Cold Wallet No Longer Secure: Everyone at Risk? Multiple Dormant Whales Transfer Entire Bitcoin Holdings

BlockBeats News, August 3rd, according to Onchain Lens monitoring, a Bitcoin whale ended a 4-year hibernation, transferring 730 BTC (approximately $46.12 million) to a new wallet 1 hour ago. On-chain history shows that this wallet has been accumulating the aforementioned holdings for the past 7 years.

Earlier reports indicated that a whale ended a 7-month hibernation today, transferring 16,400 BTC to a new address.

Analysts suggest that the security of Bitcoin hardware wallets, particularly the Coldcard manufacturer, has been under continuous attack due to vulnerabilities, and the loss of savings for some users over the years may be a significant factor prompting whales to transfer their holdings. The security of hardware wallets is being heavily scrutinized, potentially causing many long-term holders to feel threatened, prompting them to start transferring their holdings to new addresses to mitigate risks.