In a surprising turn of events, the hacker notorious for targeting customers of the American cryptocurrency exchange Coinbase has amassed an impressive 3,976 Ethereum (ETH) tokens, acquiring them for approximately $18.9 million using 18.911 million DAI stablecoin. This purchase was recorded at a rate of $4,756 per ETH, reflecting the hacker’s ongoing engagement with the Ethereum network.
Blockchain analytics firm Arkham Intelligence reported the acquisition, highlighting the hacker’s history of consolidating various amounts of DAI that range drastically, from $80,000 to as high as $6 million, prior to this latest transaction. The wallet associated with the hacker has captured the attention of on-chain analysts since the beginning of the year, particularly due to its connection to a social engineering scam that allegedly defrauded Coinbase users of over $300 million. ZachXBT, a security analyst specializing in on-chain investigations, suggested that the total amount stolen could be significantly higher, given the limitations of the data available at the time.
This latest addition to the hacker’s Ethereum holdings is noteworthy against the backdrop of Ethereum’s recent price surge, having reached highs close to $4,763 in the past few weeks. As of now, ETH is trading around $4,718.92, showing a 4.26% increase over the previous 24 hours. With a market capitalization of approximately $569.59 billion and a trading volume of $41.6 billion within the same timeframe, enthusiasm around ETH is palpable, especially as institutional interest has surged.
Various investment firms have been ramping up their Ethereum acquisitions, pulling their focus away from Bitcoin (BTC). Notably, BitMine Immersion Technologies made headlines with a substantial purchase of 46,255 ETH, valued at around $200 million shortly after ETH began to show signs of recovery. Additionally, Sharplink Gaming has established a treasury holding of 837,000 ETH, backing its business decisions with a share buyback program worth $1.5 billion.
The growing institutional backing for Ethereum contrasts with recent trends showing that significant holders of Bitcoin are rebalancing their portfolios towards Ethereum, further enhancing the cryptocurrency’s appeal among both retail and institutional investors alike. The evolving landscape is certainly one to watch as more developments unfold in the ever-changing world of cryptocurrency.
