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A crypto wallet linked to the Coinbase hacker Ethereum holdings executed a major purchase on Saturday, acquiring 3,976 ETH worth approximately $18.9 million, according to on-chain data from Arkham Intelligence. The buy was funded through 18.9 million DAI, which had been consolidated from multiple transfers ranging between $80,000 and $6 million.
The wallet, under close watch from blockchain analysts, has been repeatedly tied to a massive $300 million social engineering scam that targeted Coinbase users earlier this year. Security researcher ZachXBT, who has tracked the hacker’s movements since May, said at the time:
“Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered onchain,” — ZachXBT, on-chain investigator.
This latest activity adds to a growing pattern of accumulation, raising fresh questions about whether illicit funds are being recycled into blue-chip cryptocurrencies like Ethereum.
The Coinbase hacker Ethereum holdings have expanded significantly over the past few months through multiple high-value trades. In July, the wallet purchased 4,863 ETH valued at $12.55 million, followed by another 649 ETH at $2.3 million. Likewise just last month, it added $8 million worth of Solana, although that position has since slipped below its entry price.
The new ETH accumulation coincided with a bullish market move as Ether surged above $4,700 to a two-week high of $4,763. As of press time, ETH is trading at $4,718, representing a 4.5% increase over the past 24 hours.
Crypto analysts suggest the hacker’s timing shows calculated trading behavior.
“The structured accumulation of ETH during market strength indicates a deliberate strategy, not just laundering,” — Maria Tan, market strategist at Blockchain Intelligence Group.
For investors, the rising Coinbase hacker Ethereum holdings introduce uncertainty into an already volatile market. The scale of these trades, often executed during local rallies, can temporarily influence liquidity. While Ethereum’s market capitalization helps absorb such buys, the association with stolen funds raises compliance and regulatory concerns.
Earlier this year, Coinbase confirmed that it was cooperating with U.S. law enforcement regarding the broader social engineering scam but did not comment on the individual wallet. The exchange has maintained that no breach of its internal systems occurred; instead, victims were tricked into handing over credentials.
“This case underscores how sophisticated actors are blending fraud with active trading strategies. It’s a reminder that investor funds remain exposed if proper safeguards aren’t followed,” — David Carlisle, Vice President of Policy & Regulatory Affairs, Elliptic.
The latest wallet movements come alongside another headline-making trade in the ETH market. A separate trader on Hyperliquid turned a $125,000 deposit into a $303 million leveraged long position, eventually cashing out $6.86 million in profit after unwinding 66,749 ETH.
The trader’s 55x return was fueled by recycling gains into one large bet, taking advantage of sustained bullish momentum in Ethereum before markets cooled. While unrelated to the hacker, the story illustrates how ETH’s volatility continues to attract both opportunistic traders and malicious actors.
The expanding Coinbase hacker Ethereum holdings show how illicit actors can still participate in markets despite law enforcement scrutiny. Analysts warn that such activity can distort investor sentiment, especially when large wallets linked to criminal cases make visible trades.
For investors, the key takeaway is vigilance. Monitoring suspicious wallets, relying on secure storage solutions, and avoiding social engineering traps are essential in an environment where hackers remain active participants.
As ZachXBT noted, the full scale of the Coinbase-related fraud may never be fully known, but the visible Ethereum buys prove that stolen assets are still in motion and that investors should prepare for both market and security risks tied to these activities.
