A notorious cryptocurrency wallet, linked to the hacker of the Coinbase platform, has made a new purchase that has caught the attention of the cryptocurrency market, as the Coinbase hacker added approximately 3,976 Ethereum worth $18.9 million, at a time when Ethereum is trading at a price of $4,724.79. So far, Coinbase has not issued any official comment on these developments.
The plans of the Coinbase hacker have become a point of wide interest within the cryptocurrency community, after relying on stolen funds from the global platform. According to data from Arkham Intelligence, he managed to execute new purchases on Saturday using 18.911 million DAI to increase his holdings of Ethereum.
The hacker employed diverse tactics in managing the stolen funds, gathering varying amounts of DAI ranging from $80,000 to $6 million, which were then converted into Ethereum through multiple transactions. He relies on dividing purchases and using privacy tools to mislead regulatory authorities, making it difficult to track him.
These steps reflect a complex strategy for laundering money through Ethereum and other cryptocurrencies, making monitoring his funds nearly impossible. His use of Ethereum specifically facilitates the swift movement of assets and complicates the work of investigators.
In contrast, Coinbase faced criticism in February from cryptocurrency investors for what they described as negligence in addressing security vulnerabilities. This situation has cost investors millions of dollars monthly, prompting the company to take urgent measures.
In May, Coinbase announced a reward of $20 million for anyone providing information leading to the arrest of the hacker. The company also informed the U.S. Securities and Exchange Commission (SEC) about the incident, confirming that its expected losses range between $180 and $400 million, including compensation and repair costs.
Additionally, the platform has bolstered its investments in developing security systems and published a blog outlining its plans to compensate affected customers. Despite these intensive efforts, the identity of the hacker remains elusive, allowing him to continue executing new trades that increase pressure on Coinbase and raise investor concerns about the continued failure to stop him.
