about $500,000 (€433,500) at the time. The coins were sent to a new wallet, but the transfer itself does not explain why it happened.

Blockchain researcher Lookonchain said the owner may have moved the funds out of security concerns following the Coldcard hack. That would fit a broader pattern of older wallets becoming active again, although there are plenty of other possible explanations too, including estate transfers, exchange consolidations, or custodial migrations.

Coldcard Under Pressure

Coldcard is a well-known Bitcoin-only hardware wallet, and it has built a reputation around strong security features such as air-gapped use and a dual secure element design. That is part of why any security issue tied to the device draws so much attention in crypto. According to Galaxy researchers, since July 30, thousands of BTC have been drained from Coldcard-generated wallets through a vulnerability that dates back to March 2021, with total losses of about $130 million (€113 million).

Coldcard has faced security concerns before, including a bypass attack in 2020 and a critical vulnerability found in September 2025. That history helps explain why some holders may be rethinking their self-custody setup, especially when a cluster of old wallets starts moving at once. A recent attack on Coldcard already showed how quickly a key generation mistake can lead to major losses.

Why This Matters for Investors

For European crypto investors, the main takeaway is how fast confidence in self-custody can change after a security incident. When dormant wallets start moving at the same time, it may signal extra caution among long-term BTC holders, but it does not prove every transfer is directly linked to the hack. Still, the combination of a large wallet move and an active security issue makes on-chain data especially worth watching in moments like this.

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