Hacker Buys 4,863 ETH for $12.5 Million Amid Ethereum Security Concerns

A Coinbase exploit wallet has resurfaced, making a significant purchase of 4,863 ETH for $12.5 million using DAI at a price of $2,569 per token. This purchase was made by a hacker who previously siphoned funds from a Coinbase user. Despite this acquisition, the hacker still holds $45.36 million in DAI across two different wallets, indicating a potential interest in buying more ETH. This is not the first time this wallet has been active; roughly two months ago, the same hacker address moved 26,347 ETH, receiving $68.18 million in DAI at an average price of $2,587. The new purchase appears to be part of a broader attempt to rotate stablecoins back into ETH, possibly to capitalize on a potential price increase or to obscure tracking trails.

Ethereum has become a prime target for hackers, with the ecosystem suffering the most security incidents in 2025. According to a report, Ethereum has experienced losses reaching $38.9 million. Over 432,748 ETH worth $1.21 billion passed through THORChain, with many of these tokens traced back to hacks. Additionally, over 5,900 ETH stolen still reside on Ethereum itself, scattered across 12,490 wallets. One of the most high-profile incidents involved the Lazarus Group, which stole approximately 500,000 ETH worth $1.46 billion from Bybit. The group split the funds and shared them across multiple wallets, highlighting a security failure within the blockchain. This is a primary concern not only for exchanges but also for individual holders.

Despite these security concerns, ETH continues to find demand. The broader market sentiment remains cautious, but Ethereum was trading at $2,573, marking a 2.3% daily gain at the time of reporting. This suggests that if positive news continues to emerge, ETH could experience further gains. Unless a clear bullish catalyst emerges, ETH is likely to continue trading between $2,400 and $2,600. However, should sentiment improve, the next resistance lies near $2,780. The crypto industry has grown significantly over the last decade, with the market cap exceeding $3.3 trillion. As the market grows, so do the risks and vulnerabilities associated with the digital space, mainly arising from unethical hackers. Amidst this growing threat, Ethereum has become particularly vulnerable and a favorite target for hackers.