300 million USD Coinbase hacker returns with $14.8M Ethereum buying spree as ETH surges

The notorious 300 million USD Coinbase hacker has resurfaced with aggressive Ethereum bets, purchasing over $14.8 million worth of ETH in two rapid transactions as the cryptocurrency breaches $3,700, its highest level since early 2022.

Blockchain analysts confirm the reactivated wallet, linked to one of crypto’s largest exchange breaches, timed its reentry perfectly, now sitting on tens of millions in unrealized profits amid Ethereum’s 40% monthly surge.

The move coincides with Ethereum’s breakout above the $3,700 mark, its highest level since early 2022.

According to on-chain tracking firm Lookonchain, the address labeled “Coinbase hacker” acquired 649.62 ETH worth approximately $2.31 million within just nine hours at an average price of $3,561.

This follows a larger accumulation earlier in July, where the same wallet scooped up 4,863 ETH worth $12.55 million at a price of $2,581.

Massive ETH bets raise eyebrows 

The 300 million USD Coinbase hacker has now re-entered the crypto market with growing intensity. The attacker had previously offloaded 26,762 ETH in May, netting around $69.25 million at nearly $2,588 per token.

That sale appeared to be a full exit, but the hacker’s aggressive reentry into ETH suggests a strategic shift.

“Whoever is behind the wallet is timing the market remarkably well,” said Tom Robinson, Chief Scientist at Elliptic, a blockchain intelligence firm.

“The average reentry price of around $2,600 means the wallet is now sitting on tens of millions in unrealized profit.”

Ethereum’s bullish momentum seems to mirror the hacker’s moves. In the last 30 days, ETH has surged by more than 40%, breaking above the $3,700 mark for the first time this year.

Analysts see this resurgence as driven by renewed institutional interest and potential ETF approvals in the U.S.

“The ETH price rally is encouraging whales back into the market, and it appears even the 300 million USD Coinbase hacker sees upside here,” noted analyst Michaël van de Poppe in a post on X.

How the Coinbase hack happened

The original breach that gave rise to the 300 million USD Coinbase hacker remains one of the largest known security lapses involving a major U.S. exchange.

In May, insiders at outsourced call centers were reportedly bribed into leaking sensitive customer data.

While the attackers never gained access to crypto holdings or passwords, the incident compromised user privacy and cost Coinbase tens of millions in internal investigations.

Coinbase has since confirmed that all affected users have been reimbursed and emphasized it would not negotiate with hackers.

“We take customer safety seriously and acted swiftly to contain the breach.

All impacted customers have been made whole,” Coinbase spokesperson Lisa Johnson told CoinDesk.

The 300 million USD Coinbase hacker appears to be using advanced strategies to stay ahead of watchdogs.

Most ETH transactions were routed through the CoW Protocol, a decentralized trading layer that minimizes slippage and obscures transaction paths — a common tool among sophisticated actors.

“The hacker is clearly using best-in-class DeFi infrastructure to hide his tracks,” said crypto investigator ZachXBT. “That makes attribution and seizure extremely difficult unless regulators step in.”

What’s next? Hacker’s wallet still active

The wallet’s current position is deep in profit, and observers believe the 300 million USD Coinbase hacker is far from done.

With Ethereum on a bullish tear, there may be further strategic buys — or even coordinated dumps — ahead.

“There’s no indication this actor is retreating,” warned blockchain security expert SerHack. “Their movements are calculated, and they seem intent on riding the ETH rally to maximize gains.”

The sudden reappearance of the 300 million USD Coinbase hacker underscores the ongoing tension between centralized exchange security and decentralized anonymity.

While Coinbase has taken corrective action, the episode highlights the need for tighter data controls and more proactive threat intelligence in the Web3 space.

“The fact that this hacker can still operate freely is a reminder that blockchain transparency is a double-edged sword,” concluded Tom Robinson. “You can trace the funds, but stopping them is another story.”

The 300 million USD Coinbase hacker has re-entered the crypto arena with bold Ethereum buys, setting off alarms across the blockchain community.

With ETH soaring and the wallet in massive profit, all eyes are on what this elusive actor will do next.