A notorious crypto wallet linked to the Coinbase hacker has once again made a significant crypto purchase. The $300 million Coinbase hacker recently acquired approximately 3,976 Ether for $18.9 million, with Ether trading at $4,724.79. As of now, the crypto company has not issued any comments regarding this latest development.
How is Coinbase Hacker Making More Acquisitions?
Earlier this year, the hacker used stolen funds from the global crypto exchange, Coinbase, to make purchases. According to data from Arkham Intelligence, the hacker recently acquired more Ether by using 18.911 million DAI.
Reports indicate that the hacker obtained varying amounts of the stablecoin DAI, ranging from $80,000 to $6 million, and utilized these funds to purchase Ethereum (ETH) through multiple transactions. The hacker has been actively moving and diversifying the stolen assets, employing various tactics to avoid detection, such as breaking down purchases into smaller amounts and utilizing privacy tools.
This strategy is aimed at laundering the stolen funds through Ethereum and other cryptocurrencies. By converting the stolen assets into ETH, the hacker makes it easier to transfer and harder to trace.
What is Coinbase Doing Against This?
Earlier this year, in February, crypto investors including ZachXBT raised concerns about Coinbase’s failure to address security vulnerabilities and scam incidents, resulting in significant financial losses for investors. Despite these challenges, Coinbase has taken proactive measures to combat such threats.
In May, Coinbase announced a $20 million reward for information leading to the arrest and conviction of those responsible for the attack. The company also reported the breach to the SEC and estimated potential remediation costs and reimbursements between $180 and $400 million in its 8-K filing.
Furthermore, Coinbase has invested in enhanced investor threat detection capabilities to prevent future hacks. In May, the company released a detailed blog post outlining measures to compensate affected customers. Despite these efforts, the hacker remains unidentified and has continued to make crypto purchases.