According to on-chain data, a cryptocurrency wallet associated with the infamous "Coinbase hacker" has purchased 3,976 Ether, worth over $18.9 million, at an average price of $4,756.
According to Arkham Intelligence, this purchase was made on Saturday using 18.91 million DAI. The hacker consolidated various amounts of DAI ranging from $80,000 to $6 million before executing multiple ETH purchases.
The "Coinbase hacker" wallet has been under surveillance by blockchain analysts since earlier this year. It is reportedly linked to a social engineering scam that targeted Coinbase users, amounting to over $300 million.
In May, on-chain detective and security analyst ZachXBT estimated that the operation scammed at least $330 million from victims. He stated at the time, "Our numbers may be far lower than the actual amount stolen, as our data is limited to my DMs and the theft cases we found on-chain."
The latest accumulation of Ether follows a series of significant transactions at the same address. Last month, the wallet acquired $8 million worth of Solana (SOL) through multiple purchases, but the price has since fallen below the entry price.
Prior to this, in July, the same wallet purchased 4,863 ETH (worth $12.55 million) and 649 ETH (worth $2.3 million) at an average price of about $3,562 per coin.
Meanwhile, the latest Ether purchase comes as the price of ETH broke through $4,700 on Saturday, reaching a local high of about $4,763, the highest level in over two weeks. As of the time of writing, ETH is trading at $4,718, up 4.5% in the past day.
A crypto trader on Hyperliquid turned a $125,000 deposit into a $303 million leveraged long position in Ether, peaking at $43 million in equity, ultimately exiting with a realized profit of $6.86 million. The position was built over four months through continuous compounding and high leverage.
The trader's strategy was to funnel all profits back into a single position, supported by favorable price movements and timing. When the ETH market showed signs of cooling, the trader closed out 66,749 ETH long positions before a reversal, securing a 55-fold return on the original investment.
Related: Ethereum (ETH) builds a $7.5 billion support base, analysts predict it will reach $6,500 by the end of the year.
Original article: “Wallet marked as ‘Coinbase hacker’ buys $18 million in Ether (ETH) at an average price of $4,756”
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