A crypto wallet associated with a prominent Coinbase hacker has made headlines by purchasing a staggering 3,976 Ether (ETH) for approximately $18.9 million, utilizing 18.911 million DAI in the transaction. The acquisition, taking place over the weekend, was executed at a price of $4,756 per token, according to blockchain analytics firm Arkham Intelligence.
This wallet has been under constant surveillance due to its connections to a $300 million social engineering scam aimed at Coinbase users. Analysts, including well-known blockchain investigator ZachXBT, have documented ongoing illicit activities linked to this wallet. ZachXBT estimated that victims of the scam may have lost at least $330 million, although the true total could be significantly higher since the data primarily covers direct messages and identifiable thefts recorded on-chain.
The current ETH purchase is part of a series of transactions by this hacker’s wallet. In the past month alone, the wallet has also acquired $8 million worth of Solana (SOL), though the value of SOL has since dipped below the original entry price. Additionally, earlier in July, the wallet was involved in two significant Ether purchases: 4,863 tokens valued at $12.55 million and another 649 tokens for $2.3 million, both transactions occurring at a price of $3,562 per ETH.
The timing of the latest acquisition coincides with a sudden rise in the price of Ether, which surged above $4,700 and hit a local high of $4,763, marking the highest price point in over two weeks. As of the latest updates, ETH was trading at $4,718, representing a 4.5% increase over the preceding 24 hours.
In a parallel note from the crypto trading world, a trader utilizing the Hyperliquid platform made waves by converting a $125,000 deposit into a leveraged position valued at an astonishing $303 million in Ether. Through a strategy of compounding gains over four months, the trader reached peak equity of $43 million, culminating in a realized profit of $6.86 million upon exiting the position. This remarkable achievement underscores the volatile landscape of the cryptocurrency market, revealing significant opportunities for substantial profits when employing effective trading strategies.
