Unlike the FTX collapse, the $89 million Coldcard exploit has investors sending bitcoin back to exchanges

CoinDesk·

Unlike the FTX collapse, the $89 million Coldcard exploit has investors sending bitcoin back to exchanges

60-second summary

Smaller bitcoin holders are rapidly moving funds onto exchanges due to the $89 million Coldcard exploit, according to blockchain analytics firms, with many seeking safety in numbers. This trend contrasts the FTX collapse in late 2022, where investors rushed to withdraw funds from exchanges. The Coldcard exploit is prompting a reversal of that trend, with investors seeking exchange security.

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.