The perpetrator behind the massive Coinbase breach is making risky bets with stolen funds – and not all of them are paying off.
Blockchain data shows the attacker took a major hit this week after misjudging Ethereum’s price swings.
On September 13, the hacker acquired close to 4,000 ETH for just under $19 million, paying an average of $4,756 per token. Two days later, those same coins were dumped back onto the market at $4,522 each, netting only $17.98 million. The hasty trade left the attacker down roughly $932,000 in less than 48 hours, according to Arkham Intelligence.
The timing couldn’t have been worse. The sell-off lined up with a broader downturn in crypto markets, where Ethereum shed more than 2% in a single day. At the time of writing, ETH hovered near $4,493.
This isn’t the first time the hacker has moved aggressively between tokens. In August, they scooped up over 38,000 Solana (SOL) worth nearly $8 million, and in July, more than $2 million worth of ETH was added to the same wallet. Analysts say the trades point to a diversification strategy, with funds scattered across multiple networks and routed through decentralized exchanges in an effort to obscure the trail.
The funds all trace back to the early 2025 Coinbase breach, when insiders were bribed to hand over access that exposed sensitive customer data. The attackers later demanded $20 million in exchange for not leaking the material. Coinbase rejected the extortion attempt, moved to reimburse users, fired compromised staff, and put up a matching $20 million bounty to hunt down those responsible.
Estimates suggest the breach cost the exchange between $180 million and $400 million. The hacker, meanwhile, continues to move funds across blockchains—though their latest misstep shows even stolen money isn’t immune to bad trading calls.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/hacker-behind-300m-coinbase-breach-loses-nearly-1m-on-ethereum-trade/