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A crypto wallet connected to the notorious $300 million Coinbase hack has reappeared with another suspicious move on the Ethereum blockchain.
Over the weekend, the address acquired 3,976 ETH worth approximately $18.9 million, according to on-chain data from Arkham Intelligence. The purchase was executed using 18.9 million DAI, a stablecoin, and split across multiple transactions before being consolidated into the buy.
The transaction came just as Ethereum broke above $4,700, marking its highest level in more than two weeks. Currently, ETH trades at $4,538, down 2.9% in the past 24 hours.
ETH's price trends to the upside on the daily chart. Source: ETHUSD on Tradingview
This is not the first time the wallet has made waves. In July, it bought 4,863 ETH for $12.6 million and later added 649 ETH at $3,562 per token. Just last month, the same wallet scooped up $8 million worth of Solana (SOL), though that position has since slipped below entry price.
Analysts say the strategy shows deliberate fund consolidation, often seen in money laundering tactics. Breaking transactions into smaller amounts and using privacy tools allows the hacker to mask movements, making tracking more difficult.
Blockchain investigator ZachXBT previously estimated that the Coinbase-related social engineering scam drained at least $330 million from victims, warning that the real figure may be significantly higher.
The latest Ethereum purchase shows broader concerns in the crypto industry, where hack-related losses reached $163 million in August alone, according to security firm PeckShield.
With exploits shifting from smart contract bugs to social engineering and cross-chain bridge vulnerabilities, wallets like this continue to pose a major threat to investor confidence.
Despite Coinbase offering a $20 million reward for information on the perpetrators and tightening security, the hacker remains unidentified. The latest $19M ETH grab proves the resilience and boldness of cybercriminals operating in the space.
As crypto rallies and institutional inflows grow, the question remains: is the hacker simply riding bullish momentum, or is this part of a deeper strategy to launder stolen funds? Regulators and blockchain investigators are watching closely, but for now, the crypto world is left with more questions than answers.
Cover image from ChatGPT, ETHUSD chart from Tradingview
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XRP has witnessed an alarming amount of liquidations in the last 24 hours. This has no doubt caused concerns in the XRP community, considering the impact that the derivatives market has on a crypto’s price.
Data from Coinglass shows that $1.32 million has been liquidated from the XRP market in the last 24 hours. Long positions account for a majority of these liquidations, with $1.04 million in long positions being wiped out during this period. This underlines the bearish sentiment plaguing the XRP ecosystem, with the bears firmly in control.
This bearish outlook is also evident in several other key metrics in the XRP derivatives market. For instance, the total trading volume and open interest have dropped by 36.90% and 2.69%, respectively, which suggests that crypto investors are choosing to stay out of the XRP market.
Meanwhile, there has also been a decline in the options volume, further suggesting that crypto investors have reduced their bets on the the altcoin. This is, however, not surprising considering how XRP has maintained a tepid price action despite the broader crypto market enjoying significant price gains at different times.
Despite XRP’s current market conditions, there are still those betting heavily on a bullish future trajectory for the crypto token. This includes crypto expert Zach Rector, who has stated that the altcoin will “not miss the bull run” despite its current price action. He alluded to XRP’s fundamentals as one reason for his belief.
More recently, he mentioned that XRP will soon experience a supply shock with increased token burns on the horizon. These token burns help reduce the number of tokens in circulation and can help drive up the token’s value through scarcity.
Crypto analyst Egrag Crypto recently mentioned in an X (formerly Twitter) post that it was time to accumulate more XRP. He made this statement while highlighting an ascending triangle on XRP’s monthly timeframe, which “screams bullish.” In anticipation of this bullish move, the analyst urged crypto investors to “accumulate more, and then just sit back and wait for the magic to happen.”
As to how high XRP could rise, Egrag stated that “the measured move of the Ascending Triangle could potentially reach either $17 or $27.” The analyst had also recently claimed that the altcoin would rise to $5 by July.
At the time of writing, XRP is trading at around $0.6, up in the last 24 hours according to data from CoinMarketCap.
Token price at $0.61 | Source: XRPUSDT on Tradingview.com
Featured image from Investopedia, chart from Tradingview.com
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The recent incident is not the first security issue Okta has encountered. In the past, there have been several incidents involving Okta or its products.
Okta Inc (NASDAQ: OKTA), a major provider of cybersecurity solutions for corporate enterprises, businesses, and government organizations, is currently grappling with the aftermath of a severe security breach that has led to a staggering loss of over $2 billion in its market valuation.
