Ethereum News Today: Hacker Buys 649.62 ETH Worth 2.31 Million After Coinbase Heist

The hacker who previously stole over $300 million from Coinbase users has made another significant purchase of Ethereum (ETH). According to monitoring data, the hacker acquired an additional 649.62 ETH approximately nine hours ago, with an average purchase price of $3,561 per ETH. This transaction amounted to roughly $2.31 million.

This recent purchase follows an earlier acquisition on July 7, where the hacker spent 12.5 million Dai to buy 4,863 ETH at an average price of $2,569 per ETH. The hacker currently holds a total of 45.36 million Dai across two wallets, indicating a continued interest in acquiring more ETH.

The hacker's strategy of converting stolen funds into ETH suggests a deliberate plan to diversify their holdings or potentially liquidate them at a later date. The average purchase price of $3,561 for the recent acquisition is notably higher than the previous purchase price of $2,569, reflecting the volatility in the cryptocurrency market. This price difference could be due to market fluctuations or the hacker's timing strategy to maximize their returns.

The hacker's actions highlight the ongoing challenges faced by cryptocurrency exchanges in securing user funds and preventing large-scale thefts. The incident underscores the need for enhanced security measures and vigilance within the cryptocurrency industry to protect against such breaches. The hacker's continued purchases of ETH also raise questions about the potential impact on the cryptocurrency market, as large-scale acquisitions can influence market dynamics and prices.