Unraveling the Recent Activities of the $300 Million Coinbase Heist Hacker
Hacker Resurfaces with New Moves on the Ethereum Network
The notorious hacker associated with the monumental $300 million Coinbase breach has resurfaced, this time engaging in significant financial maneuvers on the Ethereum (ETH) blockchain. This development highlights the hacker’s ongoing efforts to manipulate stolen assets across various digital platforms.
Analysis of Recent Transactions
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Recent on-chain investigations have revealed that the wallet tied to this infamous exploit acquired approximately 3,976 ETH, valued at $18.9 million, with each coin priced at $4,756. This data, meticulously gathered from Arkham and reported by Finbold on September 13, underscores the hacker’s continued strategic operations in the crypto space.
Pattern of High-Value Cryptocurrency Swaps
This isn’t the first instance of such high-stakes financial maneuvers. Over the past week, diligent blockchain analysts have documented a series of significant asset exchanges from the wallet. These include notable acquisitions of Ethereum and stablecoins like DAI, reflecting a sophisticated approach to asset management.
Diversification and Strategic Purchases
In a previous report by Finbold from late August, it was noted that the hacker invested in 38,126 SOL, approximately valued at $7.95 million, with an average purchase price of $209. Additionally, on July 20, the wallet was enriched with 649.62 ETH, equating to $2.31 million, bought at an average price of $3,561 per coin. These transactions indicate a deliberate diversification strategy, with the hacker allocating resources across prominent blockchain ecosystems while cleverly utilizing decentralized exchanges and aggregators to obscure their tracks.
Details of the Coinbase Security Breach
The wallet in question is intricately linked to a significant security breach at Coinbase that occurred in early 2025. During this breach, hackers successfully bribed overseas support staff, gaining unauthorized access to internal systems. Although this incident compromised sensitive customer data, passwords and private keys remained secure. The breached information was later exploited for fraudulent activities and extortion attempts.
Response to the Breach and Ongoing Investigations
On May 11, the perpetrators demanded a hefty $20 million ransom to prevent the public release of the stolen data. Coinbase, however, refused to comply and instead took decisive actions to bolster security. This included terminating compromised employees, pledging reimbursements to affected customers, and offering a matching $20 million bounty to apprehend the culprits. The exchange has estimated the total financial impact of this breach to be between $180 million and $400 million.
Despite continued investigations, the hacker remains active, recently orchestrating a $42.5 million Bitcoin-to-Ethereum swap via Thorchain. This transaction, accompanied by on-chain taunts, exemplifies the audacity of the hacker’s operations.
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