Crypto Hacks Surge: $19M In Ethereum Grab by Infamous Wallet Raises Alarming Questions
A crypto pockets linked to the infamous $300 million Coinbase hack has reappeared with one other suspicious transfer on the Ethereum blockchain.
Over the weekend, the handle acquired 3,976 ETH value roughly $18.9 million, in keeping with on-chain knowledge from Arkham Intelligence. The buy was executed utilizing 18.9 million DAI, a stablecoin, and break up throughout a number of transactions earlier than being consolidated into the purchase.
The transaction got here simply as Ethereum broke above $4,700, marking its highest stage in additional than two weeks. Currently, ETH trades at $4,538, down 2.9% previously 24 hours.
A Pattern of Bold Acquisitions
This will not be the primary time the pockets has made waves. In July, it purchased 4,863 ETH for $12.6 million and later added 649 ETH at $3,562 per token. Just final month, the identical pockets scooped up $8 million value of Solana (SOL), although that place has since slipped beneath entry value.
Analysts say the technique reveals deliberate fund consolidation, usually seen in cash laundering techniques. Breaking transactions into smaller quantities and utilizing privateness instruments permits the hacker to masks actions, making monitoring tougher.
Blockchain investigator ZachXBT beforehand estimated that the Coinbase-related social engineering rip-off drained at the least $330 million from victims, warning that the actual determine could also be considerably greater.
Growing Concerns Over Rising Crypto Hacks
The newest Ethereum buy reveals broader considerations within the crypto business, the place hack-related losses reached $163 million in August alone, in keeping with safety agency PeckShield.
With exploits shifting from sensible contract bugs to social engineering and cross-chain bridge vulnerabilities, wallets like this proceed to pose a significant menace to investor confidence.
Despite Coinbase providing a $20 million reward for info on the perpetrators and tightening safety, the hacker stays unidentified. The newest $19M ETH seize proves the resilience and boldness of cybercriminals working within the house.
As crypto rallies and institutional inflows develop, the query stays: is the hacker merely driving bullish momentum, or is that this a part of a deeper technique to launder stolen funds? Regulators and blockchain investigators are watching intently, however for now, the crypto world is left with extra questions than solutions.
Cover picture from ChatGPT, ETHUSD chart from Tradingview