Recent Ether Purchase by Notorious Hacker
A crypto wallet associated with a notorious Coinbase hacker has acquired an additional 3,976 Ether, valued at over $18.9 million, at a price of $4,756 per token, as revealed by onchain data.
This transaction occurred on Saturday, utilizing 18.911 million DAI (DAI), according to information from Arkham Intelligence. The hacker aggregated various DAI amounts, ranging from $80,000 to $6 million, prior to executing multiple ETH purchases.
The wallet tied to the Coinbase hacker has been under the watchful eye of blockchain analysts since the beginning of this year. It is reportedly linked to a social engineering scam exceeding $300 million that targeted Coinbase users.
In May, onchain investigator and security analyst ZachXBT estimated that the operation defrauded victims of at least $330 million. “Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered onchain,” he mentioned at that time.
Related: Spot ETH ETF inflows hit $216M, but data suggests $5K Ether price is not ‘programmed’
The recent Ether accumulation follows a number of notable trades from the same wallet. Last month, the wallet purchased $8 million worth of Solana (SOL) through multiple transactions, which has since declined below the entry price.
Before that, in July, the same wallet acquired 4,863 ETH ($12.55 million) and 649 ETH ($2.3 million) at approximately $3,562 per token.
Meanwhile, this latest Ether acquisition comes as the price of ETH climbed above $4,700 on Saturday, reaching a local peak of about $4,763, its highest point in over two weeks. At the time of this writing, ETH is trading at $4,718, reflecting a 4.5% increase over the past day.
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Trader Achieves Massive Returns on Ether
A crypto trader on Hyperliquid transformed a $125,000 deposit into a $303 million leveraged long position on Ether, achieving peak equity of $43 million before exiting with $6.86 million in realized profit. This position was developed over four months via continuous compounding and high leverage.
The trader’s strategy, which involved reinvesting all gains into a single position, was supported by favorable market conditions and precise timing. As the ETH market began to show signs of cooling, the trader unwound the 66,749 ETH long just before the market reversal, securing a 55x return on the initial stake.
