The cryptocurrency market is echoing with alarming notes again. The hacker behind one of the largest attacks on Coinbase is taking new steps by purchasing Ethereum amid increased institutional investments in this asset.
Hacker's Return and New Moves in Ethereum Market
The hacker linked to the theft of over $300 million from Coinbase users has resurfaced, purchasing 649.62 ETH worth approximately $2.31 million at an average price of $3,561. This move follows a month-long laundering operation, indicating the perpetrator's intent to bet on Ethereum's growth.
Institutional Investments in Ethereum
Recently, two new institutional wallets acquired 58,268 ETH, equating to approximately $212 million. These purchases were made through FalconX and Galaxy Digital, highlighting a growing interest among major investors in Ethereum. Meanwhile, ETH has shown significant growth, reaching a price of $3,705.
Analysis of the Coinbase Hack
The hack involving Coinbase remains one of the most discussed incidents of 2025. The attacker initially swapped $42.5 million of stolen Bitcoin for Ethereum via Thorchain. To obscure his trail, he also converted nearly 18,000 ETH into DAI stablecoins. The attack stemmed from a social engineering scheme where hackers bribed external contractors for access to sensitive user data.
The hacker's return to the Ethereum market and the growing interest from institutional investors in this asset underscore the importance of security in the cryptocurrency industry and continue to spark discussions among experts.
