- Coinbase hacker wallet bought 4,863 ETH for $12.5 million using DAI at $2,569 per coin.
- SlowMist data shows over 5,900 stolen ETH still reside on Ethereum across 12,490 addresses.
The crypto industry has grown significantly over the last decade, with the market cap exceeding $3.3 trillion.
As the market grows, so do risks and vulnerabilities associated with the digital space, mainly arising from unethical hackers.
Amidst this growing threat, Ethereum [ETH] has become particularly vulnerable and hackers’ favorite.
Coinbase hacker resurfaces with a $12.5M ETH buy
A Coinbase exploit wallet is back in action. According to Onchain Lens, the hacker who previously siphoned funds from a Coinbase user used $12.5 million in DAI to buy 4,863 ETH at a price of $2,569 per token.
Even after this acquisition, the hacker still holds $45.36 million in DAI across two different wallets and is likely eyeing the purchase of more ETH.
But this isn’t the first time this wallet moved size
Roughly two months ago, this same hacker address had moved ETH, received via THORChain.
In that episode, 26,347 ETH were sold for $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, perhaps to ride a potential upside or muddy tracking trails.
Ethereum is still the biggest target
Surprisingly, the Coinbase hacker is not an isolated case, as Ethereum has suffered the most security incidents in 2025.
According to the latest report from SlowMist, Ethereum remained the most hit ecosystem, with losses reaching $38.9 million.
Source: SlowMist
In fact, the report showed that 84.45% of all ETH bridged to BTC—over 432,748 ETH worth $1.21 billion—passed through THORChain.
Many of these tokens were traced back to hacks. To make matters worse, over 5,900 ETH stolen still reside on Ethereum itself, scattered across 12,490 wallets.
Source: SlowMist
In one of the most high-profile incidents of H1 2025, Lazarus Group stole approximately 500,000 ETH (worth $1.46 billion) from Bybit.
After stealing the funds, the group split the funds and shared them across multiple wallets.
With the Ethereum ecosystem holding various wallets of looted funds, it reflects a security failure within the blockchain. This is a primary concern not only for exchanges but also for individual holders.
Despite it all, ETH finds demand again
Having said that, ETH doesn’t appear to be collapsing under the weight of these security concerns, at least not yet. Still, the broader market sentiment is skittish.
Source: Defillama
According to DeFiLlama, Net Inflows for ETH on the 7th of July fell to -$900 million, a stark contrast to the previous days of neutral or positive flows.
Such sharp outflows typically indicate panic exits or profit-taking, but can also precede a price rebound if sell pressure dries up.
At the time of reporting, Ethereum was trading at $2,573, marking a 2.3% daily gain. This suggests that if good news continues to emerge, ETH will also experience further gains on its price charts.
Unless a clear bullish catalyst emerges, ETH is likely to continue trading between $2,400 and $2,600. That said, should sentiment improve, the next resistance lies near $2,780.
