- • A hacker reportedly acquired $18.9 million worth of ETH, equivalent to about 3,976 ETH, intensifying concerns over security breaches in major exchanges.
- • Ethereum’s price has surged past $4,700, with analysts projecting a potential rally to the $5,000 mark if momentum continues.
- • The Coinbase hack remains unresolved despite significant time passing, raising questions about exchange resilience and user fund safety.
A $300 million Coinbase hacker wallet acquired $18.9 million in Ether to its holdings, which is roughly 3,976 Ether according to Arkham Intelligence. The move came as ETH briefly passed $4,700, hitting a two-week high of $4,763. The crypto company has yet to make a comment on this.
Hacker Under Watch And Large Crypto Purchases
A wallet has been under close observation since earlier this year when it was linked to a large-scale social engineering scam that swindled Coinbase users of more than $300 million. This hack has made Coinbase prioritize its handling of security breaches. In May 2025, the exchange offered a $20 million reward for information leading to the hacker’s arrest and conviction.
Coinbase reported the breach to the Securities and Exchange Commission (SEC) and filed anticipation of suffering between $180 million to $400 million in remediation costs and reimbursements. Despite these measures, the hacker has remained unidentified, and the wallet continues to conduct significant trades.
The latest accumulation is not an isolated event. The same wallet carried out several large purchases in recent months. In July 2025, the hacker’s address acquired 4,863 ETH for $12.5 million, followed by another 649 ETH worth $2.3 million at an average price of $3,562. In August 2025, the hacker bought roughly $8 million worth of Solana across several transactions, though the investments later slipped below entry levels.
Finally, in September 2025, the same hacker’s address collected different amounts of the stablecoin DAI, ranging from $80,000 to $6 million, and then used those to buy ETH in multiple transactions. The hacker has been diversifying stolen assets by splitting purchases into smaller amounts and using privacy tools to evade detection. This way, the identity of the hacker has never been found.
ETH Upward Trend
The hacker’s wallet activity comes amid renewed optimism for Ethereum. Over the past week, ETH has rallied sharply, supported by spot Ethereum ETF inflows which recently hit $216 million in a single week. Market analysts say that the break above $4,700 has reinforced bullish momentum, with some speculating a move toward the $5,000 threshold could be in play if institutional demand continues.
Coinbase’s Challenge and The Industry’s Concerns
For Coinbase, this unresolved hack remains a mystery. While the exchange has strengthened security measures, including improved investor threat detection and compensation programs for customers, the fact that the hacker still remains active raises concerns about the effectiveness of Coinbase’s safeguards.
The recent $18.9 million purchase highlights how unresolved breaches can ripple through the industry long after the initial exploit. As Ethereum inches toward $5,000, the ongoing activity of the hacker’s wallet serves as a stark reminder of the challenges facing exchanges and regulators in an industry that remains largely unregulated.
