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
A Pattern of Bold Acquisitions
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.
Growing Concerns Over Rising Crypto Hacks
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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Crypto analyst Crypto Jebb recently highlighted an inverse heads and shoulders pattern that had formed on the Bitcoin chart. This bullish pattern indicates another rally may be on the horizon for the flagship crypto, which could send its price to $100,000.
How Could Bitcoin Could Rise To $100,000
Crypto Jebb revealed in a video on his YouTube channel that the inverse heads-and-shoulders pattern he had been predicting for a while had finally formed on the charts. He predicts this pattern could lead to a price breakout, sending Bitcoin’s price to $70,000. The analyst also noted that the price target of the bullish pattern is at $75,000, which indicates that Bitcoin could hit a new all-time high (ATH) on its next leg up.
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Crypto Jebb mentioned that there is a “great degree of likelihood” that Bitcoin would experience a major rally, which would send it to $100,000 should it break its current ATH of $73,800. The crypto analyst believes that Bitcoin’s rise to that price level is very likely, considering that it has seen a “pretty large corrective movement” since hitting a new ATH over two months ago.
The crypto analyst warned that there is a scenario where Bitcoin could also end up trading sideways between $60,000 and $64,000, which would signal a period of consolidation. He noted that Bitcoin could even drop lower during this period. However, Bitcoin’s outlook is generally bullish based on the technical indicators that crypto Jebb highlighted.
The analyst highlighted the Moving Average Convergence/Divergence (MACD), which he noted is turning “very bullish” on the daily chart and shows that the bulls are regaining control. He also claimed that Bitcoin is witnessing a ‘green red green’ formation on the daily chart, indicating that the crypto token is “doing very well.”
BTC Is In “Very Bullish Territory
Crypto Jebb mentioned that Bitcoin is currently in very bullish territory, especially since Altcoins are also rallying. He claims this indicates a “great degree of confidence” in the market at the moment. The crypto analyst also noted that the stock market just broke an all-time high, which he stated is big news for Bitcoin.
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He explained that this is big news for Bitcoin because the flagship crypto follows the stock market and moves significantly whenever the stock market experiences a breakout. As such, with the stock market breaking its ATH, he expects Bitcoin to do so soon enough.
Crypto Jebb further explained that the rationale behind Bitcoin following the stock market is that investors are more confident in investing in risk-on assets when they see that the risk-off (the stock market) is doing so well.
Crypto Jebb predicts that Bitcoin will become a risk-off asset in the next ten to twenty years. When that happens, he predicts that hundreds of billions of dollars in investment will be made in the flagship crypto.
Chart from Tradingview.com