A wallet involved in the $330M Coinbase hack has purchased about $19M in Ethereum using DAI, as confirmed by Arkham Intelligence’s on-chain data, impacting the cryptocurrency market dynamics.

This transaction by the hacker alters Ethereum’s market dynamics without causing significant liquidity issues, revealing ongoing challenges in security and asset management within the industry.

$330M Coinbase Hacker Converts $19M to Ethereum

The hacker linked to the $330M Coinbase breach purchases 3,976 ETH worth $19M, impacting Ethereum market dynamics.

A wallet associated with a $330M Coinbase hack has recently acquired 3,976 ETH worth approximately $19M using DAI. This transaction was confirmed by Arkham Intelligence, highlighting its potential impact on the Ethereum market.

The $330M Hacker’s $19M Ethereum Acquisition

The wallet is linked to a major social engineering scam targeting Coinbase users. Tactics involved bribing staff and phishing, leading to significant financial breaches. No direct comments from Coinbase executives are currently available.

Ethereum Market Shows Resilience Amid Hack Risks

The transaction had minimal immediate effect on the Ethereum Total Value Locked or liquidity metrics. Market analysts considered it an anticipated risk rather than a surprise, with Ethereum’s price showing resilience post-transaction.

Analyst Byzantine General noted that “Monster candle for Ethereum [is] possible amidst recent accumulation and technical breakout.” (source). The hacker’s usage of DAI implies attempts to subvert AML accountability during the cryptocurrency conversion process.

Breaches Echo Ledger, Bitfinex, and Binance Hacks

This hack shares traits with previous breaches at Ledger, Bitfinex, and Binance, though the scale is exceptional. Utilization of DeFi and stablecoins for laundering underscores its distinctiveness.

ZachXBT highlighted the complexity of tracing assets due to diverse conversion tactics. His estimates suggest the stolen amount could surpass current visibility, emphasizing the evolving nature of crypto security.

ZachXBT, On-Chain Investigator, “Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered onchain.” source

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