Coinbase Hacker Reemerges With Massive Ethereum Bet Amid Bullish Surge

The infamous hacker behind the $300 million Coinbase breach is back in the spotlight, this time making major moves into Ethereum (ETH). According to Lookonchain, a wallet tagged “Coinbase hacker” recently acquired 649.62 ETH worth approximately $2.31 million over a span of just nine hours, buying at an average price of $3,561 per ETH.

This aggressive buy follows an even larger acquisition earlier this month, where the same address snapped up 4,863 ETH for $12.55 million at $2,581. The renewed buying spree marks a sharp pivot back into the crypto market after the wallet offloaded 26,762 ETH in May for roughly $69.25 million, at an average price of $2,588.

The timing coincides with Ethereum breaking above $3,700 for the first time in 2025, climbing over 40% in the past month and recording its strongest daily close since early 2022. Analysts believe the hacker’s actions indicate growing confidence in ETH’s bullish momentum. The wallet has been using CoW Protocol to discreetly execute large trades with minimal slippage.

The wallet in question is linked to one of Coinbase’s most costly security incidents, where hackers bribed overseas call center contractors to access sensitive user data. While no crypto balances or passwords were compromised, Coinbase faced significant reputational and financial damage, pledging full reimbursement to affected users and refusing to engage with the attackers.

With an average reentry near $2,600 and Ethereum now above $3,700, the hacker is sitting on sizable unrealized profits and shows no signs of slowing accumulation. On-chain data watchers continue to monitor the wallet’s activity closely as ETH momentum builds.