Hacker Wallet Linked to $300M Coinbase Scam Buys $19M Worth of ETH

Hello friends I hope you are all doing well. Today I want to share something very important for all of us who are in the crypto world. A wallet tied to the infamous $300 million Coinbase hack has once again made headlines—this time by scooping up nearly 4,000 ETH worth about $18.9 million.

According to on-chain data from Arkham Intelligence, the wallet used 18.9 million DAI to make the purchase at around $4,756 per ETH. The funds were split across multiple transfers, with amounts ranging from $80,000 up to $6 million, before being consolidated for the massive ETH buy.

This wallet has been closely tracked by blockchain analysts for months. It’s allegedly connected to a social engineering scam that defrauded Coinbase users of over $300 million earlier this year. Back in May, on-chain investigator ZachXBT estimated that victims lost at least $330 million, but warned that the real figure was likely much higher.

Coinbase hacker makes more crypto trades

Interestingly, this is not the wallet’s first big crypto move. Just last month, it purchased $8 million worth of Solana (SOL), although those holdings have since slipped below entry price. Before that, in July, the same address grabbed more than 5,500 ETH combined, valued at around $15 million at the time.

The latest ETH purchase came as the token’s price briefly surged above $4,700, touching a two-week high of around $4,763. As of now, ETH is holding steady near $4,718, up 4.5% in the past 24 hours.

Meanwhile, another story has captured the crypto community’s attention: a trader on Hyperliquid turned a $125,000 deposit into a massive $303 million leveraged long position on ETH.
The trader's equity reached a peak of $43 million following combining gains repeatedly over the course of four months. Before the market cooled, they turned a profit nearly $6.9 million and cashed out just in time.

These two developments highlight growing interest and bold moves about ETH, especially since light of its price achieving new highs. Ethereum is still at the center of the digital currency market drama, whether it is due to traders taking enormous risks or hacker wallets making planned investments.