Yes changing owners is normal and happens in everyday of business but usually all the assets and liabilites are transferred. Here the cold storage remains in the hands of the old owners. Which makes no sense.

If the cold storage started with a "3" then it would be a Multisig address and then it would make a little more sense however according to the type of bitcoin address it is, it only have 1 private key that apparently 2 owners are holding.

Very risky.