Wallet Tied to $330M Coinbase Hacker Buys $19M in ETH
A cryptocurrency wallet linked to an alleged Coinbase hacker bought another 3,976 Ether (ETH) worth roughly $18.9 million, according to blockchain data, extending a series of high-profile trades closely tracked by analysts.
Onchain records from Arkham Intelligence show the transaction took place on Saturday, with the wallet consolidating multiple DAI stablecoin transfers — ranging from $80,000 to $6 million — into a single transaction. The funds were then used to acquire ETH at an average price of $4,756 per token. At that price, the transaction represents one of the purchases recorded this month, according to Etherscan data.
The address has been under scrutiny since ahead this year later than being tied to a large-scale social engineering scam targeting Coinbase users. Blockchain investigator ZachXBT estimated in May that victims collectively lost at least $330 million, though he cautioned that the true figure could be significantly higher.
The scheme reportedly involved phishing and SIM-swap tactics, with U.S. federal investigators, including the FBI and the Department of Justice, said to be assisting Coinbase in tracking the stolen assets. Coinbase itself disclosed in SEC filings that security-related incidents have cost its users more than $1 billion industry-wide since 2021.
A Pattern of large purchases
The wallet repeatedly made large acquisitions across major tokens. In July, it bought 4,863 ETH (about $12.6 million) and another 649 ETH ($2.3 million) at around $3,562 per coin. Last month, it snapped up about $8 million worth of Solana (SOL), though prices have since slipped below the entry point.
Cumulative inflows into the wallet now exceed $55 million across ETH, Solana, and stablecoins, Arkham data shows, making it one of the largest “blacklisted” wallets under community watch.
The latest purchase coincided with a rally in ETH, which briefly traded above $4,760, its highest level in more than two weeks. ETH was last changing hands at around $4,718, up 4.5% over 24 hours.
Year-to-date, ETH has gained more than 47%, driven by strong institutional flows into ETH-linked ETFs and rising activity in decentralized finance (DeFi) protocols. The total value locked (TVL) in DeFi platforms climbed back above $130 billion in August, a ahead 2022.
The wallet’s activity has fueled speculation about whether the operator is diversifying ill-gotten funds, market-making, or attempting to influence price dynamics. Regulators have not confirmed the identity of the individual or group behind the address.
Separately, turn a $125,000 deposit into $6.86 million later than building a highly leveraged ETH position over four months. At its peak, the long position was worth $43 million before the trader exited as markets cooled, locking in a 55-fold gain. Hyperliquid, a , has viewn explosive growth in 2024–2025, with daily volumes topping $3.5 billion and open interest across ETH contracts exceeding $1.2 billion, according to DeFiLlama. Analysts note that such platforms operate outside traditional platform oversight, amplifying both risk and reward.
Both cases highlight the volatility and outsized risk-reward dynamics of crypto trading, showing why remain closely monitored by blockchain intelligence firms. Chainalysis estimates that hackers stole $1.7 billion in crypto in 2023, down from $3.7 billion in 2022, though the proportion laundered through cross-chain bridges and DeFi platforms continues to rise.
