In a significant move within the cryptocurrency world, a wallet linked to the infamous $300 million Coinbase hack has surfaced again, this time purchasing 3,976 Ether (ETH) for a total of $18.9 million. This bold acquisition was made as Ether’s price surged above $4,700, signaling growing interest and activity in the digital asset market.
Hacker’s Wallet Under Scrutiny
According to on-chain data, the transaction took place at a price of $4,756 per ETH, utilizing a consolidated amount of 18.911 million DAI (a stablecoin pegged to the US dollar). Blockchain analysts have closely monitored this wallet throughout the year, identifying it as part of a broader $300 million+ social engineering scam that targeted Coinbase users. Experts such as ZachXBT have estimated that the wallet stole at least $330 million from victims, though the actual figure could be higher due to limited accessible data.
Ongoing Investment in Ether
The recent Ether purchase is the latest addition to a pattern of high-value acquisitions by this wallet. In July, the same wallet purchased 4,863 ETH for $12.55 million and 649 ETH for $2.3 million at a unit price of approximately $3,562. Furthermore, last month, the wallet also invested $8 million in Solana (SOL). Despite Solana’s price dip since then, the wallet appears steadfast in its high-risk investment approach.
Market Context: ETH Surges
This latest purchase coincides with ETH reaching a local high of $4,763—its highest price in over two weeks—before stabilizing at around $4,718. Over the past 24 hours, Ether’s value has risen by 4.5%, further positioning it as a valuable digital asset in the volatile crypto market.
Traders and large-scale investors have been actively capitalizing on these fluctuations. One crypto trader turned a $125,000 deposit into $303 million through a leveraged long position on Ether, ending with a realized profit of $6.86 million. Strategic timing and favorable market conditions played a key role in these impressive gains.
Protect Yourself in the Crypto Market
The cryptocurrency market offers immense opportunities but also comes with risks, particularly for inexperienced investors. To safeguard your assets, consider using a trusted crypto hardware wallet. A reliable option is the Ledger Nano X, which offers top-notch security for storing cryptocurrencies like ETH securely.
Moreover, always remain vigilant when it comes to phishing scams and ensure transactions are conducted through verified platforms. The Coinbase hack serves as a stark reminder of the importance of cybersecurity in digital finance.
Looking Ahead
As ETH continues to show resilience despite market volatility, the crypto space remains a fertile battleground for investors and hackers alike. With developments like these, it’s imperative to stay informed and adopt a proactive approach to secure one’s investments while navigating the ever-evolving landscape of cryptocurrency.
