Wallet tied to the $300 million Coinbase hack buys $18.9M in Ether, ETH up 4.5%

According to Arkham Intelligence, the purchase was made on Saturday, using 18.911 million DAI. The hacker consolidated various DAI amounts, ranging from $80,000 to $6 million, before executing multiple ETH buys.

Hacker’s ETH purchase ties with a 4.5% gain

According to Arkham‘s report, three newly identified whale wallets collectively purchased $205.48 million worth of ETH from FalconX.

In addition, Lookonchain, a crypto smart money tracker, says that an early Ethereum user with a substantial amount of ETH has moved for the first time in eight years. Lookonchain said that a participant in the Ethereum ICO sent 150,000 ETH, which is worth $645 million, to a new wallet to stake. 

The total ETH staked stands at around 36.2 million, up by roughly 2.5 million ETH since May. The growing number of validators lowers the floating supply and supports a tighter float. However, it also locks up capital that could be used to meet new demand if prices drop or volumes drop.

The investor bought 1 million ETH in three wallets during the ICO for $310,000. That much money is worth $4.3 billion now. The investor still holds 255,000 ETH, worth nearly $1.1 billion, including the recently staked 150,000 ETH.

In addition, as reported by Cryptopolitan, ETH fund shares reached a record high of 6.7 million tokens. This shows that ETFs and structured products are also driving up demand. Data from wallets also shows that more and more ETH is being stored, with large addresses that hold 10,000 to 100,000 ETH now holding over 20.6 million ETH.

To that end, the price of ETH rose above $4,700 on Saturday to hit a local high of around $4,763, its highest level in more than two weeks. At the time of writing, ETH is trading at $4,718, up by 4.5% in the last 24 hours. The coin has also seen a 9% rise in the last week. This has contributed to the rise of its market cap, which is at $565.99 billion.

Other crypto trades of the Coinbase hacker

Since the beginning of the year, blockchain experts have been keeping an eye on the Coinbase hacker wallet. ZachXBT, a on-chain detective and security expert, said in May that the campaign scammed people out of at least $330 million. ZachXBT, however, said that it’s likely that the number is much lower than the real amount stolen, since their data only included direct messages and thefts found on-chain.

The wallet reportedly linked to the hacker has bought Ethereum before. According to on-chain data, the hacker bought 649.62 ETH worth approximately $2.31 million at an average price of $3,561 on July 20th. 

The same Coinbase hacker wallet added 4,863 Ethereum worth approximately  $12.55 million on July 7 at the average price of 2,581. However, in the months before, the exploiter sold 26,762 ETH worth approximately  $69.25 million when it was trading around $2,588.

Also, last month, the hacker used DAI to purchase USDC, bridged funds to the Solana network, and bought 38,126 SOL tokens at an average price near $209. The price has since dropped below the starting price.

Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.