The hackers behind the May 2025 massive exploit of Coinbase users are using stolen revenue to build a big position at Ethereum, according to on-chain transaction trackers.
Individuals or groups purchased 4,863 ETH for $12.5 million (DAI) for $2,569 per ETH. After the latest transaction, the hackers hold $45.36 million (DAI) in two different wallets. The tracker suspects that hackers may buy more ETH in the future.
The hacker who stole the funds from #CoinBase users bought $4,863 ETH with a $12.5 million DAI at a price of $2,569.
Hackers have $45.36M$DAI in two different wallets and could potentially buy more $ETH.
Address: 0xb574d779c391ec47fa09b6e50cb79ccb57a8c8 $ dai holding dressess:…https://t.co/zquj05yczi pic.twitter.com/mloq2soyeb
– July 7, 2025, On-ChainLens (@onchainlens)
Coinbase Exploit in May 2025
On-Chain Tracker has linked the latest transactions to the Coinbase Exploit in May. This was due to cryptocurrency exchanges, which resulted from contempt with unauthorized employees with hackers.
Related: Coinbase hackers wash $45 million in stolen ETH and openly mox-loose ZACHXBT
Coinbase reportedly lost up to $400 million in the attack after insiders provided hackers with less than 1% of user information. Coinbase refused to meet the $20 million demand for hackers in order to keep the exploit quiet. Instead, Crypto Exchange has pledged to refund all users affected by the scam.
Brave pattern of on-chain trading
In the meantime, all efforts to arrest hackers and retrieve stolen funds have failed. Instead, hackers embarked on accumulation of Ethereum by converting stolen funds into ETH. Hackers are also selling a notable amount of stolen digital assets for Fiat, as recorded by Onchi Intrackers.
About six weeks ago, the tracker found two wallets that belonged to the hacker. This sold a total of 17,779 ETH at $2,558 per token for $45.48 million. Oddly, the same individual purchased a 207.17 ETK token for spending $536,000 (DAI). Hackers performed a transaction in Thorchain, a decentralized exchange of native assets and Bitcoin.
Related: Thorchain: Go-To Dex for Coinbase Hacker Cross-Chain Swap
Coinbase Hack highlighted the security challenges facing the cryptocurrency industry. That continued growth remains an incentive for hackers, seeking ways to leverage crypto platforms to steal users’ funds. It is worth noting that Coinbase has identified contractors involved in the scam and claimed it has pledged to take appropriate measures to avoid the recurrence of unfortunate incidents.
Disclaimer: The information contained in this article is for information and educational purposes only. This article does not constitute any kind of financial advice or advice. Coin Edition is not liable for any losses that arise as a result of your use of the content, products or services mentioned. We encourage readers to take caution before taking any actions related to the company.
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