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.
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.
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.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
For years, XRP has lived in the shadow of Bitcoin and Ethereum, often labeled the…
Clearly, current market conditions are gloomy and bearish, marked by a significant downturn in the…
The crypto market is showing signs of a potential rebound as key indicators start to…
The Ethereum price prediction 2025 narrative is becoming increasingly bullish as 2026 is only a…
As the crypto market moves toward another potential bull cycle, investors are zeroing in on…
October hasn’t played out for crypto the way many people hoped. Even so, the year…
