TL;DR
- The hacker behind the Coinbase breach resurfaced after two months of inactivity, buying 4,863 ETH for $12.55 million as Ethereum rallied.
- The attacker had sold over 26,700 ETH for $69 million in May and is now back in the market, anticipating a potential rally for ETH.
- Analysts highlight the hacker’s tactical precision, managing market timing like a professional trader, far from impulsive moves.
After months without major activity, the hacker responsible for the $300 million Coinbase breach made a fresh Ethereum purchase worth $12.55 million.
The thief acquired 4,863 ETH at an average price of $2,581 per token, according to Lookonchain data. This transaction marks the attacker’s first relevant move since May, when they sold 26,762 ETH for $69.25 million.
The operation coincided with Ethereum’s latest rally, with ETH rising 1.9% to around $2,562 and posting a 4.5% gain over the past week. Analysts have interpreted this purchase as part of a strategy to position ahead of a potential price increase for the token.
The original breach took place after an attacker infiltrated Coinbase’s systems by bribing a customer support employee. The incident affected around 97,000 users. The hacker managed to convert part of the stolen funds through THORChain, where they sold 26,347 ETH for $68.18 million in DAI stablecoins.
Coinbase Fell to a Hacker and Highly Disciplined Trader
Several experts and market analysts have emphasized the hacker’s remarkable sophistication, especially in risk management, far exceeding that of many legitimate traders. Their profile and market behavior suggest the attacker isn’t merely chasing quick profits but carefully managing trades to capitalize on future bullish cycles.
It seems the hacker is preparing for the next market phase, using Ethereum’s price fluctuations to strengthen their position. The incident stands as one of the largest attacks in Coinbase’s history and revealed the complexity of the crypto industry.
It’s critical for platforms, exchanges, and all types of crypto-related companies to start investing capital and developing new security mechanisms, as the cunning and technical skills of criminals have escalated dramatically alongside advancements in technology and artificial intelligence
