The crypto wallet, connected to the infamous $300 million Coinbase hack, has reappeared in another suspicious move on the Ethereum blockchain.
It acquired 3,976 ETH, worth around $18.9 million over the weekend, according to on-chain data from Arkham Intelligence. The purchase was performed using the Stablecoin, 18.9 million Dai, and split into multiple transactions before being integrated into the purchase.
The deal marked the highest level in over two weeks after Ethereum was destroyed by more than $4,700. Currently, ETH has dropped 2.9% to $4,538 over the last 24 hours.
ETH's price trends to the upside on the daily chart. Source: ETHUSD on Tradingview
Bold acquisition patterns
This is not the first time a wallet has made waves. In July, he bought 4,863 ETH for $12.6 million, and later added 649 ETH to $3,562 per token. Last month, the same wallet scooped up a $8 million worth of Solana (SOL), but its position is below the entry price.
Analysts say the strategy illustrates the deliberate fund consolidation that is common in money laundering tactics. Reducing transactions to a small amount and using privacy tools allows hackers to mask movements, making tracking more difficult.
Blockchain investigator Zachxbt previously estimated that Coinbase-related social engineering scams have emitted at least $330 million from victims, warning that the actual figures could be significantly higher.
Concerns about rising crypto hacks are rising
According to security company Peckshield, the latest Ethereum purchases have shown wider concerns in the crypto industry.
With exploits that shift from smart contract bugs to social engineering and cross-chain bridge vulnerabilities, these wallets continue to pose a major threat to investor trust.
Coinbase offers a $20 million reward for information and security tightening about perpetrators, but the hackers remain unidentified. The latest $19 million ETH grab proves the resilience and boldness of cybercriminals operating in space.
As cryptography gathers and institutional influx grows, the problems remain. Are hackers simply on bullish momentum, or are they part of a deeper strategy to wash stolen funds? Regulators and blockchain investigators are looking closely, but for now there are more questions left in the crypto world than answers.
ChatGpt cover image, TradingView’s Ethusd chart
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