Ethereum News Today: Coinbase Hacker Acquires Additional 649.62 ETH Worth $2.31 Million

The latest developments in the Coinbase hack reveal that the exploiter has acquired an additional 649.62 Ethereum (ETH), valued at approximately $2.31 million. This purchase, made at an average price of around $3,561 per coin, occurred just nine hours prior to the report. The hacker's ongoing efforts to shift and consolidate the stolen funds highlight the persistent threat posed by this security breach.

The hacker, who initially stole over $300 million from Coinbase users, has been actively engaging in a series of transactions to obscure the trail of the stolen assets. The data reveals that the hacker transferred 649.619 ETH from a wallet labeled "0x772…F8" to another address, "0xB57." This transaction was followed by a transfer of 2.313 million DAI stablecoins via the CoW Protocol, which is likely an attempt to reroute or swap funds. Subsequently, 649.605 ETH was returned to the original wallet, "0x772…F8," indicating a deliberate effort to complicate the tracking of the funds.

The systematic nature of these transactions underscores the hacker's sophisticated approach to laundering the stolen assets. By cycling funds through various wallets and using different protocols, the hacker aims to confuse trackers and make it more difficult for authorities to trace the movements of the stolen funds. This incident serves as a stark reminder of the security vulnerabilities faced by centralized crypto exchanges, which are under increasing pressure to implement robust security measures to protect user assets.

The ongoing laundering spree by the Coinbase hacker raises serious concerns about the security of centralized crypto exchanges. Despite the advanced security protocols in place, the ability of hackers to exploit vulnerabilities and siphon off large sums of money highlights the need for continuous improvement in security measures. As the crypto industry continues to grow, it is crucial for exchanges to prioritize the protection of user funds and implement stringent security protocols to prevent such incidents in the future.