$300M Coinbase Hacker Buys $18.9M in Ether as ETH Breaks Above $4,700
A crypto wallet linked to an infamous "Coinbase hacker" has made another significant purchase of Ether, worth over $18.9 million, in a move that comes amidst the recent surge in the price of Ethereum above $4,700.
The wallet, which has been under surveillance by blockchain analysts since earlier this year, bought 3,976 Ether at an average price of $4,756 per token, according to data from Arkham Intelligence. This purchase is part of a larger trend of consolidation and accumulation by the hacker, who has been linked to a $300 million+ social engineering scam that targeted Coinbase users.
According to ZachXBT, an onchain sleuth and security analyst, the campaign defrauded victims out of at least $330 million. However, the exact amount stolen is likely higher, as the hacker's methods were highly sophisticated and difficult to track.
A Series of Significant Trades
The latest Ether accumulation follows a series of significant trades from the same address. Last month, the wallet acquired $8 million worth of Solana (SOL) across several purchases, which has since slipped below the entry price. In July, the same wallet scooped up 4,863 ETH ($12.55 million) and 649 ETH ($2.3 million) at around $3,562 per token.
These trades demonstrate the hacker's continued interest in accumulating Ethereum and other cryptocurrencies, despite the recent volatility in the market. The fact that they are willing to invest large sums of money in these assets suggests that they have a deep understanding of the underlying technology and market trends.
A Record-Breaking Purchase
The latest Ether purchase is particularly notable, as it represents one of the largest single transactions in recent history. The hacker's use of 18.911 million DAI (DAI) to fund this transaction is also significant, as it demonstrates their ability to access and utilize large amounts of capital.
The fact that the hacker has been able to accumulate such a large amount of Ether without attracting significant attention from law enforcement or other authorities is a testament to their sophistication and cunning. However, it is likely only a matter of time before they are brought to justice for their crimes.
A Market in Flux
The recent surge in the price of Ethereum above $4,700 has created a market that is both exciting and volatile. While some investors are optimistic about the prospects for this asset class, others are cautioning against over-optimism due to the high level of speculation and leverage involved.
As the ETH market continues to navigate these complex dynamics, it will be important to monitor developments in real-time, as well as keep a close eye on the activities of hackers like the infamous "Coinbase hacker".
A Trader's Story
In other news, a crypto trader on Hyperliquid has transformed a $125,000 deposit into a $303 million leveraged long on Ether, achieving a peak equity of $43 million before exiting with $6.86 million in realized profit.
This remarkable turnaround demonstrates the power and potential of decentralized finance (DeFi) platforms like Hyperliquid, where traders can access large amounts of capital and leverage to amplify their gains.