In July, the hacker involved in one of the largest data breaches in Coinbase's history began actively purchasing Ethereum again, leading to serious implications for the platform.
Growing Ethereum Acquisitions by the Hacker
In early July, the hacker acquired 649.62 ETH for $2.31 million within 12 hours, increasing their holdings. Earlier that month, they bought 4,863 ETH for $12.55 million. This heightened interest in Ethereum continued amid rising prices.
Strategy and Trading Methods
Blockchain data indicates that most transactions were conducted via the CoW Protocol, allowing the hacker to reduce visibility and minimize price slippage. Since the active sell-off in May, this suggests a calculated strategy to return to Ethereum as the market recovers.
Security Issues of Coinbase
The attack against Coinbase started with bribing support staff to leak customer data. Although the hacker did not have access to passwords, the data leak prompted costs for system security improvements. Coinbase promised to fully compensate affected users.
The hacker's renewed interest in Ethereum raises questions about the platform's security and the capabilities of blockchain, illustrating how cybercriminals can profit from financial markets.
