- A Hacker who stole 400 Bitcoin from a Coinbase user sold their Ethereum holdings during a crypto market crash, incurring a $4.5 million loss.
- Ethereum prices fell by 8.8%, and Bitcoin dropped by 6.2%, wiping over $100 billion from the global crypto market cap in 24 hours.
- The hacker first bought 9,240 ETH for $39.5 million, then panic-sold after the crash at a lower price, according to analyst Lookonchain.
- Crypto sleuth ZachXBT traced the hacker’s funds back to a major Coinbase theft impacting several users; at least $46 million was stolen in similar incidents.
- North Korea-linked group Lazaurus reportedly profited $41.6 million from previous crypto hacks by trading stolen Ethereum.
A hacker who previously stole 400 bitcoin—valued at nearly $35 million—from a Coinbase user recently sold their Ethereum holdings during a major downturn in the cryptocurrency market. The individual sold off 8,638 ETH, losing approximately $4.5 million due to falling prices.
In the past 24 hours, Ethereum’s value decreased by 8.8% while Bitcoin dropped by 6.2% to $103,850, according to market tracking sites. Overall, over $100 billion was eliminated from global crypto market capitalization during this period.
The account Lookonchain tracked the hacker’s actions throughout the market shift, noting that the sell-off occurred after an abrupt price fall. The hacker had bought 9,240 ETH for $39.5 million when the asset traded at $4,269, selling when prices dipped to $3,775. As a result, losses totaled $4.5 million.
During a previous market drop, the same individual sold 8,638 ETH—worth $32.5 million—at $3,764 per coin, resulting in an additional $5.5 million loss. They then bought back 7,816 ETH for $32.5 million when the price stood at $4,159. According to Lookonchain and crypto analyst ZachXBT, the hacker’s wallet links back to a Coinbase user who lost 400 BTC, as well as several other thefts in the same month totaling over $46 million.
The funds stolen were reportedly transferred from Bitcoin to Ethereum using blockchain bridges such as Thorchain and Chainflip, then swapped for the stablecoin DAI. Blockchain bridges are services that allow users to transfer assets between different blockchain networks.
In a broader context, North Korean Hacking group Lazaurus has also been identified as profiting from stolen crypto. Reports show the group used $53 million taken from Radient Capital to actively trade Ethereum, allegedly gaining $41.6 million and increasing the original sum by 180% by August 2025, as reported by EmberCN.
Crypto theft remains a significant issue, with multiple investigations tracing stolen funds through various services and revealing high-value losses for individual and institutional victims.
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