According to CNBC, the company’s shares plummeted more than 11% on Friday in immediate response to the breach. The downward trajectory continued on Monday, resulting in an 8.1% loss at the close of the market. Despite the company’s reassurances that affected clients were promptly notified, revelations indicated that one client had alerted Okta about a potential breach weeks before the official disclosure.
Okta announced on October 20 that hackers exploited a vulnerability in its support systems, giving them unauthorized access to certain customers’ files. Although not as widely recognized as some of its industry counterparts, Okta boasts a substantial client base of over 18,000 businesses, including the popular video conferencing platform Zoom.
Through a unified login process, the company relies on Okta’s services to provide users with seamless access to various platforms such as Google Workspace, ServiceNow, VMware, and Workday.
In its announcement on Friday, the company said it had communicated with all the customers affected by the exploits. However, in a separate report, BeyondTrust, an identity management company, said it detected suspicious activity within its systems on October 2.
Despite alerting Okta’s security team to the potential breach, their warnings were initially overlooked, ultimately leading to the security breach. However, the company said it was able to thwart the attack and remedy the situation.
“On October 2, 2023, the BeyondTrust security team detected an identity-centric attack on an in-house Okta administrator account. We immediately detected and remediated the attack through our Identity Security tools, resulting in no impact or exposure to BeyondTrust’s infrastructure or our customers.”
In September, another affected customer, 1Password, a widely used password management platform serving over 100,000 businesses, also identified suspicious activity within its Okta ID management tenant. Subsequently, in October, the hacker attempted to exploit the company. The company promptly collaborated with Okta to counter the threat, working hand in hand to identify how the attackers gained access to the company’s systems.
The recent incident is not the first security issue Okta has encountered. In the past, there have been several incidents involving Okta or its products, including intrusions at casinos that caused disruptions in Las Vegas hotel rooms for several days.
Earlier this year, well-known casino companies Caesars and MGM encountered similar hacks. Caesars reportedly had to pay a significant amount of money to a hacking group, while MGM had to temporarily shut down crucial systems, leading to substantial financial losses.
The collective impact of these incidents amounted to over $100 million. The attacks on MGM and Caesars involved a clever social engineering approach that exploited weaknesses in the company’s IT help desk. According to an Okta executive, the hacking group Lapsus$ also recently targeted three other businesses.
Before recent events, Okta was already targeted by the group in March.
According to a Cybersecurity and Infrastructure Security Agency report, the same group has also been linked to hacking activities at major companies like Uber and the video game developer Rockstar Games, a subsidiary of Take-Two Interactive.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
Cardano is among the cryptocurrencies with higher impacts due to significant price slides. Price volatility remains one of the substantial discouragement and threat of virtual currency. Their swing in price could go beyond ten times in a single minute. A positive price move is always a favorable trend for a token and its investors. However, a price drop could pose a danger for both.
The general crypto markets have been witnessing more downward trend recently. This has left several tokens on an expected price level even as some investors make massive sell-offs. Cardano seems to have entered a state of instability following its critical price drop. Its slide on Thursday went below its possible support level. Without any rise in trading volume in the crypto market, Cardano will suffer more losses.
Cardano is now fighting dangerously from its drop position as it’s beyond the supporting mark. Though it had a previous market cap ranking as the eighth cryptocurrency, the token had made a 7% drop in the last 8 hours.
The price of Cardano has now fallen below its $0.50 support mark. Hence, its liquidation has raised more than $1.40 million from crypto derivatives exchanges. If the selling pressure increases, there would be a higher probability of more difficult restoration.
ADA’s last 4-hour price chart analysis depicts a release from a symmetrical triangle. Its Y-axis pattern for height represents a 33.5% drip for the token as its price falls below the support level. Using a candlestick close that could reflect the 4-hour trend would hit below the 50% level of Fibonacci retracement at $0.45. This will possibly bring the confirmation of the negative price trend.
Where there’s a continuation of the pattern, ADA could maintain a downward trend that reaches $0.34 or $0.32. By closely observing its movement on May 12, the token moved to $0.38. This could eventually become its possible support level if it makes more downward moves.
If there’s continuous trading of ADA below $0.46, the bears will benefit more. It’s possible to revert the negative appearance of the price drop for the token. This would require a break on the resistance barrier using a candlestick close for 4-hour experimentation.
Also, cutting off some of the supply processes could spike ADA’s number of buying orders. Hence, the token’s price may reach $0.61 as it moves up.
The crypto market now harbors many uncertainties, doubts, and fear within the past few weeks. The Fear and Greed Index report shows increased levels of negativity within investors and other participants in the crypto market.
Following the technical and on-chain indicators, there could still be hope for Bitcoin. This is because the token is yet to get a fully blown negligence from participants.
Featured image from Pexels, chart from TradingView.com