- The transaction used $18.9 million in DAI, a stablecoin, to buy Ether at a price of $4,756 per token.
- The wallet is tied to a large-scale social engineering scam targeting Coinbase users, with losses estimated over $330 million.
- The same address has made significant cryptocurrency trades, including large purchases of Solana and additional Ether in previous months.
- A separate crypto trader turned $125,000 into $6.8 million by leveraging a large Ether position over four months.
A crypto wallet, identified by blockchain analysts as connected to the Coinbase Hacker, purchased 3,976 Ether for $18.9 million in a Saturday transaction. The buyer used 18.9 million DAI—a stablecoin pegged to the U.S. dollar—to acquire Ether at a price of $4,756 per token, according to data from Arkham Intelligence.
Before the purchase, the wallet brought together different DAI amounts, ranging from $80,000 to $6 million each, before executing multiple buys of Ether. The address has been watched by analysts since the start of the year and has links to a social engineering scam that targeted Coinbase users. Security analyst ZachXBT estimated in May that victims lost over $330 million, noting, “Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered onchain.”
The same wallet has been active in recent months, previously purchasing $8 million in Solana, though the value of those positions has since declined. In July, the wallet also acquired 4,863 Ether for $12.55 million and another 649 Ether for $2.3 million, at an average price of $3,562 per Ether.
The latest Ether transaction took place as the price of Ether climbed past $4,700, reaching as high as $4,763, its highest point in over two weeks. At the last recorded update, Ether was trading at $4,718, marking a 4.5% increase over the previous day.
Separately, a crypto trader on Hyperliquid exchanged a $125,000 deposit for a highly leveraged $303 million position in Ether. Over four months, this trader’s strategy of compounding all gains led to a realized profit of $6.86 million after unwinding the 66,749 Ether position just before the market reversed.
Developers in Latin America have continued to show a preference for building applications on Ethereum and Polygon, according to recent reports.
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