A hacker linked to a major Coinbase exploit has resurfaced, making waves in the crypto community by converting $12.5 million in DAI to 4,863 ETH. This transaction, reported on July 7, 2025, by blockchain analytics platforms, highlights the ongoing vulnerabilities in cryptocurrency platforms and the audacity of cybercriminals using stolen funds for further investments.
According to on-chain data, the hacker, who previously compromised Coinbase accounts in a $300 million breach, had initially disposed of 26,347 ETH worth $68.18M in DAI within a short 12-hour window. After a period of inactivity, the individual has now re-entered the market, strategically accumulating Ethereum at an average price of $2,569 per coin.
The hacker's known wallets still hold over $45.36 million in DAI, raising speculation about potential future moves in the Ethereum market. Analysts suggest this could be part of a larger scheme to manipulate prices or launder funds through decentralized exchanges.
This incident underscores persistent crypto security challenges, as platforms like Coinbase continue to face sophisticated attacks. Data from SlowMist indicates that over 5,900 stolen ETH remain on the Ethereum blockchain, posing risks to unsuspecting investors and highlighting the need for enhanced security protocols.
The crypto community is on edge, with fears that such high-profile transactions could impact Ethereum's market stability. Regulators may also take note, potentially pushing for stricter oversight of digital asset platforms to prevent similar exploits in the future.
As the situation unfolds, stakeholders are urged to remain vigilant and adopt robust security measures. The Coinbase hacker's actions serve as a stark reminder of the importance of safeguarding digital assets in an increasingly complex and risky landscape.
Maria Lourdes
