The suspected crypto wallet linked to a Coinbase hacker has made a substantial Ether purchase, attracting the attention of analysts and summarizing the current state of the market.
Details of the Major Ether Purchase
According to Arkham Intelligence, a crypto wallet allegedly belonging to a Coinbase hacker acquired 3,976 Ether worth approximately $18.9 million. The transaction took place on Saturday, consolidating multiple DAI stablecoin transfers. The average purchase price was $4,756 per token, making this deal one of the largest recorded this month.
Connection to Large Scale Fraud
The wallet has been under scrutiny since early this year, after being linked to a large-scale fraud scheme targeting Coinbase users. Blockchain investigator ZachXBT estimated that victims collectively lost at least $330 million. The investigative team, including the FBI and the Department of Justice, is thought to be assisting Coinbase in tracking the stolen assets.
Ethereum Market and Its Surge
The recent purchase coincided with a rally in Ethereum, which briefly traded above $4,760. Year-to-date, Ethereum has gained more than 47%, driven by strong institutional flows and increased activity in decentralized finance protocols. In August, the total value locked in DeFi platforms climbed back above $130 billion, a level not seen since early 2022.
The activity of this crypto wallet raises questions about potential diversification of illicitly obtained funds, as well as its influence on market dynamics. These cases highlight the importance of monitoring the activity of suspicious crypto wallets.
