Notorious Coinbase Hacker Makes Another Bold Move
In a surprising turn of events, the infamous Coinbase hacker has carried out another major cryptocurrency purchase. This individual, linked to the staggering $300 million Coinbase hack, recently acquired an impressive 3,976 Ether (ETH) for $18.9 million. At the time of purchase, Ethereum was trading at $4,724.79 per coin. As expected, Coinbase has yet to release an official comment on this matter.
A Closer Look at the Hacker’s Strategy
Using stolen funds to finance this purchase, the hacker relied on the stablecoin DAI, handling amounts ranging from $80,000 to up to $6 million in separate transactions. By leveraging data from Arkham Intelligence, it was observed that the attacker used sophisticated methods to obscure their activity, such as fragmenting transactions, converting assets into Ethereum, and utilizing privacy tools. Ethereum itself presents certain anonymity-friendly features, making it a favorite for this type of operation.
Coinbase’s Countermeasures
Despite suffering extensive financial and reputational losses, Coinbase has attempted to mitigate the impact of the attack. Earlier this year, in May, the company took proactive steps, including offering a $20 million reward for information leading to the apprehension of the hacker. Additionally, they filed an 8-K with the SEC, projecting remediation costs between $180 million and $400 million.
Coinbase has also invested in strengthening its security infrastructure, improving investor threat detection, and compensating affected customers. These moves highlight the ongoing battle between cybersecurity and increasingly resourceful digital criminals.
Prevent Hacks with Advanced Security Tools
Whether you’re trading on major platforms or investing in alternative cryptocurrencies, staying secure in the crypto world is critical. A reliable hardware wallet like the Ledger Nano X can give you unmatched control over your digital assets. Check out the Ledger Nano X to ensure enhanced safety for your cryptocurrency investments.
Conclusion
The Coinbase hacker’s latest move demonstrates the ongoing vulnerabilities in the crypto market and the need for constant vigilance. As these attacks grow in complexity, exchanges and investors alike must stay ahead by adopting cutting-edge solutions and practices to protect their assets.
