Coinbase Hacker Moves $18.9M in ETH: Onchain Analysis

Coinbase Hacker Buys Millions in Ether

A crypto wallet associated with the infamous Coinbase hacker has acquired 3,976 Ether, valued at over $18.9 million, at a price of $4,756 per token, according to onchain data.

The purchase, executed on Saturday, involved the use of 18.911 million DAI, as reported by Arkham Intelligence. The hacker consolidated varying DAI amounts—ranging from $80,000 to $6 million—before making multiple ETH purchases. This activity has reignited scrutiny from blockchain analysts who have been tracking the wallet's movements for months.

This wallet is reportedly linked to a social engineering scam that defrauded Coinbase users of over $300 million. In May, security analyst ZachXBT estimated the losses at a minimum of $330 million, acknowledging that the actual figure could be substantially higher.

Recent Trading Activity

This latest accumulation of Ether follows a pattern of significant trades from the same address:

• Last month, the wallet acquired $8 million worth of Solana (SOL).
• Prior to that, in July, the same wallet purchased 4,863 ETH ($12.55 million) and 649 ETH ($2.3 million) at approximately $3,562 per token.

Market Context

The Ether purchase occurred as the price of ETH surged past $4,700 on Saturday, reaching a local high of around $4,763—the highest level in over two weeks. Currently, ETH is trading at $4,718, marking a 4.5% increase over the past 24 hours.

Hyperliquid Trader's Massive Gains

In related news, a crypto trader on Hyperliquid transformed a $125,000 deposit into a leveraged long position on Ether, reaching a peak equity of $43 million. The trader exited with $6.86 million in realized profit after building the position over four months.