Coldcard Hack Drains $89M; Bitcoin Slips to $62,800
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- Bitcoin fell about 1% to $62,800 on Monday (down 4% on the week) and ether dropped over 1% to $1,858, ignoring a macro setup that should have lifted crypto.
- The Coldcard exploit has now drained roughly 1,367 BTC — nearly $89 million — from about 4,585 addresses across three attack waves, with no sign of containment.
- Brent crude dropped as much as 7.3% to $81.55 a barrel after Trump called off a strike on Iran and announced fresh talks, with Saudi Arabia pushing for a deal to reopen the Strait of Hormuz.
- Treasury yields fell across the curve as the oil move eased inflation worries, taking the 10-year yield down 4 basis points to 4.69%; Nasdaq 100 futures gained 0.8%.
- Attack wave 3 took 208 BTC from 1,912 wallets — more wallets but roughly a fifth of the money of wave 1, which drained 1,083 BTC from 1,196 addresses on July 30, suggesting the attacker is scraping smaller balances.
- Ether funds took small inflows on Friday while bitcoin funds saw outflows, an unusual split for a market where bitcoin typically sets the direction and ether follows.
Why it matters: Crypto failed to catch a bid on a textbook risk-on setup (Brent -7.3%, yields -4 bps, equities higher) — evidence that the Coldcard drain, not the macro tape, is the binding constraint near $62,000, and the falling haul-per-address shows the attacker is now working through small wallets rather than large ones.
