Ethereum News Today: Coinbase Hacker Returns Buying Ethereum Amid Market Rise

The hacker who previously stole $300 million from Coinbase users has resurfaced, making significant purchases in Ethereum (ETH) as prices rise. This bold return to the market signals a potential shift in the hacker's strategy, as they continue to exploit vulnerabilities in current exchange security systems. The hacker initially infiltrated Coinbase by bribing a customer support staffer, affecting 97,000 users. They used THORChain to convert 26,347 ETH into $68.18 million in DAI, complicating the recovery process.

Meanwhile, CoinDCX has confirmed a separate breach involving $44 million. The attacker moved the funds from Solana to Ethereum after seeding their wallet with 1 ETH via Tornado Cash. CoinDCX CEO Sumit Gupta called it a “sophisticated server breach” that compromised an internal liquidity provisioning account. Gupta confirmed that customer funds remained untouched and stressed that all user wallets are secure and unaffected by the breach. CoinDCX plans to cover all stolen funds using its own treasury reserves and is working with its exchange partner to freeze and recover stolen assets. Gupta also announced plans to launch a bug bounty program soon.

This hack comes one year after the high-profile WazirX breach, which derailed its restructuring plans. That incident was eventually tied to the North Korea-linked Lazarus Group. However, no group has claimed responsibility for the CoinDCX attack so far. The repeated use of Tornado Cash and cross-chain bridges raises new alarm bells, highlighting the urgent need for stronger internal systems and better response coordination across the crypto sector. The Coinbase hacker seems to be positioning for future gains, accumulating ETH amid market momentum. CoinDCX, founded in 2018, became a unicorn in 2021. It later acquired Dubai-based BitOasis in July 2024. Consequently, this breach may slow its expansion and trigger tighter security controls.