The sad truth is that all this stolen BTC from ColdCard event will probably never be recovered

The guy/group would simply use no KYC swap services to convert that BTC into Monero or another privacy focused crypto. Even converting the funds to L-BTC and later back to BTC using a new wallet or swapping from L-BTC directly to Monero would make tracing extremely hard to do. Then, they could occasionally swap small amounts into USDC or USDT and spend them through a crypto debit card, and use that money for stuff. No amount of blockchain analysis will be able to trace it if the guy/group manage

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