Coinbase hacker buys $12.5M in ETH after two-month silence
Coinbase hacker buys $12.5M ETH, raises questions
After nearly two months of silence, the hacker behind the notorious $300 million Coinbase breach has reappeared on-chain, executing a major Ethereum purchase.
The hacker address acquired 4,863 ETH, worth approximately $12.55 million, CoinGape informs.
Coinbase hacker has shown activity
According Lookonchain, the individual behind the $300 million Coinbase breach has reemerged with a significant transaction. Earlier today, they acquired 4,863 ETH, valued at $12.55 million, purchasing each token at an average price of $2,581.
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This development follows a major liquidation event in May 2025, when the same address offloaded 26,762 ETH for around $69.25 million at a slightly higher average of $2,588 per token. Prior to that, the entity had sold 26,347 ETH for $68.18 million in DAI, using THORChain for the conversion.
The hacker’s sudden reentry into the market has prompted speculation across crypto communities, especially as it coincides with Ethereum’s recent 1.9% price uptick to $2,562, and broader weekly and monthly gains of 4.5% and 2.6%, respectively. The move suggests a shift from stablecoins back into ETH, hinting at a bullish outlook or a strategic positioning ahead of a potential rally.
Origins of the breach and speculations on strategy
The hacker is believed to be the same party behind the May 2025 Coinbase data breach, which compromised sensitive information belonging to 97,000 users, including notable figures such as Roelof Botha, Managing Partner at Sequoia Capital. Reports indicate that the breach stemmed from a bribed third-party support employee based outside the United States.
Community analysts have noted the hacker’s sophisticated behavior—not just in executing the breach but in demonstrating apparent market timing. One user remarked on X (formerly Twitter), “Not the usual average hacker. This dude knows not only how to hack but also how to move in crypto world.”
With ETH potentially entering another bullish phase, the attacker’s timing has raised questions: is this merely a conversion strategy, or part of a broader financial plan? Observers continue to track the wallet closely for future activity.
Read also: Buterin proposes Ethereum gas cap to prevent DoS attacks.
