The hacker tied to the $330 million Coinbase breach has purchased 3,976 ETH, raising interest in the changes within the Ethereum market.
The $19M Ethereum Acquisition
A wallet linked to the $330M hack has recently acquired 3,976 ETH, worth approximately $19M at current rates. This transaction was confirmed by Arkham Intelligence, highlighting its potential impact on the Ethereum market.
Ethereum Market Shows Resilience
Despite this transaction, the Ethereum market did not exhibit significant changes in liquidity metrics. Experts noted that potential risks were anticipated, with Ethereum's price remaining resilient post-transaction. Analyst Byzantine General commented that "Monster candle for Ethereum [is] possible amidst recent accumulation and technical breakout."
Comparisons with Previous Hacks
This case echoes previous security breaches at Ledger, Bitfinex, and Binance, though the scale of this hacking is exceptional. The use of DeFi and stablecoins for laundering underscores its uniqueness. ZachXBT highlighted that "our number is likely much lower than the actual amount stolen as our data was limited."
This situation emphasizes the ongoing importance of security and asset management within the cryptocurrency industry, despite the market's apparent resilience.
