Coinbase Hacker Adds $18.9 Million in Ether During ETH Price Surge
A cryptocurrency wallet connected to the notorious $300 million Coinbase hack has acquired an additional 3,976 Ether (ETH), valued at approximately $18.9 million, according to blockchain analytics firm Arkham Intelligence. The purchase was executed on Saturday at an average price of $4,756 per ETH, coinciding with Ethereum’s recent rally past the $4,700 mark.
Data indicates that the hacker consolidated multiple DAI holdings, ranging from $80,000 to $6 million, before converting them into ETH. This wallet has been under continuous surveillance since early 2023 due to its involvement in a large-scale social engineering scam targeting Coinbase users.
Security analyst ZachXBT previously estimated that the scam defrauded victims of at least $330 million, noting that this figure might be conservative due to limitations in accessible data.
Ongoing Crypto Activity from the Hacker Wallet
This latest Ether acquisition follows a pattern of significant trades by the same wallet. In June, it purchased $8 million worth of Solana (SOL) across multiple transactions, although SOL’s price has since declined below the purchase levels. Earlier, in July, the wallet bought over 5,500 ETH totaling around $14.85 million at an average price near $3,562 per token.
The timing of the recent purchase aligns with ETH reaching a local peak of approximately $4,763—the highest in over two weeks—before settling near $4,718, marking a 4.5% increase over the previous day.
Context: Ethereum Market Dynamics
Ethereum’s price movements have attracted diverse market participants, including retail traders and large holders. Notably, a Hyperliquid trader recently turned a $125,000 investment into a $6.86 million profit through a highly leveraged long position, exemplifying the volatility and opportunity within the ETH market.
As Ethereum continues to gain traction, particularly with institutional interest and developments like spot ETH ETFs, monitoring large wallet activities—including those linked to illicit funds—remains critical for market transparency and security.
FinOracleAI — Market View
The Coinbase hacker’s substantial Ether purchase amid ETH’s upward momentum could signal continued accumulation by sophisticated actors, potentially reinforcing short-term bullish sentiment. However, the association with illicit funds introduces reputational and regulatory risks that may weigh on market confidence if further investigations unfold. Investors should watch for any regulatory responses and monitor whether such wallets continue to influence price dynamics.
Impact: neutral
