A crypto wallet linked to the $300 million Coinbase hack has doubled down on Ethereum, buying 3,976 ETH worth $18.9 million as the asset surged above $4,700.
Details of the Purchase
On Saturday, blockchain data revealed that the wallet used 18.9 million DAI to acquire ETH at an average price of $4,756 per token. According to Arkham Intelligence, the hacker consolidated funds ranging from $80,000 to $6 million before executing the trades.
The wallet has been under close surveillance since being tied to a large-scale social engineering scam that reportedly defrauded Coinbase users of over $300 million earlier this year. In May, security analyst ZachXBT estimated that at least $330 million had been siphoned, noting the real figure could be significantly higher.
Previous Trades by the Hacker
This is not the first major crypto accumulation from the wallet. Over the past months, it has made several notable moves:
- July 2025: Purchased 4,863 ETH ($12.55M) and 649 ETH ($2.3M) around $3,562.
- August 2025: Acquired $8 million worth of Solana (SOL), though the price has since dipped below entry levels.
- September 2025: Added thousands of ETH in multiple tranches, signaling continued conviction in Ethereum.
These moves suggest the wallet is actively repositioning funds across major altcoins despite its illicit origins.
Ethereum Price Rally
The timing of the latest ETH purchase coincides with Ethereum’s rally above $4,700, its highest point in over two weeks. ETH briefly hit $4,763 before stabilizing near $4,718, marking a 4.5% daily increase.
The inflows into spot ETH ETFs and broader market optimism have contributed to Ethereum’s momentum. With institutional demand rising, analysts believe ETH could challenge the $5,000 resistance if macro conditions remain favorable.
High-Stakes Trading Activity
In a related development, a separate crypto trader turned $125,000 into $6.8 million on Hyperliquid by compounding leveraged long positions on ETH. At its peak, the position reached an eye-watering $43 million in equity before the trader exited profitably.
The Coinbase hacker’s latest $18.9M ETH bet highlights how even illicit funds are flowing into Ethereum amid growing market strength. With ETH’s price nearing multi-month highs and institutional inflows accelerating, Ethereum continues to prove its resilience and investor appeal.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
