Hackers Turn Stolen ETH into Gains as Crypto Market Soars

Hackers and illicit actors are increasingly leveraging Ethereum (ETH) price appreciation to amplify gains from stolen assets, as demonstrated by recent movements in the crypto market. A key example is the Radiant Capital hacker, who stole approximately $53 million worth of assets in October 2021, converting them into 21,957 ETH at $2,414 per token. Over the past few days, the hacker sold 9,631 ETH at an average price of $4,562, generating 43.937 million DAI in the process. As of now, the remaining 12,326 ETH and 43.937 million DAI in the hacker’s portfolio are valued at around $101 million—nearly double the original stolen value.

Another significant case involves the Infini hacker, who stole 49.5 million USDC in February and exchanged it for 17,696 ETH at $2,798. The hacker has since sold 3,540 ETH, earning 13.318 million DAI at an average price of $3,762, which translates to a $25.15 million gain from ETH price appreciation. Meanwhile, an unidentified hacker who received 17,412 ETH from platforms like THORChain and Chainflip in March exchanged it for 33.9 million DAI at $1,947. Later in June, they repurchased 4,957 ETH at $2,495 and sold it again at $4,464, earning an additional $9.76 million.

The trend of hackers profiting from ETH price surges underscores the volatile nature of the crypto market and the unintended incentives it creates for illicit actors. As ETH continues to appreciate, so too does the value of stolen assets, effectively turning theft into an increasingly lucrative investment strategy for those who avoid detection. This dynamic raises concerns about the security of digital assets and the broader implications for the crypto ecosystem.

Further evidence of the market's bullish ETH sentiment is seen in the actions of the Coinbase hacker, who recently purchased 4,863 ETH at $2,581 per coin, totaling $12.55 million. This move followed a previous sale of 26,762 ETH for $69.25 million in May, and has led to speculation that the hacker is positioning for further price gains. Some observers suggest the hacker may be using ETH as a liquid intermediary or breaking up large transactions to avoid scrutiny. Additionally, large investors, or "whales," have shown similar bullish behavior, with one investor withdrawing $4.86 million worth of ETH from Binance and moving it to self-custody, signaling confidence in the asset’s future performance.

Ethereum’s price has continued to rise, reaching $3,170 in early July 2025—its highest level since February 1. The price movement is supported by increased open interest in ETH futures, which hit a record $46.58 billion, reflecting heightened market participation and institutional demand. Analysts have projected a potential price trajectory for ETH ranging from $4,000 in the near term to as high as $30,000 for the cycle’s peak, depending on market dynamics and regulatory developments. The surge in network activity has also led to higher Ethereum burn rates, which reduce the supply of ETH in circulation and add upward pressure on the price.

The growing profitability of holding and trading ETH has led to renewed interest in Ethereum-based products, including spot ETFs, which have seen strong inflows. BlackRock’s ETHA, for example, recorded $85.4 million in inflows on July 3, 2025. These trends indicate a broader shift in sentiment and a potential maturation of the Ethereum market, driven by both institutional and retail participants. However, the increased value of ETH also amplifies the risks associated with theft, as demonstrated by the ongoing activities of hackers who are capitalizing on market volatility for illicit gains.