Wallet Linked to $300M Coinbase Hack Buys 3,976 ETH for $18.9M, Raising Bets as Price Rises Above $4,700
Coinbase Hacker Invests $18.9M in Ethereum
A wallet linked to the hacker behind the $300M Coinbase hack has become more active. On Saturday, Arkham Intelligence reported that it bought 3,976 ETH worth $18.9M using 18.9M DAI. The entry price was around $4,756 per coin.
A Series of Big Trades
The address has long been under the watch of analysts, with it buying over 5,500 ETH worth over $14M in July and another $8M in Solana in August, which has since dipped below its entry point.
In May, prominent on-chain researcher ZachXBT estimated the scale of the fraud campaign against Coinbase users at at least $330 million, stressing that this was a “minimum figure” due to limited data.
ETH is back on top
The latest purchase came against the backdrop of a new local rally for Ethereum. On Saturday, its price rose above $4,700 and reached $4,763 — a two-week high. ETH is currently trading at $4,718, up more than 4.5% in a day.
Trader’s success on Hyperliquid
In parallel, another market player on the Hyperliquid platform was able to turn $125,000 into $6.86 million. Using aggressive leverage and constant compounding, he built a long position of 66,749 ETH, which at its peak reached $43 million. A timely close allowed him to record a profit with a multiplier of 55x.
