Ethereum News Today: Coinbase Hacker Buys $15 Million in Ethereum This July

A wallet associated with the hacker behind the Coinbase data breach has made significant Ethereum purchases, capturing the attention of the crypto community. The wallet, identified as the "Coinbase hacker," acquired 649.62 ETH worth approximately $2.31 million within just nine hours, with each token priced at around $3,561. This purchase marks the second large Ethereum buy tracked this month, following an earlier acquisition of 4,863 ETH valued at $12.55 million when the price was around $2,581. Combined, these July acquisitions exceed $15 million, indicating a renewed and aggressive accumulation strategy by the attacker.

Ethereum recently surged above the $3,700 mark, its highest level since early 2022. The wallet’s average entry price now stands near $2,600, leaving the hacker with substantial unrealized gains as the market continues to rise. With ETH gaining over 40 percent in the past month, the timing of these buys has fueled speculation about a calculated move to profit from bullish momentum.

Analysts tracking the wallet have observed that all recent transactions were routed through CoW Protocol. This method helps avoid slippage and reduces visibility, indicating that the wallet owner is taking deliberate steps to remain discreet while increasing exposure to Ethereum.

The funds in question are linked to a high-profile security incident at Coinbase earlier this year. Hackers reportedly bribed overseas call center contractors to gain access to internal customer service tools. While no user passwords or crypto balances were compromised, the breach impacted a segment of users and led to millions in response costs. Coinbase chose not to negotiate with the attackers and instead committed to reimbursing affected customers. Despite these actions, the hacker-controlled wallet has remained active, moving funds in and out while exploiting favorable market trends.

With the latest Ethereum purchases now totaling more than $15 million in July alone, on-chain investigators continue to monitor the address closely. As ETH prices hold above $3,700, market watchers expect the activity to continue attracting widespread attention. The hacker’s growing Ethereum holdings come at a time of strong market recovery. With millions in potential profit and no signs of slowing accumulation, the wallet’s activity has become a focal point for analysts tracking high-stakes crypto movements.