$300M hacker from Coinbase purchases $18.9M in Ether as ETH rises past $4,700

Coinbase Hacker’s Wallet Makes Significant Ether Purchase

Recent Onchain data shows that the wallet associated with the notorious Coinbase hacker has acquired over $18.9 million in 3,976 ether, at a price of $4,756 per token. This transaction is set to take place on Saturday and will be funded by 18.911 million DAI, according to information from Arkham Intelligence. It appears that the hackers gathered various amounts of DAI, from $80,000 to $6 million, prior to making multiple ETH purchases.

Since the start of this year, blockchain analysts have been keeping a close eye on the Coinbase hacker’s wallet, which is reportedly linked to over $300 million in social engineering scams aimed at Coinbase users. Back in May, blockchain investigator and security expert Zachxbt estimated that the total amount scammed could be at least $330 million. He remarked that the figures we provided were likely conservative since they only accounted for the thefts identified by our own data collection methods.

Coinbase Hacker Engages in More Crypto Activity

The recent ether acquisition follows a pattern of significant transactions from the same wallet. Just last month, it purchased $8 million worth of Solana (SOL) through multiple smaller transactions, which were executed below the initial entry price. Earlier in July, the wallet also bought 4,863 ETH for around $12.55 million and 649 ETH for $2.3 million at an approximate price of $3,562 per token.

As for the latest ether purchase, it comes at a time when ETH has experienced a rise, reaching its highest point in more than two weeks at around $4,763 on Saturday, surpassing the $4,700 mark. At the moment, ETH is trading at $4,718, reflecting a 4.5% increase over the previous day.

High-Risk Trader Turns $125,000 into $6.8 Million

In a striking move, a trader managed to transform a $125,000 deposit into a staggering sum of $6.8 million through leveraged trading. This trader’s portfolio swelled to a peak of $43 million, achieved through compounding over four months. The strategy involved reinvesting all profits back into a single position and capitalized on favorable market conditions.

As the ETH market began to cool, the trader took advantage of a pivotal moment by unwinding 66,749 ETH moments before the downturn, securing a 55x return on the initial investment.