A crypto wallet linked to a notorious Coinbase hacker has added almost $19 million worth of Ether, according to blockchain data.
The transaction took place on Saturday and involved the purchase of 3,976 ETH at an average price of $4,756 per token.
The funds were drawn from 18.9 million DAI, with the wallet consolidating amounts ranging from $80,000 to $6 million before executing several buy orders, data from Arkham Intelligence showed.
Ties to Massive Scam
This wallet has been under close watch from analysts since earlier this year.
It is reportedly connected to a social engineering scheme that defrauded Coinbase users of more than $300 million.
Onchain investigator ZachXBT previously estimated in May that losses exceeded $330 million, though he warned that figure likely underestimates the true damage.
“Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered onchain,” he said at the time.
Previous High-Value Trades
The latest purchase adds to a growing list of major crypto acquisitions by the same wallet.
In July, the account picked up 4,863 ETH valued at $12.5 million, followed by another 649 ETH worth $2.3 million at around $3,562 per token.
Last month, the hacker also bought $8 million in Solana across multiple transactions, though the price has since dropped below the entry point.
The new Ether accumulation comes just as ETH surged past $4,700, reaching a local high of $4,763 — its strongest level in over two weeks.
At the time of writing, ETH trades at $4,718, up 4.5% in the past 24 hours.
Market Context and Trading Risks
The wallet’s aggressive strategy reflects growing confidence in ETH’s near-term outlook, despite recent volatility.
The timing of the purchases, coinciding with price rallies, has also drawn attention from traders tracking whale activity.
Meanwhile, other traders are chasing high-risk, high-reward opportunities.
One participant on derivatives platform Hyperliquid reportedly turned a $125,000 deposit into a $303 million leveraged position on ETH.
The trade peaked at $43 million in equity before closing with $6.86 million in realized profit.
That trade, built up through months of compounding and extreme leverage, underscores the scale of gains — and losses — possible in the fast-moving crypto market.