Coinbase Hacker Accumulates ETH in Multi-Million Dollar Purchase

Coinbase hacker buys $18.9M in ETH using DAI, sparking renewed attention as Ethereum’s price surges and tracking intensifies.

A crypto wallet linked to a well-known Coinbase hacker has made a major purchase of Ether. On Saturday, September 13, 2025, the wallet bought 3,976 ETH worth over $18.9 million. Each of the tokens was bought for $4,756. The transaction was uncovered via on-chain data that was shared by Arkham Intelligence.

Coinbase Hacker Spends $18.9M in DAI to Buy ETH

The hacker spent 18.911 million DAI, a stablecoin, to make the purchase. Before purchasing the Ether, they called in the DAI in batches of between $80,000 and $6 million. These amounts were then put to use in some separate transactions. This care process of consolidation of fund has not gone unnoticed by the blockchain analysts.

Related Reading: Coinbase Hacker Moves $24M (5,514 ETH) Through Tornado Cash, Slowly Draining Funds | Live Bitcoin News

This wallet has been closely monitored since early 2025. It is linked to a huge social engineering fraud targeting Coinbase users. The scam allegedly took more than $300 million. It utilized deceptive tactics to trick the users into providing sensitive information. Many customers lost substantial amounts of money in the attack.

Since the breach, the hacker has been moving the stolen funds in strategic ways. This latest ETH purchase is suggestive of a shift in focus. Instead of holding money in stablecoins, such as DAI, the hacker may now be attempting to take advantage of Ethereum’s rising price. The use of DAI may also help the hacker avoid other sharp price swings we are familiar with in other cryptocurrencies.

This year has witnessed several massive crypto hacks. One of the biggest was a $550 million loss from the exploit of BNB Bridge. Blockchain tracking companies such as Arkham Intelligence have played a major role in tracking stolen funds across networks. Their data helps to understand how hackers work to law enforcement and the public.

Ethereum Upgrade Helps Trace Stolen Crypto

The timing of the ETH purchase is also interesting. Ethereum’s price just recently reached $4,718, indicating positive growth in the present market. This may have had an effect on the hacker’s decision to enter ETH now. Many cybercriminals prefer to transfer into more liquid or more widely accepted assets during bullish trends.

Analysts have observed similar behavior in previous hacks. For example, in the 2022 incident in Binance Smart Chain, hackers pooled together stolen tokens and then redistributed them. The DAI consolidation in this case depicts a similar strategy. It looks like the hacker is taking precaution and moving step by step.

Coinbase hasn’t issued a statement on the hack in full detail. In January 2025, users of the social media platform Reddit started posting accounts of missing funds and hacked wallets. These reports prompted a broader investigation. However, full details of the breach are still limited.

Meanwhile, improvements to Ethereum’s network, such as EIP-1559, have made it easier to track transactions. This helps the firms and authorities to follow the stolen funds in a better way. On September 13, 2025, the global volume of trade in the crypto market was $42.9 billion in 24 hours. This high activity level can sometimes help hackers to mask their movements.

Authorities are cooperating with blockchain experts to monitor the hacker’s money. Past recoveries, like the $4.3 million that was retrieved in 2023, give hope. For now, the crypto world is still watching closely as the investigation unfolds.