A controversial cryptocurrency wallet linked to the notorious $300 million hack of Coinbase has recently resurfaced, with new transactions drawing attention in the crypto community. On-chain data reveals that the hacker acquired an additional 3,976 Ether (ETH), translating to over $18.9 million based on a purchase price of $4,756 per token.
This significant transaction took place on Saturday and was facilitated using approximately 18.911 million DAI, a stablecoin. The hacker rearranged various amounts of DAI, which ranged from $80,000 to $6 million, to complete multiple Ethereum purchases, indicating a strategic approach to trading amidst ongoing scrutiny.
The recent acquisition of Ether reflects a 4.5% price increase for ETH, which has been steadily gaining traction in the market. Arkham Intelligence reports that three newly emerged whale wallets collectively purchased ETH worth $205.48 million from FalconX, demonstrating heightened interest among larger investors.
Moreover, a notable movement from an early Ethereum user—someone involved in the Ethereum Initial Coin Offering (ICO)—was also detected. This investor, having not transacted for eight years, transferred 150,000 ETH (valued at approximately $645 million) to a new wallet for staking purposes. This transfer is part of a larger trend where the total amount of staked ETH has risen to around 36.2 million, marking an increase of about 2.5 million since May. The growing number of validators is tightening the available supply while locking up capital that could potentially serve new market demands.
The early Ethereum participant initially acquired 1 million ETH during the ICO for a mere $310,000, an investment that has skyrocketed to a worth of $4.3 billion today. Despite the heavy investment, the individual has retained 255,000 ETH (valued nearly at $1.1 billion), including the recently staked amount.
Additionally, demand for ETH is being bolstered by increasing shares in ETH funds, which reached a record high of 6.7 million tokens. This trend is seen as a driving factor behind the recent price surge. Large wallet addresses, holding between 10,000 to 100,000 ETH, now collectively possess over 20.6 million ETH, further displaying a shift toward the accumulation of the cryptocurrency.
The price of Ethereum surged above $4,700 on Saturday, achieving a local high of around $4,763—the highest in over two weeks. Currently, ETH is trading at approximately $4,718, reflecting a 4.5% rise in the past 24 hours and a 9% increase over the past week. This bullish trend has bolstered Ethereum’s market capitalization to about $565.99 billion.
The activities of the Coinbase hacker remain under surveillance by blockchain experts. In May, on-chain analyst ZachXBT revealed that this individual had scammed users out of an estimated $330 million, though he suggested that the actual figure could be significantly higher since the data only accounted for direct messages and detectable thefts.
Historically, the hacker’s wallet has been active in acquiring Ethereum. Previous transactions include a purchase of 649.62 ETH for approximately $2.31 million on July 20 at an average price of $3,561, followed by another acquisition of 4,863 ETH worth about $12.55 million on July 7 at an average price of $2,581. Prior to these acquisitions, the hacker sold 26,762 ETH valued at around $69.25 million when the price was about $2,588.
Further complicating the narrative, last month the hacker utilized DAI to exchange for USDC, subsequently bridging funds to the Solana network and purchasing 38,126 SOL tokens at an average price close to $209, though the price of SOL has since dropped below that initial investment. The activities of this infamous hacker continue to shape the discussions surrounding security and ethics within the rapidly evolving crypto landscape.
