Crypto News: $300 Million Coinbase Hacker Acquires 3,976 Ether

A notorious crypto wallet linked to the Coinbase hacker made another big crypto purchase. The $300 million Coinbase hacker added approximately 3,976 Ether for $18.9 million, when it is trading at $4,724.79. The crypto company is yet to drop a comment on this matter. 

How is Coinbase Hacker Making More Acquisitions?

Earlier this year, the hacker made purchases using stolen funds from the global crypto exchange, Coinbase. According to data from Arkham Intelligence, the hacker acquired more Ether on Saturday by using 18.911 million DAI.

He reportedly collected different amounts of the stablecoin DAI, ranging from $80,000 to $6 million, and then used those to buy Ethereum (ETH) in multiple transactions. The hacker has been moving and diversifying the stolen assets, using various methods to avoid detection, including breaking the purchases into smaller amounts and using privacy tools. 

This is part of a strategy to launder the stolen money through Ethereum and other cryptocurrencies. He even converts the stolen funds into ETH, which makes it easier to move and harder to trace. 

What is Coinbase Doing Against This?

Earlier this year, in February, crypto investors ZachXBT and others accused Coinbase of failing to address security vulnerabilities and scam incidents. It has cost investors millions of dollars each month, but Coinbase is not lazing around. Instead, it took several steps to stop this heist. 

In May, Coinbase offered a $20 million reward for information leading to the arrest and conviction of those responsible for the attack. It also reported the breach to the SEC and said in its 8-K filing that it anticipates suffering a hit of $180 to $400 million in remediation costs and reimbursements. 

Moreover, the company invested in increased investor threat detection to ensure the stoppage of hacks. It also put out a detailed blog in May to compensate affected customers. Despite its strong efforts, it couldn’t identify the hacker, and he made another purchase.