Coinbase Hacker Accumulates $18.9M in Ether as ETH Surpasses $4,700

Key Takeaways

• Coinbase hacker wallet purchased 3,976 ETH for $18.9 million at $4,756 per token
• The acquisition was made using 18.911 million DAI through multiple consolidated transactions
• This wallet is connected to a social engineering campaign that allegedly stole over $330 million from Coinbase users
• ETH reached a local high of $4,763, its highest level in over two weeks
• The hacker has previously accumulated $8 million in Solana and millions more in Ethereum throughout 2024

Hacker Wallet Makes Major Ether Purchase

A cryptocurrency wallet connected to a notorious Coinbase social engineering attack has acquired an additional 3,976 Ether tokens valued at approximately $18.9 million, according to blockchain analytics data from Arkham Intelligence. The purchase occurred on Saturday at $4,756 per ETH token.

The transaction involved consolidating various DAI stablecoin amounts ranging from $80,000 to $6 million before executing multiple Ethereum purchases. This strategic approach suggests sophisticated market manipulation techniques employed by the perpetrator.

Background of the $300 Million Coinbase Hack

Blockchain analysts have been monitoring this particular wallet since early 2024 due to its connection with a large-scale social engineering operation targeting Coinbase users. Security researcher ZachXBT estimated in May that the campaign defrauded victims of at least $330 million, though he noted that the actual amount stolen could be significantly higher due to limited data availability.

The social engineering attack exploited user trust and platform vulnerabilities to gain unauthorized access to victim accounts, representing one of the most significant cryptocurrency thefts in recent history.

Pattern of Continued Market Activity

This latest Ethereum accumulation represents part of an ongoing trading pattern from the same wallet address. The hacker has demonstrated consistent market activity throughout 2024:

In the previous month, the wallet acquired $8 million worth of Solana tokens across multiple purchases, though those positions have since declined below their entry price points. Earlier, in July, the same address purchased 4,863 ETH worth $12.55 million and an additional 649 ETH valued at $2.3 million, both at approximately $3,562 per token.

ETH maintains strong $4,700 support level – Coin Edition

Ethereum Market Performance Context

The timing of this purchase coincides with Ethereum’s recent price surge above the $4,700 threshold. ETH reached a local peak of approximately $4,763 on Saturday, marking its highest valuation in more than two weeks. At current market conditions, Ethereum trades at $4,718, representing a 4.5% increase over the past 24-hour period.

This price movement occurs amid broader cryptocurrency market momentum and increased institutional interest in Ethereum-based investment products.

Remarkable Trading Success on Hyperliquid

In a separate but notable development, a cryptocurrency trader on the Hyperliquid platform achieved extraordinary returns by transforming a $125,000 initial deposit into a leveraged position worth $303 million on Ethereum. The trader ultimately realized $6.86 million in profits after reaching peak equity of $43 million.

The successful strategy involved continuous compounding over four months using high leverage ratios. The trader’s approach of recycling all gains into a single position capitalized on favorable market conditions and precise timing. Recognizing cooling market signals, the trader closed the 66,749 ETH long position just before a market reversal, securing a 55x return on the original investment.

Crypto hacking reaches record levels – Chainalysis

Market Implications and Analysis

The continued activity from the Coinbase hacker wallet raises questions about law enforcement efforts to track and recover stolen funds. Despite the high-profile nature of the theft and ongoing blockchain surveillance, the perpetrator continues executing large-scale transactions without apparent interference.

The hacker’s investment choices, particularly the focus on major cryptocurrencies like Ethereum and Solana, suggest confidence in long-term market prospects despite recent volatility. These moves also indicate sophisticated understanding of market timing and portfolio diversification strategies.

The substantial ETH purchase at current price levels demonstrates either strong conviction in Ethereum’s continued growth potential or an attempt to capitalize on short-term price momentum above the $4,700 resistance level.