Key Notes
- The infamous Coinbase hacker has added 3,976 ETH to his stash.
- He completed the acquisition using 18.911 million DAI stablecoin.
- ETH is currently enjoying massive institutional adoption from retail and institutional investors.
Ethereum (ETH) has a strong advocate in the hacker who attacked customers of American cryptocurrency exchange Coinbase a while ago. According to on-chain data, the crypto wallet linked to the hacker recently bought 3,976 Ethereum, worth more than $18.9 million. Markedly, the ETH was acquired at $4,756 per token.
Series of Ethereum Purchases by Coinbase Hacker
In a Saturday purchase, the infamous Coinbase hacker purchased another 3,976 ETH using 18.911 million DAI. The entire purchase was capped at $18.9 million, as noted by blockchain analytics firm Arkham Intelligence. Before he completed the Ethereum purchase, the hacker consolidated various DAI amounts that ranged from $80,000 to $6 million.
Since the beginning of this year, the infamous Coinbase hacker wallet has been put under surveillance by blockchain analysts. It was allegedly responsible for an over $300 million social engineering scam that targeted Coinbase users. On-chain sleuth and security analyst ZachXBT was one of those who estimated that the campaign defrauded victims out of at least $330 million.
“Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered on-chain,” ZachXBT stated at the time.
Since the crime was perpetrated, there have been a number of activities on the account, mostly involving Ethereum. However, in August, the hacker wallet allegedly bought $8 million worth of Solana (SOL) in several purchases.
The previous month, this same wallet scooped up 4,863 ETH, valued at approximately $12.55 million at the time. There was another purchase of 649 ETH, equivalent to $2.3 million, at around $3,562 per token.
However, this latest acquisition is significant as it coincides with Ethereum’s recent push to $4,700. Per CoinMarketCap data, ETH is currently trading at $4,718.92 with a 4.26% rally within the last 24 hours. It had earlier hit a local high of around $4,763, marking its highest level in more than two weeks.
Institutional Acquisition of Ethereum
In addition, Ethereum’s market cap has recovered and is now at $569.59 billion, while its 24-hour trading volume is resting at $41.6 billion.
This suggests that traders are enthusiastic about the coin and its ecosystem. Moreover, ETH has been showing more positive performance compared to BTC. The report shows that whales have been dumping their Bitcoin (BTC) holdings to buy Ethereum instead.
Moreso, institutional investors have doubled down on their Ethereum investments in recent weeks.
A few days ago, BitMine Immersion Technologies (NYSE: BMNR) made an aggressive purchase of another 46,255 coins, worth $200 million at the time. This was around the time when the ETH price first showed signs of a recovery. So far, this company has accumulated more than 2.1 million ETH.
Sharplink Gaming has also built an 837,000 ETH treasury, following BitMine at a reasonable distance. This comes as the company announced that it had begun executing its $1.5 billion share buyback program.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Source: https://www.coinspeaker.com/coinbase-hacker-is-betting-on-ethereum-eth-breakout/