A hacker involved in a Coinbase exploit has once again drawn attention to the crypto markets by dumping 26,347 ETH worth $68.18M in just 12 hours. This incident raises questions about market manipulation and the perpetrator's future actions.
Breaking Down the Transactions
According to real-time data from Onchain Lens and Nansen.ai, the hacker performed this huge dump through the CoW Protocol decentralized settlement solution. The latest transaction involved the hacker selling an additional 4,863 ETH at the rate of $2,569 per ETH, or 12.5M DAI. Previous crypto trades were conducted in batches of 1,000 to 2,000 ETH.
Suspicious Repurchases
This purchase of ETH was strange because, on May 22, the same hacker had sold the stolen ETH for over $45M at the rate of $2,558 per ETH. Yet, he returned that same evening and purchased 207.17 ETH with 536,000 DAI. Analysts noted this transaction and logged it as strange behavior, which may represent either a test of market manipulation or a well-calculated long-term action.
Market Awaits Hacker's Next Move
Although the ETH sales were quite significant, the attacker still retains $45.36M in DAI that could be used to repurchase ETH or transferred to other assets unless caught or stopped by freezing funds. The holding approach implies that the hacker is waiting for a good time in the market to re-enter.
The incident serves as a reminder of the skill involved in modern crypto-related attacks. Platforms and users are waiting for the hacker's next move as he navigates through blockchain anonymity with remarkable speed and ease.
