Hacker Returns to Ethereum with a Whopping $12.5M ETH Purchase 🤑

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  • The audacious Coinbase hacker has returned, this time with a generous purchase of 4,863 ETH for a cool $12.5 million, using DAI at $2,569 per coin.
  • According to SlowMist, over 5,900 stolen ETH still linger on Ethereum, scattered across 12,490 addresses, like a digital treasure hunt gone wrong.

The crypto industry, a veritable Wild West of the 21st century, has seen its market cap soar to an astounding $3.3 trillion. As the market grows, so do the risks and vulnerabilities, primarily thanks to the dastardly deeds of unethical hackers. 🕵️‍♂️

Amidst this growing threat, Ethereum [ETH] has become the hackers’ favorite playground, a digital candy store for the morally bankrupt.

Coinbase Hacker Resurfaces with a $12.5M ETH Buy

A Coinbase exploit wallet, previously known for siphoning funds from unsuspecting users, is back in the game. According to Onchain Lens, the hacker has used $12.5 million in DAI to buy 4,863 ETH at a price of $2,569 per token. It’s as if they’re trying to launder their ill-gotten gains through a digital car wash. 🚦💰

Even after this acquisition, the hacker still holds a staggering $45.36 million in DAI across two different wallets, likely plotting their next move to purchase more ETH. One can only wonder what they plan to do with all that digital dough. 🍞

But This Isn’t the First Time This Wallet Moved Size

About two months ago, this same hacker address was up to its old tricks, moving ETH received via THORChain. In that escapade, 26,347 ETH were sold for $68.18 million in DAI at an average price of $2,587. It’s a digital heist that would make even the most seasoned bank robber blush. 🤭

The new purchase seems to be part of a broader strategy to rotate stablecoins back into ETH, perhaps to capitalize on a potential upside or to throw off the scent of the digital hounds. 🐾

Ethereum is Still the Biggest Target

Surprisingly, the Coinbase hacker is not an isolated case. Ethereum has suffered the most security incidents in 2025, a dubious honor that no blockchain should aspire to. According to the latest report from SlowMist, Ethereum has been the most hit ecosystem, with losses totaling $38.9 million. 🤦‍♂️

The report also revealed that 84.45% of all ETH bridged to BTC—over 432,748 ETH worth $1.21 billion—passed through THORChain. Many of these tokens were traced back to hacks, a digital trail of breadcrumbs leading to a digital breadwinner. 🍞

To make matters worse, over 5,900 ETH stolen still reside on Ethereum itself, scattered across 12,490 wallets, like a digital version of “Where’s Waldo?” 🕵️‍♂️

In one of the most high-profile incidents of H1 2025, the Lazarus Group stole approximately 500,000 ETH (worth $1.46 billion) from Bybit. After the heist, the group split the loot and distributed it across multiple wallets, a digital version of “divide and conquer.” 🗝️

With the Ethereum ecosystem holding various wallets of looted funds, it reflects a security failure within the blockchain. This is a primary concern not only for exchanges but also for individual holders, who are left wondering if their digital assets are safe from the digital marauders. 🛡️

Despite It All, ETH Finds Demand Again

Despite the security concerns, ETH doesn’t appear to be collapsing under the weight of these issues, at least not yet. The broader market sentiment, however, remains skittish, like a herd of deer in the headlights. 🦌

According to DeFiLlama, Net Inflows for ETH on the 7th of July fell to -$900 million, a stark contrast to the previous days of neutral or positive flows. Such sharp outflows typically indicate panic exits or profit-taking, but can also precede a price rebound if sell pressure dries up. 📉

At the time of reporting, Ethereum was trading at $2,573, marking a 2.3% daily gain. This suggests that if good news continues to emerge, ETH will also experience further gains on its price charts. Unless a clear bullish catalyst emerges, ETH is likely to continue trading between $2,400 and $2,600. That said, should sentiment improve, the next resistance lies near $2,780. 📈

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2025-07-07 16:13